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Building Credit
Posted on 6/8/16 at 11:45 pm
Posted on 6/8/16 at 11:45 pm
I'll make this short and direct. What is the best way to build your credit score?
Posted on 6/9/16 at 6:15 am to I'mCastorTroy
If you have absolutely no credit, a secured credit card, campus federal signature loan, or perhaps getting added to a parent's card. If you have some but limited credit, a NO ANNUAL FEE credit card catering to students or limited credit. Use creditkarma and your free annual credit report from the govt to get an idea of where you stand. You should likely keep your 1st unsecured card forever, that's why it should be a free card. After that it's just a matter of using less than 30% of the available credit and waiting.
This post was edited on 6/9/16 at 6:17 am
Posted on 6/9/16 at 6:40 am to I'mCastorTroy
Dave Ramsey will smite you for this question. Watch out!
Posted on 6/9/16 at 2:30 pm to I'mCastorTroy
Exactly what txTiger said above. Go to your bank you currently use. Sit down with somebody at the branch and have them help you get a secured credit card (preferably one with no yearly fee) most don't for secured no rewards cards.
Then Use the card every month for small purchases and try to keep it between 10-30% of the limit. Ex. on a $1000 limit. try to keep the balance somewhere between $100-$300. If you don't want to pay any interest, just pay it off at the end of the month.
After a 6-12 mos of the go apply for a rewards card so you can benifit from charging items. Remember to keep below 30% if you aren't paying it off full. That's when people start to get into trouble.
Then Use the card every month for small purchases and try to keep it between 10-30% of the limit. Ex. on a $1000 limit. try to keep the balance somewhere between $100-$300. If you don't want to pay any interest, just pay it off at the end of the month.
After a 6-12 mos of the go apply for a rewards card so you can benifit from charging items. Remember to keep below 30% if you aren't paying it off full. That's when people start to get into trouble.
Posted on 6/9/16 at 4:20 pm to I'mCastorTroy
quote:
I'll make this short and direct. What is the best way to build your credit score?
Need to know a few things:
Total number of accounts on your report:
Oldest Account age:
Any Negatives:
Approx current Score:
Big differences between someone who needs to build from scratch and someone who needs to build a thin file or someone who needs to repair damage.
Posted on 6/9/16 at 4:21 pm to I'mCastorTroy
double post
This post was edited on 6/9/16 at 4:22 pm
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