Best Way To Build Credit Score?
Assuming that we can do simple things like buying a new(used) car or arranging for a line of credit or credit cards etc, what has the biggest effect and is repeatable?
I have heard that buying any car and financing it is the best way to go. Is that true?
A good way to improve credit is to have a couple of credit cards and use them. By using them, I mean not to keep a balance on there more than 50% of what the limit is. This shows that you use your credit, but don't rely on it. Also, for a quick bump, you can make a payment to an account BEFORE you get your statement. The best things that help your credit are student loans and mortgages, which can also hurt you if you are late on them.
List of BK friendly creditors from Creditboards:
http://www.creditboards.com/phpBB2/viewtopic.php?t=17
The best way to improve score is to use credit wisely. Charge everything every month and pay off at the end. Do not over spend. Pay your bills as they come in. Do not make decisions based on wants, base on needs. Make a payment plan if you are behind and stick with it.
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Can you post the list for peple who arn't signed up on that board?
Quote:
On 2004-09-10 06:52, flacorps wrote:
List of BK friendly creditors from Creditboards:
http://www.creditboards.com/phpBB2/viewtopic.php?t=17
Nope.
What a great post by Mario11779! If you follow all the instructions posted in that post, you should have a much better credit score after few months. Just work hard and some day your hard work will pay off!
Good luck to you and all the others who are on their way to a better credit score.
The best thing to do is to not use cash at all. you your credit cards as much as possible and interchange between 4-6 credit cards. Make sure they are never 33% of the maximum
Hi Mario11779,
great advice on credit building. I have 4 credi cards with a combined available credit of 60K or so. I really only use two of them because I get Frequent Flier miles on them. One is personal (8k limit), one is for business expenses (20k limit). I will frequently get up to 15-18K in a month when I am in the rehab phase of a lot of projects at one time, but I pay them off each month as well. What are your thoughts on how this would alter my score, and would you recommend that I spread my business spending out among the other two cards that I don't use?
I don't buy anything just to get the miles, but I have earned 140,000 miles in a year as a business perk (and a $75/year annual fee). Thats 5-7 roundtrips.
-Joe
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The best thing to do is to have at least 3 tradelines open. 1 with a high credit of at least $2500. One should probably be a car or an installment loan and 2 should be revolving credit cards. Make sure they have high credit limits. Make sure that you pay them off regularly (monthly) or at the very least pay more then the minimum.