chopstickapple

4 Contributions 12 People Helped

Member Since: August 2014

Most Helpful Contribution

Trends by Age

Oct 09, 2014
Helpful to 8 out of 10 people

hawkne, you are incorrect.  One of the biggest impacts on a credit score is the length of credit history, which for young people, is usually very low.  In order to get the best score, you need to have at 7 years of credit history.  Another factor is number of accounts, also low for young people.  And credit utilization, which is directly impacted by your credit limit, which is almost always orders of magnitude lower for people with little credit history.  The other factor - number of inquiries in the last two years - is also high (lower score) for people just starting to utilize credit, since they have just started opening their accounts.  Basically, a person who is just starting to build his/her credit history has a terrible score.  I can tell you this from personal experience, as a person who has a relatively new credit history, with no late payments, and has been monitoring it like a hawk. 

Activity (4 Total Contributions)

Trends by Age

Oct 09, 2014
Helpful to 8 out of 10 people

hawkne, you are incorrect.  One of the biggest impacts on a credit score is the length of credit history, which for young people, is usually very low.  In order to get the best score, you need to have at 7 years of credit history.  Another factor is number of accounts, also low for young people.  And credit utilization, which is directly impacted by your credit limit, which is almost always orders of magnitude lower for people with little credit history.  The other factor - number of inquiries in the last two years - is also high (lower score) for people just starting to utilize credit, since they have just started opening their accounts.  Basically, a person who is just starting to build his/her credit history has a terrible score.  I can tell you this from personal experience, as a person who has a relatively new credit history, with no late payments, and has been monitoring it like a hawk. 

Bank of America® Cash Rewards Credit Card

Aug 28, 2014
OK Card - Low Credit Limits
Helpful to 4 out of 5 people

This was my first credit card.  They started me off with $1000 CL, but I cannot increase it until it has been six months, which I was notified of the third time that I applied for an increase.  I did not receive a reply the first two times.  I also had about $10,000 in the bank (with them) when I applied, so I am not sure why my limit was so low.  I have a perfect credit history, but the credit limit is so low, I cannot really use it without hurting my credit score.  The rewards are good, and I have not had a problem redeeming them, although it does take quite a while for the points to be applied.  I have a checking account with them, and it is easy to transfer money to the card, although my biggest complaint about this is that it takes far too long for money to post to your credit card (usually a few days), although the money is immediately taken out of your checking/savings account.  Transactions also take quite a while to post to your account (sometimes over a week).  It is a decent starter card, but this will not help with your credit score.

Trends by Age

Oct 09, 2014

hawkne, you are incorrect.  One of the biggest impacts on a credit score is the length of credit history, which for young people, is usually very low.  In order to get the best score, you need to have at 7 years of credit history.  Another factor is number of accounts, also low for young people.  And credit utilization, which is directly impacted by your credit limit, which is almost always orders of magnitude lower for people with little credit history.  The other factor - number of inquiries in the last two years - is also high (lower score) for people just starting to utilize credit, since they have just started opening their accounts.  Basically, a person who is just starting to build his/her credit history has a terrible score.  I can tell you this from personal experience, as a person who has a relatively new credit history, with no late payments, and has been monitoring it like a hawk. 

Paying off my car loan sooner options?

Sep 04, 2014
Financially, Better to Pay ASAP

I am not sure which would be better for your credit score, but from a financial perspective, it is always better to pay what you can as soon as you can.  In loan lifetimes, most of the interest is payed at the beginning of the term.  The faster that you pay off any of it, the less interest you will have to pay, and more of your monthly payment will go towards your principal.  Just search for "loan repayment calculator" online, and you will see what I mean.