macy Rep Points:
500
Posted on
November 6, 2007
at
2:30 pm
How do you obtain the best credit score? What do you suggest especially for those newbies and how about if you're still a student?
macy Rep Points:
500
Posted on
November 6, 2007
at
2:30 pm
Yeah maybe just make it a habit of paying before due time. But I've heard that other documents can also help in building your credit score.
sigs Rep Points:
505
Posted on
November 6, 2007
at
2:30 pm
here are a few points one can follow:-
1) Keep you debt load under 50% of the credit limit
2) Pull your credit report yearly, they dont charge you for that. :)
3)Don't be tempted by those stores that offer you a 10% discount on your purchase if you open an account
4)Ask questions when you get a loan
hhhmmmm, thats all i can think of now. i will keep on adding as i recall the points.
Posted on
November 6, 2007
at
2:30 pm
I have been looking into getting a credit card, and I am a student. My parent were against it orginally, but these tips are great. Thanks for the tips.
Posted on
November 6, 2007
at
2:30 pm
[QUOTE=sigs;347]here are a few points one can follow:-
1) Keep you debt load under 50% of the credit limit
2) Pull your credit report yearly, they dont charge you for that. :)
3)Don't be tempted by those stores that offer you a 10% discount on your purchase if you open an account
4)Ask questions when you get a loan
hhhmmmm, thats all i can think of now. i will keep on adding as i recall the points.[/QUOTE]
Nice tips buddy, the third point is the must, where everyone make mistake!
Posted on
November 6, 2007
at
2:30 pm
[QUOTE=chrissie1101;162]I would say the opposite actually. I would recommend a low limit card ($500)with very little usage. But to get good credit you need to use it a little bit, say spend $30 a month and pay it off right away.[/QUOTE]
That won't work. You need to use your credit card regularly to show a pattern of paying the bills on time. If you don't use the card you can't show a pattern of responsible payments.
sigs Rep Points:
505
Posted on
November 6, 2007
at
2:30 pm
thanks guys, i hope that if you follow those points, you will be fine. it helped me to some extent,but still there were cases where i bypassed my own rules which lead to trouble :)
Posted on
November 6, 2007
at
2:30 pm
I think it takes time to build a good score. You have to be consistent with your payments.
Posted on
November 6, 2007
at
2:30 pm
I make sure I pay everything on time. I set it up to do it automatically so I don't forget. my score as increased over time.
Posted on
November 6, 2007
at
2:30 pm
Yeah, if you pay cash for everything you will have a really lousy credit rating. The idea is to prove that you have the discipline and the income to make payments on something regularly and on time. If you get a card or two and don't have any history, making late payments and bumping up against limits really hurts you because there is no other history that shows you are reliable.
