Credit Tips: Best Way to Build Credit With a Credit Card

Written by carnold
Posted On: July 18, 2006

Author: jaek99
Posted: Tue Jul 18, 2006 12:22 pm
Post subject: Building Credit - What step should I take next?

Credit Report:

Two student loans ($2000, $2750) - Both less than 2 months old and the payments are deferred until i graduate.

One Chase Citicard (student) $800
Balance $0
2 month history

One Citibank Dividend (student) $1500
Balance $455
13 month history

No late payments
6 inquiries (5 banks, one cell phone provider, one electric company)

Equifax Credit Score 682

What credit cards can I qualify for? I am interested in rewards and increasing my overall credit.

Instead of applying for a new credit card, I am considering asking Citibank for a credit limit increase though this causes a hard check.

If I ask citi, how much of an increase can I get?

Author: anudewalrus
Posted: Tue Jul 18, 2006 3:38 pm
Post subject:

I don’t know the answer to your question, but I would like to ask if you were approved for the citicard when you had no credit history?

Author: QikPass
Posted: Tue Jul 18, 2006 6:26 pm
Post subject: Best Way to Build Credit With a Credit Card

You’re good for now. Sit tight, pay your bills on time..and WAIT.

(of course an AMEX student card would be useful as they are generous with limits and increases…)

Other than that… WAIT.

Good luck

Author: multiplierx
Posted: Tue Jul 18, 2006 8:26 pm
Post subject:

I agree with the previous post. Let time be your friend and keep things straight and your scores will go up nice in the next year.

At that time, with higher scores, you’ll get much better credit limits than if you were to apply now.

Even then, I’d keep it down to only adding 1 or 2 cards.

In the meantime, go for CLIs when you can and try to keep those balances near 0.