Trying to improve my credit score?
I have read that obtaining either a student or secured card will be a good place to start. I also read about a secured loan from my bank. The question is should I do both at the same time or wait a while? I know its not a good idea to apply for or open too many cards at once and i wasn't sure if this applied here also. I'm just trying to do as much as I can as fast as I can without comprimising any progress. I have no debt now, but also no credit score.
Public Comments
- Secured cards are generally for people with bad credit, or they are older and have no credit. If you are a student, then you would be wise to respond to a pre-approved application (with reasonable terms) or to apply through your bank. Its OK to put student as your occupation.
- Apply through your Bank or Credit Union to get the best deal on a credit card. I have read in several places 3 open revolving accounts seems to be the sweet place for building credit. But opening and closing accounts hurts bad. Find the best deal on a credit card you can (student cards typically have decent terms) and stick with the same company for at least 5-7 years. Make sure you make all your payments on time and your score should end up being great.
- I recommend using Chase as your first credit card. They have good credit limits for students in comparison to Capital One. Also, depending on how quick you're trying to get your credit established, you can ride on to a family member/friend's credit card as an authorized user or joint user. by doing this, their credit cards will show up on your credit report--- therefore building your credit score.
- You can open 2 secured loans or credit cards if you have the money, however the first account it's not going to show on your credit report until the six payment is made. You will not get a credit score until your 6 months with credit.
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