Hello, My wife (25 Years old) basically has No crdit. We didn;t look at her credit file as of yet for scores but all I really imagine is in her repoort is a couple of credit inquiries for rent/utilities. She is a college student and got her first credit card (Student card from Capital one) 200 limit 19.8% she has has it for a few months and manage to avoid the finance charge (Thankfully)../ anyhow.. my question is: in her case what tips would you all recommend for her to do to build her credit other then paying everything on time and not to be late... thanks all
Being a college student, getting credit is alot easier. I would suggest looking into student cards by MBNA and Discover (they are the most leinent), but the CLs are small (usually $1000-1500) but if she is working they will probably offer a higher line. If she is approved for one of the cards use that (and Cap One) for six months to a year. Contact them every six months to ask for a CL increase. I would suggest giving Cap One and asking them to lower the interest rate - 19.8% is too high and she can do better. Use the cards a little and pay them off in full each month (some people carry a small balance to show the CCC that they are profitable). It is your choice, but do not carry a balance any higher than 25%. I think the biggest effect to one's FICO score is the debt ratio. It takes time to build credit. My suggestion is get a few cards (2 or 3) and create a working relationship with those companies. Keep the balances small, and the inquiries low, and her credit report should be looking fantastic in a couple years. Good luck. Dani
hahah, Me..... good credit?? My credit is Awful right now!!! AWFUL!!!! My current EX score is at 569 and believe me I am starting the process of raising it (sort of)... edit... Dani, that sounds like great advice.. I will show this posting to her Thanks
