Build Credit History with Gas Credit Cards
Guest: cabledude
Post subject: Build Credit History with Gas Credit Cards
Posted: Fri Nov 05, 2004 7:50 pm
Plain ole gas cards are a good option to no/bad credit. Amoco, Exxon, Texaco have on line apps and usually approve with a low limit to start with no fee. After a few months of good payments you may qualify for a good Visa/MC.
Adding her as an AU to your account is also sound advice so long as the account you add to her does not have negative information. Add the cards first then try to get her some in her own name. You can add her as an AU and you don't even have to give her the card so long as YOU have good activity.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Fess
Posted: Tue Jan 11, 2005 3:35 pm
Hello,
I've successfully initiated the credit building process for my mom finally.
I went bright & early to Citibank and talked with the assistant manager about what I've read over here:
http://www.kiplinger.com/basics/managing/cash/firstcc.htm
She suggested a secured loan & secured credit card with options to upgrade. After setting everything up, I'm still concerned about and dangers out there.
I'm thinking of purchasing a book to have the "edge":
Looking at this one now:
http://www.amazon.com/exec/obidos/tg/detail/-/0131486039/qid=1103635655/sr=1-1/ref=sr_1_1/002-0351460-2523208?v=glance&s=books
If anyone has any books suggestions, it would be appreciated.
Thanks
Fess
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fotomaniak
Posted: Tue Jan 11, 2005 4:02 pm
IMO: it's best save your money and don't buy the book
most of the info can be found on the www for free.
to improve your score:
1) pay all bills on time
2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit.
3) have several credit cards in your name(once your mom get's her first unsecured card, it should be easier to get more unsecured cards)
4) some reported that it's good to have at least one store card in your name
5) add your mom as authorized users to the card with large CL and low utilization (<30%? defintely less than 50%)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: NightStar
Board Monitor/ Administrator
Posted: Tue Jan 11, 2005 7:44 pm
Good plan of action to add her to your cards that are in good standing and with low utilization. Just make sure your credit card companies have the policy to report AU Accounts, and that they report to all 3 of the major credit reporting agencies.
She don't have to use the account at all, just ride out the good reporting by your activity on the account.
Then it will generate a credit score for her and help her establish her own credit quicker, even if she has to go with secured card at first.
Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation.
Don't have her applying for any more credit, until she is in a better position, and ask questions of the lenders letting them know before hand that she has no established credit and how they process these, if it is worth her time applying before they pull credit report.
Build up of inquiries will pull her score down, especially now when there is nothing else to outweight the inquiries.
_________________
Best Regards,
Pammila Phillis
Board Monitor
http://www.cardratings.com
501-663-0314 PH
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fotomaniak
Posted: Wed Jan 12, 2005 12:11 am
NightStar wrote:
Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation.
Unless there is some particular reson(i.e. you are going to start to carry a balance > 50%) there is no reason to remove her. Just keep your mom added to several of your cards. Include your oldest card if possible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Build Credit History with Gas Credit Cards
Posted: Fri Nov 05, 2004 7:50 pm
Plain ole gas cards are a good option to no/bad credit. Amoco, Exxon, Texaco have on line apps and usually approve with a low limit to start with no fee. After a few months of good payments you may qualify for a good Visa/MC.
Adding her as an AU to your account is also sound advice so long as the account you add to her does not have negative information. Add the cards first then try to get her some in her own name. You can add her as an AU and you don't even have to give her the card so long as YOU have good activity.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Fess
Posted: Tue Jan 11, 2005 3:35 pm
Hello,
I've successfully initiated the credit building process for my mom finally.
I went bright & early to Citibank and talked with the assistant manager about what I've read over here:
http://www.kiplinger.com/basics/managing/cash/firstcc.htm
She suggested a secured loan & secured credit card with options to upgrade. After setting everything up, I'm still concerned about and dangers out there.
I'm thinking of purchasing a book to have the "edge":
Looking at this one now:
http://www.amazon.com/exec/obidos/tg/detail/-/0131486039/qid=1103635655/sr=1-1/ref=sr_1_1/002-0351460-2523208?v=glance&s=books
If anyone has any books suggestions, it would be appreciated.
Thanks
Fess
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fotomaniak
Posted: Tue Jan 11, 2005 4:02 pm
IMO: it's best save your money and don't buy the book
most of the info can be found on the www for free.
to improve your score:
1) pay all bills on time
2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit.
3) have several credit cards in your name(once your mom get's her first unsecured card, it should be easier to get more unsecured cards)
4) some reported that it's good to have at least one store card in your name
5) add your mom as authorized users to the card with large CL and low utilization (<30%? defintely less than 50%)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: NightStar
Board Monitor/ Administrator
Posted: Tue Jan 11, 2005 7:44 pm
Good plan of action to add her to your cards that are in good standing and with low utilization. Just make sure your credit card companies have the policy to report AU Accounts, and that they report to all 3 of the major credit reporting agencies.
She don't have to use the account at all, just ride out the good reporting by your activity on the account.
Then it will generate a credit score for her and help her establish her own credit quicker, even if she has to go with secured card at first.
Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation.
Don't have her applying for any more credit, until she is in a better position, and ask questions of the lenders letting them know before hand that she has no established credit and how they process these, if it is worth her time applying before they pull credit report.
Build up of inquiries will pull her score down, especially now when there is nothing else to outweight the inquiries.
_________________
Best Regards,
Pammila Phillis
Board Monitor
http://www.cardratings.com
501-663-0314 PH
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fotomaniak
Posted: Wed Jan 12, 2005 12:11 am
NightStar wrote:
Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation.
Unless there is some particular reson(i.e. you are going to start to carry a balance > 50%) there is no reason to remove her. Just keep your mom added to several of your cards. Include your oldest card if possible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:59 AM
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