«
»

What's a good way to boost credit when you first start out?

I heard that when you first start out with credit that it doesn’t necessarily mean that it’s "good". Some people compare that to bad credit, just about.

What’s a good way to make it higher and better? And what is the highest a credit score could be?

Thanks in advance.

This entry was posted on Friday, August 6th, 2010 at 6:30 pm and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

6 Responses to “What's a good way to boost credit when you first start out?”

  1. FICO scores range from 300 to 850. Vantage scores range from 500 to 990.

    Having no credit is not the same as having bad credit. It is much harder to overcome bad credit. Derogatory items remain on your credit report for 7 years.

    The most important thing to get a good credit history is to always pay all of your bills on time. Even bills that don’t report to the credit bureaus will hurt your credit if you default and the debt is turned to collection agencies. The collection agencies will report the defaulted debt to the credit bureau.

    To start out, you may have to get a secured credit card (you pay a deposit which is held as collateral against the line of credit). Use the card and pay the balance in full every month. In about a year, you should qualify for a regular account. It takes years to build good credit. There is no fast, easy shortcut.

  2. No credit is better than bad credit.

    Secret to top 800 scores.
    Get a credit card.
    Use it for food or gas.
    Pay in full each month when you get the bill.
    Carrying balances not only makes you pay interest -but it can ruin your credit.

    Note: If you are under 21, new laws will prevent you from getting a card.
    You will have to open a savings or a cd.
    And make a 1 year loan against it to establish credit.
    /
    /

  3. A credit score is based on a 12 month activity. It usually goes up between 5 to 10% per month. If you have a visa/mastercard, use it for gas and small items and always pay the bablance the following month. If you don’t have a credit year but employed at least 12 to 18 months and have $500 in a savings account, you should be able to convert it into a secured credit card. Most banks should be able to set it up for you. Make sure they belong to the credit bureau

  4. I had to figure that out the hard way if you don’t have any credit it is hard to get a car loan or a apt.The highest credit score you can have is 800. I have a 750 because I got a credit card at 18 and I just got gas and little things on it and paid them off and my credit score sky rocketed.Here’s is a site that approves are first timers with credit cards just get little things and your credit will be good in no time.http://bit.ly/aUlcCg have a blessed day.

  5. Morfus Bristol on August 6th, 2010 at 6:30 pm

    get more details ; open the second & fourth link on: http://www.build-credit-score.co.cc

  6. I have posted this for several folks asking a similar question. I hope this helps.

    I had to look into this for my fiancee and we decided to go with a secured card. The one he got has NO fees other than the set up fee which is not too much and there are no other fees. Avoid Orchard Bank and other like that as they charge a lot of fees and often don’t report to all three credit bureaus. Other than no fees, the thing we liked about this card is that it reported to all three credit bureaus every month and just as a regular credit card, NOT as a secured card like some of the others which is not good.: Read the Terms and Conditions carefully. Good luck.

    https://www.publicbankcard.com/

Powered by Yahoo! Answers