Best credit cards/ways to help build my credit score?
Posted by | Posted in Credit Help | Posted on 16-07-2010-05-2008
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I am in college and I have student loans that the government is currently paying the interest on until I graduate. My credit score has gone up all on it’s own because of this… I am very happy to have a chance to obtain better credit and now I want to develop a good credit history since I have been given a head start. What should I do next to increase my credit with out putting it in jeopardy? Thank you for your advice!
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – credit-report-score.10001mb.com
Ditch the credit card.
You can survive without them.
Only get a credit card if you know you can pay the entire balance in full each month.
Credit card balances can ruin credit – and in some cases devastate lives.
Some peole do not realize how harmful balances can be – they just don’t.
How to get an 800+ score.
Get a credit card.
Pay it in full each month the day you get it in the mail.
This way you never pay interest and get top ratings.
Go to your bank where you have a checking account in good standing for 6 months and apply for a card with no annual fee.
remember: It is 100% myth that carrying balances is good for your ratings.
Employers check, so do landlords and car insurance companies.
Make sure you don’t foul up your life.
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There are some perfect information of the best fitting types here: http://www.yourcreditscores.tk. read through the information before making your choice.
Hope that helps you as much as it helped me
Fico just recently noted that the best way to raise a credit score is pay down credit card balances, or other loan balances. This is assuming you don’t have any negative information on your credit history.
You don’t need a bunch of credit accounts, but you should have 3 active tradelines, such as your student loan, and maybe a credit card and auto loan/lease. As long as you keep paying them on time, you’ll be golden.
Remember, establishing good credit takes time. Just like trust, it’s not built overnight!
Improve your FICO credit score, Courtesy of Wikipedia & Investopedia
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Payment History Category
* Pay on time, no magic secret here
* If you can’t pay on time, notify your lender that you need to work something out
* Get current on past due accounts
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Amounts Owed Category
* Keep low balances relative to your credit limit – 35% or lower is best.
* Don’t open new accounts just to lower your used credit capacity – having too much capacity is a risk too
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Length of Credit Category
* Consider keeping old accounts open if you’ve been a good borrower
* Start building credit as soon as possible
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New Credit Category
* When shopping for new credit, keep it all within a short time frame such as 14 days or less
* Borrowers with a bad history can improve credit scores by opening a new account and managing it responsibly
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Types of Credit Category
* Installment debt (where you pay fixed monthly installments to eliminate the debt) is “better” than revolving debt (open-ended credit card debt)
* Certain finance company debts (like buying a product with retailer financing) can lower your score
* A variety of loan types is helpful. They’ll know you’re a seasoned borrower if you have a mortgage, an auto loan, a few credit cards, and a student loan.
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FICO CREDIT SCORE improvement LOOPHOLE
Because a major portion of the FICO score is determined by the ratio of credit used to credit limit, a simple way to increase the score is to simply increase your credit limit. Some credit-repair agencies, for a fee, will report to credit bureaus that they have opened an account with a high credit limit. The customer cannot actually use this account, but it improves the customer’s FICO score due to lowering the balance-to-credit-limit ratio.
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Credit scores are not the sole underwriting factor used by lenders. Lenders use their own internal scoring models as well as other loss mitigation tools and data to gauge an individual’s creditworthiness.[16] For instance, current income and employment history, which are not part of a score, are weighed when applying for
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