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NSLALP
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13,286 Posts
I would never divulge it, but it's not going to get anybody into your bank account.

I would call that medium-high, very respectable. Keep it that way! Once you break 720-730, you're considered to have "excellent credit" and you'll pretty much get the best rates on anything.
 

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Puddin
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1,793 Posts
Well, it's new credit. What I would do is buy something small, then pay it off over a few months. If you have a small balance riding on your credit for a while, it's actually a good thing as long as you pay on time every month. Oh, and in case you didn't know, every time you make a credit inquiry/apply for a credit card, your score will take a hit. So stop applying until you've built up some more history :lol:
 

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Slow Money
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14,612 Posts
repeatedly applying at guitar center is no bueno, as its considered a hard inquiry, and doing it over and over can actually hurt your score
 

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Reverend Secret Flower
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11,837 Posts
My credit skyrocketed from nothing to over 750. Basically, one big help was my step father co-signing on my wifes ring, so when i paid that off(in like 6 months) it helped, but another thing that helped me big time was a gas credit card.

Its a no brainer, take whatever you were going to spend on gas, and instead of handing it to a clerk, put it in your bank and pay your statement off in full every month. You build credit using something that you have to use, and if you pay it off in full each month, it wont cost a penny more than it would have anyway.
 

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Registered
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1,679 Posts
Credit is built by having and using credit responsibly - sometimes Store Credit Cards can be harder to get than a Visa or Mastercard and they usually carry higher interest rates. My advice - save up pay cash. That way that $2000 guitar you just bought doesn't cost you $5000.
 

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Read Only
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2,581 Posts
Discussion Starter · #15 ·
the first time i paid off my credit card in full(i spent $300 on steve smyth lessons before i had my car) they called me to make sure it wasnt fraud. turns out it was a really good choice
 

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Bro of Bros, Bro.
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15,373 Posts
Credit is a very funny thing...

The reason you may be getting denied from Guitar Center is just from a lack of credit accounts; some bureaus need to use two open credit accounts to calculate a FICO score. I know TransUnion and Experian do, Equifax sometimes only needs one.

Most major lenders will use either TransUnion or Experian, so it won't matter what your score is with Equifax.

It might not be a bad idea to get another credit card and carry a small balance on it (around 10%). I wouldn't bother with any type of department store credit card, though. Some bureaus will actually look at the amount of credit you have with banks and known credit cards vs. department stores, and this can work against your favor.
 

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Read Only
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2,581 Posts
Discussion Starter · #19 ·
well i was recently laid off from work and im paying double the minimum everymonth so another card would be a bad idea. i talked to guitarcenter multiple times and its cuz im new credit
 

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Registered
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6,968 Posts
Oh, and in case you didn't know, every time you make a credit inquiry/apply for a credit card, your score will take a hit. So stop applying until you've built up some more history :lol:
Only applying for credit affects it. And even a couple of inquiries in a short period isn't a bad thing -- only if you get a bunch. Regular inquiries (checking your score via monitoring services, etc) doesn't count towards your score.
 
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