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I'm 21 years old and currently have no credit. (I'm not sure if its nationwide, but in Huntsville you can't apply for a credit card if you're less than 21 years old) I need to start building credit so I'm going to apply for a credit card at my bank later on this week. My questions are: Assuming I pay my bill on time every month, how long will it take to go from no credit to good credit? I currently work an off-the-books job. Should I tell my bank about this? Will having a job or not affect my chances of being approved? I worked on-the-books jobs for the past three years, quit them this fall to attend a new university, and now work off-the-books about twenty hours a week. I plan on going back to my old job this summer, though. I am female, a junior in college and have a 3.1 GPA. Will this affect my chances of being approved at all? Thank you so much. Lol my to-do list for my 21st birthday was 1)Buy liquor and gamble in AC 2)Start building credit
It took me two years to get to a credit score of 740, which is the lowest score of the "excellent" credit bracket. To do this, I applied for a credit card from Capital One when I was 18. I also got two store cards, and a small secured loan from the bank. Now, at age 20, I have been approved for a home loan. :D Your bank may not approve you for a credit card. All credit card companies are now requiring previous credit history before they will give you a card. If this happens, ask your bank about a secured credit card. Many people do not realize how tight credit card companies have gotten with giving out credit cards to people without credit history over the last year or two. If you pay your bill on time every month, you should have good credit within two years. Excellent credit may take longer or another card/loan to achieve. Don't tell your bank about the off-the-books job. They will ask for your annual income, but I would not include the off-the-books job. I would just use the income from your summer job as your annual income. The fact that you are a female and in college with a good GPA will probably not affect your chances of being approved. You are on the right track!
It is going to take a while.... You made one horrible mistake: Never apply for more than one credit card in a 6 month period. You just got one... and immediately after that you applied for two more. Now you have 2 more hard inquiries within a month after your first credit card approval. That will ding your score and of course you got denied for the 2 other cards. Use your only existing credit card to build your credit score up again. That means no more than $80 a month in charges that you pay off immediately when the bill comes. Do this for a year and then get your credit report again. The Verizon cell phone contract will not show up on your credit at all. It does not count towards your credit score and does not report your payments to the credit bureaus. About the only time it will ever show up is when you fail to pay them and end up with a delinquent account that went into collection.
There are a lot of factors that go into calculating a credit score. Length of credit history is one of the main factors, which takes time to build up. Other factors are paying your bills on time, debt to credit ratio and types of credit. Applying for a credit card is definitely a start. Make sure you don't have more debt than credit on your card (example, if you have a $1000 credit limit, you should not carry a balance of more than $500). Also, do not tell the bank about your off the books job. Simply state that you are a student. They will give you the card (credit card companies LOVE students). You can also apply online for credit cards, which may get you a better deal. Try to open a card that has some benefits like cash back or points.
Short Answer: 2-5 years Long Answer: Your credit score is made up of various things: 35% of your score is made up of your payment history. If you open a credit card or take out a loan and immediately make at least the minimum payment and pay it on time each month, your credit score will increase. 30% of your credit score is made up of the total amounts you owe. Creditors do not like to see someone who owes over 70% of their balances. For instance, if you open a credit card with a limit of $1,000; your credit score will increase when you have charged very little to that credit card and decrease if you have charged a lot. Try not to charge more than $700 (70%) of the $1,000 limit. 15% of your credit score is made up of how long you have been with the credit bureau. So this portion of your score will increase as time goes by. It usually takes around 5 years for someone to reach the full 15%, but that varies depending on your payment history, etc. 10% of your credit score is based on new credit. This means that every time you take out a loan and every time you open a credit card, your score decreases slightly and then slowly goes back up. 10% of your credit score is based on the type of credit you have. For example, creditors like to see that you have fixed interest rate, fixed monthly payment loans as opposed to loans or credit cards with variable interest rates and variable monthly payments. As for having a job, lenders may look at your employment history and income when deciding whether or not to offer you a loan or line of credit, but this does not impact your credit score. Also, unfortunately, your GPA does not have any impact on your ability to take out loans or open credit cards. Nor does it have an impact on your credit score. Which makes sense, if you think about it. The majority of people with history in the credit bureau are no longer in school and therefore don't have a GPA whatsoever.
As soon as you are 18 you began building a credit history even if you didnt have a credit card. it just meant you were able to pay your bills with cash. the best thing to do is get a gas card and set aside money to pay it off every month. there is no need to buy everything to establish credit that will just get you into debt. start small and try to stay small as long as you can soon larger lines of credit will be available to you meaning your credit score is going up. just remember to pay off every card every month. my score is 798 and I am 30 with no debt and I do what i told you above. hope this helps.
First off you only have to be 18 in most of the U.S. to get a credit card but I think it's great that Huntsville does this. It only takes about six months to increase your credit score but one late payment-even one day-will mess this up. Your bank will want some proof of income before handing over a credit card to you. They want to know that you will be able to repay what you charge especially in this economy. They used to have credit cards aimed at college students but I think they may take your parents income into account.ask about this type of credit card at your bank or look it up online. Good luck!
2 yrs to build good credit. It is FEDERAL Law about being 21. Too many young people were walking away from their debts crying they did not understand. You apply with a parent as your cosigner and start building credit.
I'm very interested too about the answer to this question