Credit Tips: Best Credit Card Score to Increase Credit Rating

Posted On: July 8, 2006

Author: lester06
Posted: Sat Jul 08, 2006 1:41 pm
Post subject: What do u guys think???

OK heres the scoop, I have 2 store credit cards, One from JcPenney and Target. I have one late payment posted for each credit card. Both these account were deliquecy but are not anymore. I am lowering the amount i spend on each card ( trying to get it down to 30%). I have a loan from a bank that me and my husband got for 3000, We just got it this past April and we have been current so far. My credit score is a 666. This is my second year using credit ( im 20 years old). I’ve heard that as ur credit history increses, the better ur score. I have three inquiries on my credit report ( iwas so stupid i had no idea how important the whole credit thing was). I want to get a credit card basically to just boost up my score. I dont really need it but i think that by having it and keeping it under 30% utilization from the beginning, i can raise my score faster. Or what do u guys think. Has anyone ever done something like this with succes??? And if so, regarding all the information i have mentions, which credit card would suit me best???? Thanks in advance

Author: fire3000
Posted: Sat Jul 08, 2006 4:55 pm
Post subject:

I recommend that you get a secured type credit card from a major card issuring bank such as Bank of America. A deposit of 2 or 3 hundred dollars will be required and maybe a startup fee. After a year of good payment history they will upgrade it to an unsecured card. You will not qualify for a prime class unsecured card at this time due to your short credit history, lack of a major bank card, and the late payments. Another option is an unsecured card from a subprime class lender such as Orchard, but these lenders charge high fees and rates. Also some credit unions issue Visa and Mastercards upon qualifying for membership and opening an account there (better terms than Orchard).

Author: jamric
Posted: Sat Jul 08, 2006 6:25 pm
Post subject:
Do secured cards require credit approval?

Remember, lester06, that if you can become an authorized user on someone else’s credit card with excellent payment history, that will improve your score rapidly.

Author: lester06
Posted: Sat Jul 08, 2006 6:50 pm
Post subject: To Jamric

Thanks for the advice jamric i just might do that, someone with excellent payment history, Thanks again.

Author: moneylogue
Posted: Sat Jul 08, 2006 10:56 pm
Post subject: Best Credit Card Score to Increase Credit Rating

Why would you need a secured card? Even though you have had payment issues in the past, this doesn’t mean you would not be approved for an unsecured card.

Your idea about increasing your credit score by lowering your liability percentage is conceptionally correct, but i would recommend paying off your debts as the best way to acheive this same idea. Destroy the other cards today (to avoid temptation) but do not close the account. Apply for a card through a major supplier (citi, amex, etc) when you have your debt under control and spend wisely…or at least pay wisely.

You are young enough to build up a great score in 2 to 3 years and be set for life.

A final note…retail cards are THE WORST in terms of interest rates and benefits. Be sure to get a rewards card in the future to maximize your return. Good Luck!

Author: jamric
Posted: Sat Jul 08, 2006 11:50 pm
Post subject: Best Credit Card Score to Increase Credit Rating

Also lester, you can challenge the inqueries on your report, and in some case have them removed (if you’re fortunate and persistent). Take a look at this thread:

http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=9672