credit cards
How many credit cards can you have before they drop your credit score?
I heard having too many credit cards can lower your FICO score even if you pay them full each month. How many can you get before they drop your score?
I had problem getting a credit card when I had no credit history and then after I finally got one, I had difficult time getting another one, because banks said I had “too few” revolving accounts. Now I have 5 credit cards and only 1 of them carry balance. My balance to credit ratio is 6% and my FICO score is 740.
the only reason they drop is inquires, you’re getting denied is a totally different thing. first of all 740 is an awesome score. what you really need to do is wait. you need to let your credit age a bit. besides credit score and on time payments, creditors look at established credit and the only way to get that is to let those trade lines age.
I am trying to get a car n finance but i cant because i have no credit rating so i went to the bank to ask how and they said try for a credit card so i have tryed all types of credit cards and they all refuse me.
I have never had bad credit i am only 18 where do i start?
I have a visa debit and i pay my rent and phone bill through direct debit.
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Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – credit-report-score.10001mb.com
If you are 18 and have no credit then you DON’T need to be financing a car. Save up and pay cash.
*** Debit cards are not credit.. That will not build your credit.
you start by paying for your phone, and stuff with bills and credit, although try to avoid getting into debt if you can. Get a bank account, and get a visa debit card, eventually try to open an account with an overdraft, keep up repayments on everything and you will be sorted.
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Remember, it takes time to build good credit (although you can ruin it quickly). If no one will give you a credit card, one way to start building credit is by getting a secured credit card. What this means is that you deposit, say $500 in a savings account that you promise not to touch and the bank gives you a credit card with a $500 limit. Use the card for a bout 6 to 9 months (pay it off monthly) and then go back and apply for a non-secured card. If you make the payments on time, this should start building up your score.
try getting a card through a local store one where you shop. the rate maybe higher, butif you dont use it much and pay it off or as much as you can each month, that will help. try getting a gas card where you buy gas. you could try your parents, see if they would co-sign for you, your rates may be cheaper too.
If you are desirous of establishing a good credit record, you should start off by applying for a credit card. The companies that monitor credit history compile information based on your payments and responsible consumers build up a good credit report by promptly paying off what they owe. A second consideration, especially if the consumer did not qualify for a conventional credit card, is to apply for secured credit. This method lessens the lender’s risk by having access to some kind of guaranty from the borrower in case of default. An alternative way is to have a person with a proven history of good credit co-sign a loan. These co-signers are a form of guarantee diminishing the lender’s risk of non-payment.