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I'm Bo Majors
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a lot of the information you provided and was able to raise my
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These
credit cards build credit fast
-
Apply
for a credit card. Choose one that
offers the lowest interest rate and
if possible one that offers a cash
back percentage on purchases you
make.
-
Check
your budget. Find out how much cash
you have left over at the end of the
month, for an added purchase
expense.
-
Use the
credit card instead of cash to make
the purchase. Make sure that you do
not charge more than you can
actually afford to pay at the end of
the month.
-
Pay each
credit card bill in full as soon as
you receive it, so you do not
establish yourself as a 'late'
payer.
-
Open
checking and savings accounts.
Lenders see bank accounts as signs
of financial stability and
consistent savings behavior. Given
this, evidence of continuous use of
checking and savings accounts
increases your chances that a bank
will offer you a credit card.
-
Alternatively, contact your bank or
credit union, open a charge account
with them, and deposit a specific
amount of money 'into' the account.
This is called a pre-paid charge
account.
-
Charge
as you need, but watch the balance.
Remember this method only allows you
to charge up to the amount
deposited, and will count down, each
time you make a purchase with it.
-
It
will take 6 months to one year to
build credit using a credit card.
Usually 12 months or one year. Rated
lines of credit have to be on the
credit report for one year to count
as credit
1. Charge no more than you can afford to
pay
Get into
a habit of charging only what you can afford,
this will let possible lenders and creditors know
you are responsible. It
is easier to borrow money and get new credit when you show
you know can borrow
money and pay
it back. Plus
this will help avoiding excessive debt.
2. Use
less than 30% of the credit you have
When you max out your credit cards or get close you will look irresponsible. Chances are
good that you cannot afford to pay off a maxed out credit card balance.
Creditors know borrowers who max out their cards have problems paying back
what they borrowed. Try to stay below 50% of your credit limit and 30% is
best.
3. Use
only only one credit card
Many first-time credit card users accumulate a collection of credit cards within their first few years of using credit. Don't do this. The more credit you have, the more you'll end up using. Learn how to be responsible with credit before you apply for additional credit cards.
4. Pay your balance in full and on time
Pay off your balance each month and show that you're capable of paying
your bills so creditors and lenders see a responsible consumer. Paying your balances on time
will also improve your credit score.
5. Carry a balance the right way
Having a credit card balance isn't bad as long as you do it the right way. Make more than the minimum payment each month to pay off your balance as quickly as possible. Avoid making late credit card payments and continue to keep your balance at a reasonable level. If you follow these principles, carrying a balance won't hurt your credit.
A 2002 study by the Consumer Federation of America estimated that
tens of millions of Americans are unfairly penalized for incorrect information in their credit reports. More recently, a 2004 study by the U.S. Public Interest Research Group
found that
one in four credit reports contained errors serious enough to cause consumers to be denied credit, housing, or even a job.
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