How can I build my credit quickly and efficiently??

Question

I'm 19 years old. I just got my first capital one credit card about three months ago. I charge only about 3/4 of my credit line limit, and pay my bill on time every month, but still have a low score and inestablished credit history. Should I apply for a second line of credit? Or just be responsible with the one that I have. I heard that financing a car,and paying it off is the best way to boost your score.

Answer 1

I would suggest that you keep your balance at 1/2 your limit. Pay your bill EARLY and pay more than the minimum amount due. you shouldnt apply for another card for another 3 months.

Answer 2

Cap One reports only the highest monthly balance not your credit limits. It is likely killing your credit scores since the 75% is likely showing as 95% for credit scoring purposes. Example. Say that you have a $500 limit. Your highest monthly balance was $400. That is what is reported as your limit by the credit bureaus software. Say you keep at a $400 balance though you pay the entire amount. To the software it appears you are maxed out on the card and your FICO score plummets as if you were maxed out on your credit. A car loan wouldn't help yet since you would get stuck with a higher interest rate.

My advice would be to pay off the balance in full and don't use the card for 3 months. Your score would shoot up and your credit would age a little. You will at that point get pre approved cards for gas, Likely a preapproved Cap One. Apply then for only PRE APPROVED cards. Stay at 10 - 20% of limits. After one year of timely and responsible history you will be getting pre approved offers of credit for prime cards like Citibank, American Express etc.

It takes time to build a history. Don't apply for massive amounts of credit at any time. Inquiries count against you for credit scoring purposes. In time the excellent history will open the door for home loans, etc. Increasingly employers are looking at credit scores. You can make it work for you by moving slow.

Answer 3

Get a several of credit cards. Charge on them, then pay the full amount when they are due. It will take a year or so, but it really helps.This is what the mortgage companies and banks suggest for young persons that have no credit, but want to buy a house.

Answer 4

It's simple. Charge all the things you would normally buy if you didn't have a credit card. Then pay off your bill every month (since you have the cash to cover it). That way you build credit, avoid interest and fees, and, if you have a rewards card, enjoy the rewards that the card pays *you*.

To quickly see which card will pay you the most rewards for your normal spending, check out the rewards calculator at http://www.creditcardtuneup.com/ .

Answer 5

what u can do :
utilise 30-40% of limit
always (!!!) pay off the 100% in time, if possible 1 day in advance.
call the callcentre and confirm if the payment recd, everytime u make a payment.
keep off from using the card for atleast 2 cycles, but redeem your bonus points for gifts.
let time and age pass !

what u shud'nt do :
have too many cards; chances of u forgeting to payup , even if its a small amount , can downgrade ur credit rating.
trasnfer balances if u hv multiple credit cards.
always buy as much as you can pay back in due time.

Answer 6

Building good credit can be done in various ways. If you are fed up of the collectors tirelessly chasing you to pay your debts or if you are disappointed at your loan application being turned down, because of absence of credit history, you should learn how to do build your credit. The most important thing to remember is not to buy unnecessary items. Do not convert your ‘want’ into ‘need’, as it can drag you deeper in debt. If you are looking to build credit and do not have any history, set your priorities properly.

Answer 7

Stay the course young man, being on time with your payments and keeping your balance at 50% and below will improve your rating. Of course, if your budget will allow you to then apply for a small personal loan at your bank and pay it off on time. This to will help raise your rating.
If you'd like to learn more then visit
http//www.thecreditrepairmanual.com

Answer 8

that's the suitable question I even have ever study. in case you for actual bro, each and all of the suitable. iam assuming you're of the comparable build as spiderman and daredevil in case you inquire from me this. you could could desire to fairly attain their point of agility. for this a gymnastic orientated martial paintings to condition your physique (this could be clever for working away, no remember what you cant handle weapons or law enforcement officers). and frequently gymnasts are very solid for his or her bodyweight. yet this takes as long as your physique takes to enhance greater. -wushu for the gymnastics - makes you like jackie chan - capoeira for the strikes while you're thinking, oh straight forward i'l bypass to the fitness center provided that this gymnastics is for pansies. properly thats what you needed. to emulate spandex donning heroes who flips around plenty. kidding. properly look on the physique developers. tell me how lots of them can do flips, or are quickly? for a solid style, i wont advise floor struggling with. cos while the law enforcement officers come and that they see you in that compromising place... properly i advise brazillian jujutsu. you will ought to study to disarm your mobsters, and supply them some superb hits. plus provide them superb locks and smash their arms. and to your gown. NO spandex. something straight forward you could combat in, run away in. no longer be too wonderful. bullet evidence vests, arent that helpful vs rifles or weapons at closer variety and are costly. and heavy actually. which you will besides no longer positioned on it. yet once you're thinking of a few variety of armor,.....an thought could be going around in a bike and full of pads. which will scrap your total spiderman and dare devil thought. i do have 2 strategies to go away: a million. do you have the time and money to do all this? 2. the region you reside in fairly that undesirable? that in the time of almost each and every alley you bypass you will discover petty mobsters and thugs threatening human beings? if no longer, you're gonna be one bored vigilante kitty