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Level 3

How to Raise Your Credit Score

do you have any credit cards?  if you do, just spend a small amt.  and pay it off each month.  having minimal debt also looks great on your credit report.  that's what i've been doing and i have an exceptional payment history on my credit report.  and my fico score keeps jumping up.  

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Level 3

How to Raise Your Credit Score

get a credit card, even a first premier bank card where the limit is around $350.  and ONLY spend a small amt.  and just pay off the bal. each month.  do you finance a car?  paying a car loan on time is also a great way to raise your score.  

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Level 3

How to Raise Your Credit Score

do you have any credit cards or dept. store cards?  if so, just put a small bal. on it each month and pay it off fully each month.  that's what i do and my score keeps jumping up.

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Level 3

How to Raise Your Credit Score

Those banks are loan sharks.  I strongly suggest if one wants to build credit or re-establish credit, start with a secured loan at a credit union or a secured credit card.  It the limit is low, that can hurt your score as well.

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New Member

How to Raise Your Credit Score

Keeping it around 30% is actually not that good. Keeping your balances below 10% is really what drives the score up. 

How I know? Two years ago I literally did not have a credit car at all, had to pay $200 to get a $200 limit credit card (I did get the money back in a year). Now, I have ~780 score, with more than $25,000 credit limit, including a car loan with monthly payment of $230 a month, at 2.59 APR. 

 

What I really focus on!

1) All payments on time, even if they have to be minimum payment.

2)Do not get a lot of hard inquiries because they do stay around for a good period of time.

3)Only open a new account/credit card if you really need it. Opening many of them will bring your age of accounts down.(Again, a lot of hard inquiries over small period of time, no good!)

4)Pay more on your car loan/mortgage even if it's only $10/$15.

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New Member

How to Raise Your Credit Score

I'd like a credit card to build my credit 

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Level 3

How to Raise Your Credit Score

Try a secured credit card with your local credit union or bank.  Credit Unions have the lowest rates.  You also need a mixture of credit (ie:  installment credit and revolving credit).  May I suggest getting a secured loan with your credit union first and after 6 months, try the credit card.  Get the loan for at least one to two years payback.  If you can, do a $1,000 limit on a credit card.  Though $!000 is a low limit, I wouldn't begin with under $1000.  You have to stay below 30% of your limit to maintain your credit rating.  The lower limits can hurt your credit.  Also, when you pay off a loan, it affects your score.  It can drop 40 points, on Equifax, which I think is utterly ridiculous.