I turned 19 recently and am looking to take the next step toward having excellent credit. I am seeking advice or a plan for the next steps to achieve my goal of excellent credit as soon as possible. I would like to have excellent credit as early in life as possible and have as many tools available to me as possible.
Here is a summary of my credit reports/scores as report from various sources:
Credit Karma Transunion: 690 (1/31/2016)
Credit Karma Equifax: 674 (1/31/2016)
Citi provided FICO: 637 12/29/2015)
Quizzle: 674 (1/30/2016)
The only thing on my credit reports is my one Citi card I was able to open 07/2015 and one hard pull from 03/2015. The Citi card has a credit limit of $ 1000 and I am currently showing 84% utilization. However I have paid off all but $ 200 and will pay off the rest before my next statement and reporting date mid-February. On 1/30/2016 I attempted to request a credit line increase on the Citi website however I was declined and will receive a letter soon.
Here is a link to an overview from Credit Karma: http://imgur.com/ZHstEJs
I am currently employed but I do not have any sort of stunning income to report. I live rent free.
Here are a few options I am considering:
-Finance a small $ 200 appliance from Home Depot and pay it off before interest kicks in (I am probably going to delay this purchase until after my upcoming large purchases mentioned below)
-Apply for another credit card (Leaning towards this one once I have everything paid off soon)
-Request a credit line increase on my Citi card again (Maybe also do this one)
-Apply for an Amazon Store Card
-Apply for a personal loan from a company like SoFi
-Apply for a line of credit with a bank that is offering one (none of the banks I am currently with offer one)
-Possibly finance a used car sometime in the future (This is unlikely)
I am anticipating some large purchases in the coming months (~$ 2500) that I would like to finance in some way but I can get by without financing them if need be.
Here is my ideal outcome: I am able to open a new account (or maybe more than one!) so my reports aren’t quite so thin and then I have some way to finance $ 2500 in PayPal charges at 0%. I also would have a higher total available credit so I can use my credit without excessive utilization numbers.
I am at your disposal. I’d appreciate hearing any thoughts or ideas you might have.