Ive tried everything to build my credit score. All of the accounts that I have open are paid on time, but do not report my credit. I have tried to get credit cards that are known for building credit, but am always denied because I don't have enough credit history. As well as my bank. The only thing on my credit is my student loans, which have on time payments, and a medical bill for $63 that I have tried to settle with the office, but they say my account in closed. Ive contacted the collection agency and have been told the same thing. Idk what to do at this point. Any suggestions?
From my experience, I started off with the DiscoverIt secured credit card. Put 200 dollars in it to start off. From there I’d leave at least 15-60 dollars for next month’s statement. Leaving some debt in it shows that you’re actually using your credit rather just paying it completely before the next statement. Even so you should always use only 30% of your credit.
This makes you look better and gain a better score hence why I would only use up to 60 dollars from my $200 credit. I always pay on time and by the time I got to 7 months of having my secured credit card, I received an email stating that I’d be getting my $200 reimbursed and my new credit was $1,200 I believe. My credit score was actually at 735 if not 745.
Ever since then, I’ve had my credit raised 2 times more. Like I said, I always pay on time and keep a balance on my card without exeeding that 30%. It’s ok to use more just don’t max it out because it looks bad and lowers your score.
I don’t know if this helped or not, I know it definitely helped me when I first started. I just turned 21 4 days ago and I now have 3 credit cards in a time lapse of 1 and a half years and still holding on to a credit score of 705.