mike25
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Hello,
I have had a bank of america credit card for 4 months with a credit limit of $500 and before I applied for this credit card I had NO credit history what so ever...
I try to charge 35% or less on it every month.... and I ALWAYS pay it completly off every month....
My only goal is to build credit fast (I dont really even need to use the credit card....), so is there anything else I could be doing? Should I get another credit card?
Thanks!
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Sun Jul 04, 2010 3:51 pm |
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coaster
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Call the customer service and aske to have your credit limit raised. The ratio of used credit to available credit makes up a huge portion of a credit score. It's the simplest and fastest way to have a positive impact on your score.
~Tim~
Eye Candy : Why Whimsy
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Sun Jul 04, 2010 4:55 pm |
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bobjenkins
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quote:
Originally posted by coaster
Call the customer service and aske to have your credit limit raised. The ratio of used credit to available credit makes up a huge portion of a credit score. It's the simplest and fastest way to have a positive impact on your score.
I don't understand what youre saying, so a higher limit while you're chargin more each month (while completely paying it off) is better? Or a higher limit while charging less is better?
thanks
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Fri Jul 09, 2010 4:22 pm |
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coaster
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your ratio of available credit (how much you can charge, ie credit limit) to used credit (how much you actually charged) is simple division. You put a bigger number (available credit) on the top, or you put a smaller number (used credit) on the bottom, or both at the same time, and the result is a bigger number. 
You wanted an answer for fast, and there's nothing faster than a telephone call. 
~Tim~
Eye Candy : Why Whimsy
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Sat Jul 10, 2010 2:19 am |
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jason_simpson
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Mix up the ways you borrow money. Get a loan for a used car, get a card for the market you go to. Also write checks to pay off your bills. Maybe have one credit card that you put your gas money on and then pay it off on time every month.
Payday Advances | Pay Day | PaydayLoans
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Mon Jul 19, 2010 9:19 am |
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mike25
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Thanks for the replys 
(the first time i read this i forgot to reply !)
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Mon Jul 19, 2010 6:35 pm |
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Credit Money & Life
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Ok before you get in trouble like many people "raising your credit limit, getting debts for no reason" those are things that get you in trouble.
I advise not doing that.
What you should do is get a "Secured Credit Card" majority of them report to all 3 agencies every single month. A secured card is loaded with the money you put on it, and you can only spend the money you put on it. It is a very fast and effective way to build credit.
Secondly, banks rather give a better rate to someone who has a 680 score with $2000 left over at the end of the month, then someone who has a 750 score with $500 left over.
Stay away from debt.
Realistically the only things you should finance is a home and car. For other things you should build an emergency fund, short term savings, long term savings and an investment account.
Be proactive with your finances.
99% of Debt Settlement companies offer no Attorney Representation in the event you get sued.
Prime Debt Services is the 1% that offers Attorney Representation if you are sued and is an actual Law Firm.
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Mon Jul 19, 2010 10:01 pm |
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Creditnet_com
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Is your bank credit card reporting your payment history to the major credit bureaus? If your credit card has a Visa or MasterCard logo on it, then it likely is. If you haven't already, I'd pull a copy of your credit report (you can do it for free at annualcreditreport.com). See if your credit card is listed and how much of your payment history it shows. If it's there, my advice is to wait until you see 6 months of on-time payment history for that credit card on your credit report, then apply for another credit card outside of your bank. It may take a number of credit line increase requests to raise the credit line on your bank cc to anything significantly higher than $500, but a non-BofA credit card (like Citibank or Chase) will likely give you a higher starting credit limit right off the bat after running your credit and seeing your positive payment history.
I would only recommend a secured credit card if you had damaged credit or as a last resort if you were denied a credit card at your bank or department stores. But since you already have a bank credit card, you can skip having to secure a credit card with your funds.
If you're a student, you can apply for a student credit card as these cards are meant for people with relatively new or no credit histories. If you're not a student, there are credit cards (such as Capital One) for people with average or limited credit histories that offer rewards, but often for a small annual fee. Again, your credit limit will be higher so you'll be able to put more on your credit card without risking going above the recommended credit utilization ratio (about 1/3).
If you've applied for other cards after 6 months and have been denied for all, then go back to your bank and request a credit line increase. Often, banks will only allow an increase request every 3-6 months, but explain that you'd like to use your credit card for more everyday transactions, a $500 credit line is not enough, and that you've paid your bill on time every month since the card was opened. And then in 6 months, try applying online again for another non-BofA credit card and this time, you're almost definitely going to be approved.
Creditnet.com: Credit FAQs, blog and more
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Tue Jul 20, 2010 4:55 pm |
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Credit Money & Life
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I would not at all recommend getting more credit cards as a majority of people end up in trouble with those cards. Stay away from credit card debt as it is also the most expensive type of debt. Credit Cards are built in the hopes that you will never pay them off.
99% of Debt Settlement companies offer no Attorney Representation in the event you get sued.
Prime Debt Services is the 1% that offers Attorney Representation if you are sued and is an actual Law Firm.
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Tue Jul 20, 2010 5:14 pm |
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Creditnet_com
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Credit card debt can be expensive IF you carry a balance, but paying off your credit card in full and on time each month will cost you $0 in interest charges. If you are willing to be financially responsible with your credit card by only charging what you can and will pay off that month, then credit cards are a great way to build credit and manage your finances. But if you view a credit card as free money and use it with no planning or regard, then I agree, stay away from credit cards and use a cash-based system!
Creditnet.com: Credit FAQs, blog and more
0% interest credit cards
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Tue Jul 20, 2010 5:19 pm |
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Eric80
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do not apply more credit cards for now. each application may make you lose some credit points. since you have a relatively new credit history, chances are, the applicaiton will be turned down.
Freeze your interest with an IVA (Individual Voluntary Arrangement)
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Wed Jul 21, 2010 4:45 am |
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macraiser123
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Wed Sep 01, 2010 3:35 am |
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moonraker1
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Build a credit fast by using unsecured loans and repaying them on time. Unsecured loans are handy and easy available through Internet as well.
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Tue Sep 07, 2010 9:51 am |
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financegenie
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First of all I don't understand what you are saying and second if you have problem related to card whether debit or credit first ask the Bank representative or customer help line no. then put your thread, in the forum
I will say ask the bank for your credit card history if you find something that could sought out your problem. it will be great.
Cheers Mate
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Thu Sep 30, 2010 12:40 pm |
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iwillguide
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Building credit card score that does not matter and ask the customer service of you bank and give you good solution.i avoid credit cards this is best way to save your self from interest rates of bank.
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Thu Sep 30, 2010 5:33 pm |
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