So my first credit card bill will be here soon...?

[hourang]

Really??? Keeping a balance improves your credit?? I always pay mine in full every month and they always raised my credit limit every month until I called and told them not to raise it unless I asked for it.

yeah im not saying your credit goes bad if you pay it off every month. also they are increasing your credit limit, hoping that you will spend more and get to a point were you cant pay it off every month and then they get your interest money... at least thats what i would do if i were them.

 

[1BADAIR]

When I was buying my Bass boat they said I didn't have enough credit.:bs: :bs:
I had bought and paid for my S10 , Dakota and had recently gotten my TA. I asked why I had no credit. They told me to quit paying my CC bills off every month. Or to get 20 in gas and leave it on the CC for awhile. I said no way the interest would be more than what the gas was

 

[hourang]

When I was buying my Bass boat they said I didn't have enough credit.:bs: :bs:
I had bought and paid for my S10 , Dakota and had recently gotten my TA. I asked why I had no credit. They told me to quit paying my CC bills off every month. Or to get 20 in gas and leave it on the CC for awhile. I said no way the interest would be more than what the gas was

yeah but in an essence your paying to increase your credit limit, not pay for the gas...

 

[murph]

Really??? Keeping a balance improves your credit?? I always pay mine in full every month and they always raised my credit limit every month until I called and told them not to raise it unless I asked for it.

Just be careful if you keep a balance as the interest payments will add up quick! I was late by a day a few months ago with my payment and I got socked with $45 in interest!!!! But that was my own fault for forgetting to log in and pay it until the day it was due. Payment processed the next day and they waste no time socking you with the interest.

Things like a phone bill will also help your credit. If you have a cell, set it up in your name and schedule automatic payments and that will help your credit. They like things being paid on time. Check out websites like www.freecreditreport.com. They offer tips and advice.

Cell phone bills will not help your credit one bit....But they can hurt you if owe the provider money and it goes into collections. But if you keep a good standing with them your credit score will never go up from it....Just a little bit of info...


murph

 

[mdhmi]

I just hate to see a young guy starting down the C.C. path. Usually doesn't end well.

I agree. Credit cards are often the death knell to personal finance.

Question for the original poster - why are you trying to elevate your credit score quickly?

If it's for a car loan or something alone those lines perhaps you could work out something with a parent or sibling where you put the money in escrow and setup direct payment to prevent any sort of default.

If I had life to live over I would have kept driving a beater until I had cash for a new car. Payments suck!

 

[kovacs32]

I agree. Credit cards are often the death knell to personal finance.

Question for the original poster - why are you trying to elevate your credit score quickly?

If it's for a car loan or something alone those lines perhaps you could work out something with a parent or sibling where you put the money in escrow and setup direct payment to prevent any sort of default.

If I had life to live over I would have kept driving a beater until I had cash for a new car. Payments suck!

The reason I got a credit card, and reason i would like to raise my credit quickly is because i would really like (Not necessarily NEED) to be able to sign for a car for my self by next year. I have 3 brothers and a sister, my dad is brankrupt, my mom has perfect credit, and my grandma has already signed for two of my brothers and so nobody in my family will cosign for me, I'm pretty much screwed and My only vehicle is my mustang which can be tempermental and un practical sometimes (especially in the winter) and gets like 15mpg, and yeah i know the whole beater scenario, but i figure i would like to be able to rent/lease/buy a house in a few years so i need to start building credit card so heres my somewhat of a plan:

Use my BP Visa card (gas card but can be used for retail) to build as much credit as possible over the next year or so.

Hopfully have enough credit to sign for my own car next fall (cheap basic car like a cobalt) somthing that would have a low payment that i could handle.

And from there just maintain my finances while building credit so in a few years when i want to be able to move or buy somthing that requiers credit, I will be able to do it without having to rely on others.

I know what credit cards can do to people, i have seen it first hand, thats why my dad is bankrupt. I know that it requiers some extensive self discipline to handle a credit card, and I'm going to see to it that i dont kick myself in the ass. i have already put the credit card away for the month t avoid wanting to use it anymore until i can pay it off. Anyway, just wanted to say thanks to EVERYONE that has helped me out on this, maybe in a few years when i have my own house i'll invite ya over for a party.

Ryan

 

[Golden]

Goodluck with it ryan. Doing the same thing myself.