12-25-2009 10:52 PM
In starting, i'd like to thank everyone who helped me out in my last post (joys of hunting for a credit card...).
Since then, i've joined and opened a savings account at a local Credit Union (Mazuma Credit Union in Missouri) as well as recieved a "New borrowers Visa card." I'm pretty stoked because though my starting credit line is quite low (300), the card is unsecured! I didn't think i'd find one due to my lack of credit history. I have also become an AU on my mom's Citi card.
So if anyone's got any hints as to what is a proven method of building credit, please fill me i! I've heard regular purchases like gas and such are a good way to go, of course also things like a car loan... Any more suggestions?
Thanks guys, and keep enjoying the holidiays!
12-26-2009 05:54 AM
I would just add PIF, dont apply for credit very often snd your good to go. Never ever pay late, never.
Remember it takes time to build a good credit history. I would also stay away from quick fixes like being an AU on someone else's CC and asking for CLIs just to have a higher CL. Give it six months to a year of good use and you will be happy with the results.
12-26-2009 07:17 AM
OP, what are your scores. Best thing to do right now is to build payment history. You could app for a good card at one years time and you should get a good prime card. You could, based your profile, app for an appropriate one at 6 months time too, preferable a store card. But thats that. Concentrate on building a payment history.GL.
12-26-2009 08:15 AM
12-27-2009 05:47 AM
12-31-2009 09:28 AM
thanks for the responses, sorry for my tardiness, i've been "away" for the Holidays.
Marty56, 100% agree with your tips, instead of going for the quick fixes, it's going to be smarter to use the CC for consistent payments, like gas.
nothingman02, whats so good about store cards, that's had me confused for a while. Is it just that they are considerably more easy to use?
Okstatefan5945, is it worth it to make the installment loan, the rep i was talking to at the CU didn't talk about it as much as i would have liked. to me it's frustrating that you end up losing money even if a very nominal amount. It's surely worth it if it pays off, but i don't really know how well it does, any info on that?
haulingupthescore, haha, it's funny you said to treat it like a debit card. That's what my dad has told me consistently. I think it's to my (and our for everyone on myfico who cares about the valuable tool of the credit card) advantage to understand that concept. Having the funds to back up the purchase on the spot build credibility with banks and CU's.
"Use the CC as a tool that works for you, earning rewards, building a good credit history, etc., not as a crutch to help you get stuff that you really can't afford right now. It's that crutch thing that gets people in credit trouble, and fast."
A nugget of truth, awesome statement.
12-31-2009 09:33 AM