Hey I saw a thing on CNN today about credit scores and reports and stuff and was wondering if anyone had advice about credit since I only caught the end of it and am a credit newbie as a senior in college...
1) i haven't ever gotten a credit report - should I buy it from equifax for $40 bucks to get the 3-in-1 from equifax and the other 2 major companies or how should I get a credit report/score to look at? There's a site called ConsumerInfo.com that's free but it only shows one company and looks kinda sketch
Here's my situation so if you have advice on how to improve credit or do my finances smarter let me know!
- I'm 21yo, senior in college
- I have a checking account, savings account, and Platinum Visa card all at Bank of America. I never touch my savings, use a checking debit card to buy things but very seldomly, and never use my Platinum Visa although it has a high credit limit it always sits at 0 balance.
- However, I also have an American Express blue credit card which I use all the time - I use the credit card kinda like a debit card - I buy EVERYTHING with it if the place takes Amex and then I pay off the huge balance in full each month. The Blue credit card isn't a pay in full charge card, its a credit card so you can have remaining balance each month but I never do.
- I have little to no income (i'm a student and my jobs are room and board and food and parking type compensation not taxable monetary income) and no car payment or other expenses/mortgages
- I am thinking of selling my '96 Jeep and buying a '98 Jeep but can probably swing it so that I can buy it outright without any financing
1) so should I get rid of the Bank Of America Platinum since I never use it and if a place doesn't take Amex I just use my Visa Check Card? I thought the more cards or credit you had, the worse your score was. Plus I never use it b/c you don't get rewards points like you do w/ Amex. Then again, its a Platinum card and I don't know how if it is actually advantageous at all to hold on to.
2) is using my American Express card as my checking account really hurting my credit score? I mean if they looked at my activity it would show that I use tons of credit and keep a huge balance and not realize that I always pay it off in full each month so if someone looks at my credit score wouldn't it be really low b/c of this?
3) I have received pre-approved cards and somehow been signed up for several other credit cards and think I have called and closed them all but heard that closed accounts don't go away and the more you have the worse. It said on that show to call the credit bureau and notify them that they are closed but how/why do that? It's bad that I had all of those credit card accounts that I never used but they did inquiries on my credit and will always show on my report
4) What else can I do to improve credit or check my credit and consolidate or whatever? Who/where else can I ask for advice?
THANKS!
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