How do I raise my credit?

Question

I'm 19 years old and I want to raise my credit. I know credit cards are suppose to help, but which ones? Any info on this would be greatly appreciated. Thanks in advance!

Answer 1

I took a class on students and their credit before, one thing I remember is that getting a gas card is a good start. I don't know too much about credit, but I do know that if you have more than 9 credit cards, it's way too much. Also, when paying for your credit cards, pay just a little above the minimum each month. I hope this helps. :) Oh, and this is something I just learned, each time you close an account it nicks your credit score. Since you are just starting, try to only open accounts that you know are useful  to you.

Answer 2

The best way to raise your credit report, is to only get one or two credit cards, not more than that.Buy a few things with them but never go over or max out the limit. Pay off on time and as soon as possible. Make sure you keep the cards in use and not standing without any activity for too long.

Then get one major purchase like a car payment, and do the same. This is all you really need. Then over time it will get higher. because of the following:

1. The longer you have good standing accounts the higher the score gets each time or quarter of the year.

2. The timely payments.

3. The low balances: make sure you ask for credit limit increase every quarter. The higher the credit limit the higher the score.

There are a few on-line sites that give you a high credit limit and credit card and report it to the credit reporting agencies, like USA shopping club. They charge a membership fee,but only pay half of it, tell them that is all you have for a membership. But, you have to buy stuff from there on-line store. I do not work for them or anything like that. I used there site and bought stuff and over the last years paid it off. They reported I had a $7,500 line of credit unsecured, which jacked my credit score up.

Do not buy stuff you do not need. Remember to buy credit insurance on all your credit cards in case you loose your job or get sick. The insurance will pay or defer the payments and your credit will be protected.

Do not buy credit protection plans from any companies. you can do it yourself. It is called putting a credit fraud alert on your credit report. It is free. you just contact the three major credit reporting agencies and request this, they will assist you. put your phone number and a statement that says, to call you at your number before granting credit to anyone trying to use your information. It is good for 7 years and can be renewed.

I suggest you monitor your credit report every month. go on-line and get one of the credit monitoring services to monitor. You pay around $12 to $14 per month and you get to look at your report anytime you want on your computer. You can get emails when there is any activity on your report. you will be surprised what will suddenly appear on the report.

Dispute any information that is not correct on your report with the agencies right away. It takes time for them to investigate and clear things up. It takes time to get a high score, if you do these things I suggested, in about a year and a half you will have a high score.

I think the main reason to have a high score is to buy a house and get a loan for a business, without any problems.

CG

Answer 3

You need to make sure that you always have money going into your bank account.

Paying bills on time

Dont keep applying for cards as this lowers your credit rating