I don’t have any cards yet
and always get rejected, how can I build up my credit?
Start by having someone add you as an
additional user to their account. Be sure that the account has been open for a
while, is used responsibly and not maxed out. Make sure that the credit card
asks for the social of the authorized user. By doing this, you add that account
to your credit files, and it helps build your credit.
After about 3 months you should get a
nice boost from that. Start by applying for easier credit cards that don’t
require a high credit …or a store card like from Gap, Kohl’s, Macy’s, Target,
etc. These can be easier to get approved for.
How do I get and keep a
good credit score?
bills on time, every time. Always pay at least your minimum monthly payment. Don’t skip any payments.
Note: You don’t need to revolve on credit cards
to get a good score. Paying off the balance each month helps get you the best
score. 2. Don’t max [Don’t use more than a
1/3 of your credit line]
3. Keep track of your spending
The 2 primary factors making up 65% of
your score are your payment history and the amount of money you owe. So always
make sure to protect those.
Isn't it bad for your
score to open a card?
In the short-term your score may go down
slightly, but in the longer-run your score will only go up. Because, when you
get a new card, you get a new line of credit. 30% of your score is made up of
amounts owed and credit utilization so the more credit you have, the better
Once you use that pull and apply for a
card be sure you actually get that card! It can take several tries, but
typically calling or writing (via SM or even snail mail) to reconsideration
departments can turn a denial into an approval, especially if you are an
Isn't it bad for your
score to close a card?
The only negative outcome of closing a
card is losing the credit line that can be avoided in several ways. Many banks
allow you to move a line of credit onto a different card. Some banks may be
more willing to approve you for another card contingent on moving part of line
of credit from an older card onto a newer card. Or they may want to completely
close out the older card and move the entire line onto the newer card.
I don’t make my own income,
how can I get a credit card?
Recently the CFPB ruled that as
long as you live in the same household as someone who you can rely upon to
provide from their income, you can include all of that household income when
reporting your income on a credit application. Income isn't listed on your credit
report, it’s based on what you report.