I'm Jillian and I'm rebuilding my credit. I been paying my credit card on time and evaully i would like to get a discover credit card will i be able to get one someday?
2007-07-03 17:52:09 · 8 answers · asked by mrs_harris25 1 in Business & Finance ➔ Credit
Yes, why not.
The following 5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
2007-07-04 00:50:42 · answer #1 · answered by grierGRIER h 3 · 0⤊ 0⤋
Good for you! Yes, you'll be able to get a Discover credit card someday. I'd suggest you get a free copy of your credit report every three months. You can get one from www.annualcreditreport.com for free: it's mandated by the government. Just get one from one bureau, wait three months and get another. Look at the first one (you can get it online in minutes), to make sure that what you're doing is showing up, and also if you need to refute anything wrong on it. Keep going, you'll learn a lot about managing credit! Good job!
2007-07-03 19:44:26 · answer #2 · answered by Katherine W 7 · 0⤊ 0⤋
Yes, but you could speed it up with do it yourself credit repair. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
2007-07-05 03:48:13 · answer #3 · answered by stephen l 2 · 0⤊ 0⤋
Yes, of course, my friend. I recommend the Credit Secrets Bible since it helped my cousin and a couple other folks who rebuilt their credit. It will help to re-build faster, and hopefully get that Discover card in the near future as well.
Good luck! :-)
2007-07-03 17:59:48 · answer #4 · answered by millylouise 3 · 0⤊ 0⤋
Someday. I don't know how bad your credit is, but keep doing what you're doing and eventaully your credit score will be high enough.
2007-07-03 17:55:40 · answer #5 · answered by bored. 3 · 0⤊ 0⤋
Yes of course why not. When your credit score goes up you should be fine
2007-07-03 17:56:02 · answer #6 · answered by Riya Layne 3 · 0⤊ 0⤋
Yes indeed. You might be able to get one now depending on your credit.
2007-07-04 14:54:22 · answer #7 · answered by Helper 2 · 0⤊ 0⤋
You probably will be able to get one ine the future.
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2007-07-03 17:56:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋