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Posted on Saturday, January 23 @ 00:00:29 PST |
Home jobs reddit Improving credit without much history Improving credit without much history January 23, 2021 jobs , reddit
Hi guys, I am 22 and dont have much credit history. I have a decent job making 40-50k/yr, and have been very good at managing my money for the last few years. I have almost 20% of a down-payment saved and Im hoping to buy a home this summer, but my credit score is pretty weak at a 682 (VantageScore is at 750 but apparently thats pretty useless). Experian has told me I have whats called a thin file, all that shows up is:
-Student loans, $3,000 remaining of a $4,000 loan, 100% on time payments, loan is 3 yrs 10 months old. My dad made me take out a student loan to pay him back for some college classes I failed a few years ago.
-4 hard inquires, 2 from September when I applied for credit cards from USAA and Wells Fargo and 2 from December when I applied again. Wells Fargo rejected me both times but USAA approved me in Dec.
-My new USAA credit card, a month old. $3500 limit, and Im not sure how best to use it.
Basically, I am curious on everyones opinion regarding my best method of raising my score as much as possible in the next 8 months. My monthly expenses are around $1,000 before rent, should I put everything on my credit card? Should I pay it off weekly to keep my utilization low, or monthly to maintain a higher rotating balance? Ive been told that leaving a balance on the card and paying just the minimum will boost my score, but I am saving as much as possible for my house so Im hesitant to throw money at my credit score and see what happens.
But if that would have a significant effect then Im willing since I would save on my mortgage rate in the long run. Whats my most effective strategy? Submitted January 22, 2021 at 07:16PM by ajax_jives https://ift.tt/2KFDk9L Improving credit without much history Reviewed by aadi on January 23, 2021 Rating: 5 Share This:
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