I really dont understand the average time of my credit history. I had one credit card for 27 months now, one 12 months and 3 for 14 months. How long does that make my credit history? Is that good enough to apply for a major credit card like Discover or the American Express Blue? My fico score is 740. Or do I need to at least have 5 years of credit history?
2006-06-17 13:00:33 · 5 answers · asked by tiannabooboo 3 in Business & Finance ➔ Credit
I think with over 2 years of credit history with a FICO score of 740, you should get any card you want. Personally, I only have a Sears card and a VISA debit card. I learned long ago that credit cards are an easy way to bankruptcy. Two or three cards should be enough. If you do upgrade to a more exclusive card, get rid of a couple of the others. If you don't, your credit score will go down because you have an excessive amount of open credit cards. Even if the cards have $0 balances, creditors look down on that because you could easily rack up debts, leaving their card unpaid. Go to bankrate.com to get the best credit card deals.
2006-06-17 13:14:45 · answer #1 · answered by Shawn H 1 · 3⤊ 0⤋
Having a outstanding loan at any financial instution will start a credit history with all the reporting agencies. Most financial institutions will report monthy on payments and loan balances. Payments that are timely will cause your credit score to increace. Late payments over thirty days will cause a decreace in your credit score. Remember make paymenets either on the due date or a few days before. Never let a payment go over thirty days past the due date since it will be reported to the credit reporting companies and will cause your score to drop.
2006-06-17 13:11:05 · answer #2 · answered by John H 4 · 0⤊ 0⤋
740 is a decent score; most major credit card companies will at least consider you with a score like that. Some lenders are very concerned with the length of your history; others are less concerned. You'll just have to experiment. Please do use your credit responsibly - you can really accumulate a huge debt at a young age, and it can greatly hinder your life.
Best of luck to you, and God bless.
2006-06-17 13:04:28 · answer #3 · answered by bobhayes 4 · 0⤊ 0⤋
Apply, you will get a card. I have a problem with the number of cards you are carrying around...why so many?
2006-06-17 13:16:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No any of them would be glad to have you. But remember what ever you charge you will have to pay for. The best way is to keep it paid down to zero EVERY MONTH...Interest free
2006-06-17 13:04:36 · answer #5 · answered by loligo1 6 · 0⤊ 0⤋