Best way to raise credit score is a CC?
I checked my credit score because I need a small loan to help pay on the 2 loans I have now (auto and school), because I wasn't working for 2 months. There's a good reason for that, though. On my score page it said I had a bad balance of credit cards and loans out, and I should get a credit card to help even things out, bringing my credit score higher to qualify for a better loan that won't kill me. I know my credit score is a little low because it's new-ish (about a year and a half), but I've got to figure something out quick, or else the car note that I'm late on is going to hurt my credit score even more next tuesday. All that to say, does anyone have a suggestion for a CC for me to get that will help more than harm me?
Public Comments
- Banks look for credit card balances less than 25% of the actual limit... Also, the older the CC the better.. if you are getting new ones, it's alright... but the best would be to pay off the older ones and put them below 25%.
- I would strongly urge you to get out of debt completely. A good safe credit card is a pure fallacy. Please read Dave Ramsey's new book. You can also catch is show on Fox's new Business Channel.
- "bad balance of credit cards and loans out, and I should get a credit card to help even things out". Translation - go deeper into debt to bring your score up. Does that make sense? I don't see how a new card will help you. There are five categories used to determine your score 1. 35 percent is payment history. A new card doesn't have a history. 2. 30 percent is amount owed. You'd have to go further in debt. Doesn't sound like a good idea. 3. 15 percent is length of credit history. A new card doesn't help here. 4. 10 percent is new credit. I guess a card helps here, but is only 10 percent of your score. 5. 10 percent is types of credit used. A card helps here, I suppose, but so what. A better idea is to not go further in debt to help our score, but to pay off your current debt to help your score.
- Check out www.fastcreditcardapprovals.com they have all major credit cards with the lowest rates and best rewards, here you will be able to compare side by side, Good, Bad or no credit they have the right card for you.
