Get all the credit cards you can. Gas and department store if you must, but preferably bank cards.
If you ever are told you have too many, negotiate with the lender to close as few as possible of the newer ones. Then, after you close the loan, just call and reopen them.
I was just reading and thinking, thinking and reading this forum.. analyzing whatever advice you guys give here. And I'm wondering, isn't it better to have one bank cc and use it for a longer period of time than to have few cards with a very short history? If I use just one cc for 1-2 years (or whatever time period) without going over 20-25%, then it will show the lender that I'm responsible and I don't rely on credit cards to get by. Am I thinking right?
This is what I have and I decided that any change would just be unnecessary in my situation.
- 25 items removed from CR.
- Student loans (32K total) payed for the past 17 months religiously on time
- paid off in total 35K in debt
- have just one cc and I don't intend to get any more ccs.
Credit is slowly going up and some day I plan to purchase an investment property (probably rehab, since my husband and I can do 80% of the work ourselves).
But I do have to admit something to all of you who keep posting here. It it because of this website, I got off my 3 letters and started working towards the better future. You guys/girls.. inspired me to take that first step. And for that I will always be thankfull to all of you.
So... I'll keep reding, learning and applying my knowledge to the financial future of my family.
THANK YOU ALL. You are just simply great.
Alicja
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quote:
On 2004-10-14 15:35, kingston wrote:
To improve your credit score you need 3-4 tradelines with approximately 12 months history and even better 24 months history. Don't go around applying for any line of credit. All to often lenders see this as desperation for credit which implies to them that you are not as liquid as they would like in other words you are strapped for cash. Open accounts responsibly. Realize that tradelines can be credit cards, student loans, car payments, etc. These all affect your credit. If you are currently paying a mortgage, car payment, student loan, and your credit card your good to go. We are looking at behavior. So make purchases and repay monthly ON TIME this should get you on the right track. Keep your debt ratio under 50% or ideally under 45%.
Good Luck
<font size=-1>[ Edited by kingston on Date 10/14/2004 ]</font>
Get all the credit cards you can. Gas and department store if you must, but preferably bank cards.
If you ever are told you have too many, negotiate with the lender to close as few as possible of the newer ones. Then, after you close the loan, just call and reopen them.
Hello again,
I was just reading and thinking, thinking and reading this forum.. analyzing whatever advice you guys give here. And I'm wondering, isn't it better to have one bank cc and use it for a longer period of time than to have few cards with a very short history? If I use just one cc for 1-2 years (or whatever time period) without going over 20-25%, then it will show the lender that I'm responsible and I don't rely on credit cards to get by. Am I thinking right?
Regards,
Alicja
This is what I have and I decided that any change would just be unnecessary in my situation.
- 25 items removed from CR.
- Student loans (32K total) payed for the past 17 months religiously on time
- paid off in total 35K in debt
- have just one cc and I don't intend to get any more ccs.
Credit is slowly going up and some day I plan to purchase an investment property (probably rehab, since my husband and I can do 80% of the work ourselves).
But I do have to admit something to all of you who keep posting here. It it because of this website, I got off my 3 letters and started working towards the better future. You guys/girls.. inspired me to take that first step. And for that I will always be thankfull to all of you.
So... I'll keep reding, learning and applying my knowledge to the financial future of my family.
THANK YOU ALL. You are just simply great.
Alicja
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quote:
On 2004-10-14 15:35, kingston wrote:
To improve your credit score you need 3-4 tradelines with approximately 12 months history and even better 24 months history. Don't go around applying for any line of credit. All to often lenders see this as desperation for credit which implies to them that you are not as liquid as they would like in other words you are strapped for cash. Open accounts responsibly. Realize that tradelines can be credit cards, student loans, car payments, etc. These all affect your credit. If you are currently paying a mortgage, car payment, student loan, and your credit card your good to go. We are looking at behavior. So make purchases and repay monthly ON TIME this should get you on the right track. Keep your debt ratio under 50% or ideally under 45%.
Good Luck
<font size=-1>[ Edited by kingston on Date 10/14/2004 ]</font>
http://www.creditboards.com/phpBB2/viewtopic.php?t=58994