Building Credit History

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Credit Card Applications » Questions » FAQs » Building Credit History

Building Credit History FAQs:

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Leo Zhu,

CreditLand Consultant on Credit Card Questions:

Many people don’t know where to start when they decide to build their credit score. If you are one of them here you will find answers to some questions you may have or ask your own questions if you need a personal approach.

It's definitely a good idea to have more than one credit card, so you're on the right track there. With all the different fantastic options out there, and so many rewards credit cards available, why limit yourself to just one card? Continue reading

There are a few things you want to look out for in a credit card you are using as a method of establishing your credit profile. Continue reading

It can help your score if you are an authorized user on another person’s account. Known as “piggybacking,” this is one method people use to improve their credit score. You should only authorize family members – a spouse, child or parent. Allowing a credit repair company to add you to an unknown account as an authorized user is never a good idea.FICO, the credit-scoring company, has software that can recognize legitimate authorized users. Continue reading

A credit bureau collects information about consumers’ financial behavior so that potential creditors can evaluate whether or not the applicant is likely to pay off their debts. They record information about the opening and closing of accounts, lines of credit, payment history and types of credit, as well as personal information such as address history. Continue reading

Yes. Every consumer is entitled to one free copy of their credit report each year from each of the three major credit bureaus. Go to annualcreditreport.com and follow the steps given to get your free annual copy of your credit report. Continue reading

The single most important thing to do is to pay your credit card bill on time every month. It’s also important to stay under your credit limit and not spend more than you can easily pay off each month. Making late payments and charging more than they can afford to pay off are the most common ways people get into trouble with credit. Continue reading

Yes, there are some legitimate credit repair companies, but even good ones do not offer any services you cannot do for yourself. It takes time, patience, and persistence to improve your credit score, but you can do it by yourself by contacting credit bureaus to correct misinformation or remove negative information. Continue reading

Making payments on time, keeping your balances low (below 30% of your total available credit is best), and having a mix of credit types including installment loans like mortgages as well as revolving credit like credit cards are all important factors in determining your credit score. If you are not current on your credit card and loan payments, bringing them up-to-date is the number one way to improve your score. Continue reading

There are many cards designed for people with limited or no credit history. If you are in school, a student card is probably the best choice for you. There are also cards specifically for no credit or limited credit. These cards can have lower credit limits and higher APRs because the issuer is taking more risk. Once you establish a credit history, more cards will be available to you. Continue reading

Yes, but whether or not you get one will depend on your credit score, your available resources, and your circumstances. You may need a co-signer, depending on your situation. If you do get one, make sure you can pay off any purchases you make and try not to use it as an emergency fund. Continue reading

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March 16, 2015