Obtaining good credit score
macy
Rep Points: 500
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?
i suggest no credit cards
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.
macy
Rep Points: 500
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.
neol
Rep Points: 250
Can you please specify these other documents as i am still a student and very much interested in building my credit score. Thanks in advance.
sigs
Rep Points: 510
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.
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.
[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!
sigs great food for thought.
devil, gl, and kudos to you for infoming yourself!
[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.
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