Credit Question?

Question

I was approved for a low limit credit card from Chase, and I had semi-bad credit. I was wondering if this credit card will help improve my score if I keep up with the payments as i'm hoping to get a condo within the next year or so? Thanks!!

I have paid off all my debts but my student loans which i'm making payments on right now and am keeping current on.

Answer 1

Getting cash back is a good option, and if that’s what you’re interested in, the Chase Free Cash Rewards Visa Card is the one for you. With this rewards program, you’ll earn one point for each dollar that you spend. Every time you reach 2,500 points you will be sent a $25 check. Or you can choose to receive a $25 gift certificate from a variety of merchants and retailers. And with the bonus of earning an additional 1,000 bonus points with your first purchase, you will be on the fast track for earning cash back. Go to http://www.credit-card-gallery.com/Chase.html and choose a best one chase credit card according your credit.

Answer 2

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RE Credit Question?

I was approved for a low limit credit card from Chase, and I had semi-bad credit. I was wondering if this credit card will help improve my score if I keep up with the payments as i'm hoping to get a condo within the next year or so? Thanks!!

Answer 3

Over the next year you need to improve your score by not applying for any new credit products and keeping current on all your payments - even one day late is considered late and can hurt your credit. Also, don't use more than 50% of the available credit on any of your credit cards or store accounts. Build up some money in a savings account or open a CD - you can get them in even 90 day increments and you'll make a much higher interest rate than a savings account.

This should help improve your score by at least 20 or more points over the next year. To get some of the better rates you need to have at least a 620 score - anything less is a target for "subprime" lenders.

Good luck!

Answer 4

It may... but you have to look at the reasons you had "semi-bad credit" in the first place. Late payments will affect you less and less as time goes on, maxing out a card or utilizing a large portion of the credit limit will hurt your score...

Don't use more than 20% of the low limit, if you can and if you have other credit cards, KEEP THEM OPEN and pay them down. The credit bureaus see whatever your current balance is when the credit card company reports every month. Even if you pay it off in full every month, it'll show if you nearly maxed out a card.

Answer 5

This will help increase your credit score over the next year. Just make sure you keep your balances under 50% of your total credit line for that credit card. Balances over 50% of your credit line actually reduces your credit score. If you can get your FICO score over 620, you will qualify for a conforming mortgage loan will a low interest rate and low down payment.

If you need some free consumer advice on first time home buyer mortgages. Visit http://www.mortgageawareness.com

Answer 6

I have 2 from Chase myself, which I keep the balances both low if not 0 every month. What has worked for me is to make purchases that can be paid off in full, every month, early if possible. I take the cash that I would've used to pay for what I'm going to charge, set it aside and pay it several days to a week or so later, just to show activity. Like the others said, keep that balance low and keep it PAID. The very second that you're late or overlimit they'll get you. I just happened to read the terms and conditions just to see what would happen and I found all that out, so don't max it out, and pay on time!!!

Answer 7

Yes, having the card and keeping the payments on time and making more than the min. due will help your credit. It will take about 6 months to really improve it but it will help.

Answer 8

It will help. Charge a tank of gas, a weeks worth of grocercies and pay it off at the end of the month. Don't let it get out of control to where you can't pay it all.
Make sure that you are paying things on time and it also helps your score if you can pay off loans.


Good Luck!

Answer 9

Yes it will, just be sure not to exceed 30% of your limit in any given month and pay on time every month and your score will increase quickly.

Answer 10

Yes, any credit you have will help your credit score. You may find additional information at www.genesiscreditgroup.com to help you with your credit.