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How am I doing?
Hi guys!
I'm new in here! This credit history stuff is hard and confusing!!!! Here goes my store, I will love to get some advice!!!
I was born in Boston, but with 6 years I moved to Europe. I came back to the States within two years. What was the meaning of that? Credit History = 0.
It was hard to even get a cell phone due non credit history.
To explain briefly, within this two years I did the following high impacts to my credit:
- 1st Credit Card 1 year and 3 months ago
Credit Limit: $800
All payments on date.
2nd and 3rd Credit Card around 1 year ago
I got this ones in the same month.
Credit Limit: $300 (on both)
All payments on date.
At that moment, I started pulling my credit history. It was fair-good. I did not like very much that company, because they never explained to me anything at all (how to fix, how to increase, etc) I just archive that my credit still to young and that I had a small amount of accounts.
I decided to apply to get more credit cards to build my history. In the following months I got:
4th and 5th Credit Card
Credit Limit: $300
6th and last for now Credit Card
Credit Limit: $1000
I also got a $500 loan, which is already paid and close (I had never a late payment. I'm in an excellent standing with them.
On June, I got a car loan
Amount: $11,800
This account is in a good standing as well, as I did all my payments on time (They withdraw from my checking account)
3rd Credit Card Increase
Without asking for it, it went from $300 to $500.
So far sounds good, but I had a problem. In Europe the credit works pretty different (and I'm not a newbie there, as I had a Gold Credit Card with a very high limit and with a 1.2% interest)
In Europe, you may have outstanding balances on your credit cards, whenever you pay on time, and you file on taxes, you are cool. I had all my credit cards within 80% and 90% full (one of them 95%) but I never raised the limit. I been like these around 6 months... paying more than the minimum payment due but with high balances. These months I been stopping monitoring my credit, because I did not like the company. Within two months, I started again, with another company which I like a lot more. I noted that my credit was fair close to weak. I do not have bad stuff filed, just that my balances were way to high, and also that I got a lot of credit checks lately (for the car loan, the dealership did around 20-22 because no one wanted to give me the loan) Also, it says that my credit stills too young.
I had some money saved,. Also, I learn (I hope I'm right) that the best thing to do is too keep the balances below 15% of your overall credit limit, pay more than the minimum required and always, use the credit cards (by that way, you will make the payments every month)
Now, all 6 credit cards are with low amounts (all of them below 10%) and I will pay the double amount of the minimum due, and when any falls to 0% I will make a small purchase or a week groceries (for the biggest credit limit ones)
Do you guys know what else can I do? How I'm, doing so far? Will it take a lot to go up? Is the car loan damaging my credit?
Thanks!!!!!!!!!
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