I'm only about a year into having credit. The two things that are keeping me down is the age of my credit history and I only have 1 line of credit. I make a car payment each month. My scores are 668 and 652 on credit karma. I have never made a late payment. What can I do to raise my score faster? My goal is 800 but id like to be at least at 700. It may take a long time. I have fair credit but not great. I wanted to do a big party with a lady and was thinking of doing half credit and half debit. Unfortunately my options are limited with my score. Any credit card recommendations? It's hard to find a card with a more than a 1k a month credit line. If I do this I'll probably only make one more trip this year instead of 2. I plan on going in July. I don't want a huge debt that's hard to pay off. I know maxing out a card is bad for credit but it would be easy to do if I'm not careful.
Years ago I raised my credit score by having a few magazine subscriptions. The regular payments are loved by credit card companies. I do not know if this will still work now, but it could be worth a try for a $50 subscription to a magazine that you like. A kindle subscription is only $10.00 for a year.
Establishing credit means borrowing money and repaying it. It takes time to do. Your income and the amount of debt you have are factors, too. They indicate your ability to repay a loan.
It might work, buy gift cards where you shop. READ FIRST Do not buy a gift card (s) until you can pay it off when you get the bill. Keep doing this tI'll you raise your credit score. You have to prove your creditability to the credit bereays. Pay off one completly, and keep making payments till you gave the party paid gir. Keep the other credit card and keep making the full pay off amount. One, your making payments on two credit cards, your paying off the balance each month, and you have a positive balance on one credit card. Keep one credit card you use, STOP using the credit card you plan to pay for the party with. Have the party paid on full with one credit card. Therefore there is no risk with a credit card paid in full, with a positive payment history, etc. That's what I plan to do. It might work, and since the party would be fully paid for, "PARTY HARD" , Yes pun was intended
Making a financed purchase is very helpful, like a car payment or furniture. Your score will dip for a bit because your debt will be higher, but after making a few payments ON TIME you will be more desirable to lend to. Good luck!
I'm thinking using a credit card for the ranch might not be the best idea at my current level. Many cards I can't apply for because my score is to low. The ones I do qualify for have a low credit line per month. I'd easily be maxing them out. Thinking I should get one to pay for gas food and stuff like that. Then maybe when I qualify for a better card do something like that.
They also ask for your income so the amount of credit u get factors into what u make I'm guessing? So in the end u income matters most no matter what.
Many years ago when I was establishing credit the first credit cards I got were from department stores. I don't know if department stores still issue their own cards but you might check into it. They weren't as fussy about who they gave credit to. I'm a big believer in saving money. I save money for no other reason than to save it. I have an automatic transfer set up so some money gets put into a savings account a couple of times a month. I put whatever change I have at the end of the day into a small storage container and when it's full, it goes to the bank. Any paper money I have at the end of the week goes into a jar. It's surprising how fast it adds up.
In recent years, many bigger banks have bought out smaller ones, and many stores have done the same. So three or four different stores might use the same lender for their accounts. For example, a Best Buy card is issued through CitiGroup, so if you already have a Citi credit card you will likely get approved for a Best Buy card.
You’ve got really goood advice ROXY GOLD. You’re very knowledgeable, that’s pretty awesome that you knows so much.
Here's where I'm stumped. They want to know my annual income. I have my w2 can I just put what it says I made in 2018? My hours vary so I don't have a set salary. I work hourly. I assume they want to know what I make before taxes.
I got approved for one card but I only get 300 dollars and I need to be using no more than 30 percent each month from what ive researched. So ill use 90 dollars or less of it a month. Ill put it on my gamefly membership which is 37 dollars a month and ill use it to fill my car up which is like less than 20 dollars a tank. I drive a small car. I am uncertain if I got approved by the other one I should know this week but I doubt it typically they want a 700 credit score. My score went down 16 points and 7 points. I barely have fair credit now so im not applying for any card at all until at least next year or until I get both my scores to 700. Its fucked up they want you to have so many lines of credit but they want you to do it in such a long span of time. Credit is only good for borrowing money if you need something you cant pay for now. It doesn't make up for income. Im never taking out a cash loan because I don't want to owe the bank besides making a car payment each month. I think I need to worry more of increasing my income even if I were to achieve the coveted 850 credit score it adds up to nothing if im broke. I realize I need to be very careful and realize this is someone elses money im using and ill have to pay it back. Im only going to use it on stuff I would have bought anyway and pay it back in full each month and not carry over any balance. I wanted to borrow a lot of money to spend at the ranches but now I realize that is not a wise decision id be much better just working a lot of overtime or making less trips to pay the money and not have to worry about paying the bank back.
Even if you just charge a small amount on a credit card every month (say, $20 or whatever), and pay it off every month, it will help your score a lot. It will take time, but you will get there!
Congrats on getting approved for your card! Be responsible with using it, and your score will improve. After a while (maybe a year, give or take) of being a good customer who uses the card and pays the bill on time, they might give you an increase on your credit limit. Proud of you!
It’s not that they want you to have a lot of credit lines. In fact, too many credit cards can hurt your score because of the potential risk of maxing them all and driving yourself to financial ruin. What they’re looking for is a history of good behavior, for lack of a better term. That is, do you pay your debts? Are your payments timely? Do you pay more than the minimum? Is your mortgage, car payment, etc. timely? It’s not a fast process. As I said, they want to see a history of good behavior. And with that good behavior over time will come incremental increases in approved credit. Also, as you already know, taking into account your income.
I know you can get a secured card set up, pretty much it’s a card where you load the money onto it and than that’s your limit you can spend and if you pay it back for a year and don’t go negative you get what you initially put in at the end of the year back!
Good news both my credit scores went up over 30 points! I've only had the credit card for 5 weeks. This I don't see how this card has increased my score so fast but I only get 1 point a month from my car payment.
Get a secured credit card, use it and pay it on time. and/or Home Depot, Lowes & your local grocery and department stores offer easy to get (super high interest) credit cards. Use one very little, but make payments. Amazon and Best Buy credit cards are very easy to obtain too. (Just to establish credit, super high interest rates.) and/or Finance a piece of jewelry and pay it off. (A gift for the lady you are coming to see?) and/or If you are looking to get a lot of credit fast, try getting a Southwest Airlines credit card. They afford very high credit. Try the SWA credit card and let me know how it goes. (If it works as well for you as I think it does, I'd like to offer that advice in my FAQ.) https://www.southwest.com/html/rapi...hwest-airlines-rapid-rewards-cards/index.html Good luck! Oh, this may not be very practical, but Mercedes Benz Financial is the best credit you can get to increase your credit score. As soon as you are not upside down in the car, your credit score jumps 100 points! I suggest this to gals looking to buy a house. Get a one year lease with Mercedes Benz, watch your score blow up and then start looking for real estate.
Sakaki, best wishes to you with establishing your credit. I use Credit Karma too as a way to gauge my credit score. However, in my own experience with CK, the credit scores that they show you from the different agencies are typically about 30-40 points lower than what your actual scores truly are. I am not sure why that is. But I have noticed this on a few occasions. So, there is a good chance you might be in a bit better shape with your credit than you think.
Does credit karma also tell you your FICO score? Man y of the credit score sites neglect to do that and it is a totally different ball game and one in which many lenders use. www.MyFico.com
To the best of my understanding, Credit Karma is a bit more generalized because you can check it anytime you like without doing an official inquiry. The different accounts that you have report at different times, so it’s not as accurate as when you do an official check.
I'm 696 and 690 now. I'm more interested in the power to borrow money. But I don't know if it be a good idea to borrow a lot of money I can't pay back right away.
