RSSHow to boost your credit score yourself
July 14th, 2007 by Adam | Filed under Credit Score, Credit Score Advice, Credit Score Tips, FICO Score, Improve Credit Score, Personal Finance.|
Why Do You Want To Check Your Free Credit Scores? Check the Situation That Best Applies to You And Then Click the Button Below to See Your 3 Credit Scores Absolutely Free I want my 3 free credit scores from Experian, Equifax, Transunion that the government does not provide free I want to apply for a credit card and get a low APR I am preparing for a major purchase (home, auto, boat) and want to make sure I get the best loan rate I qualify for Just curious where my credit stands against the average American credit scores
(Click the button above to see your 3 free credit scores) |
If you have no credit history, there are other ways to build good credit and improve your credit score, though they typically take longer and cost more. Some suggestions:
•If you’re married and are listed as an authorized user on your spouse’s account, convert it to a joint account, or apply for a credit card in your own name. This is particularly important for women, who are more frequently listed as authorized users on a spouse’s account than men are, Ulzheimer says. Joint and individual credit card accounts will help you build your own credit history. Having your own credit record is an important safeguard in case you become widowed or divorced.
•Apply for a credit card from a department store or other retailer. These cards are usually easier to get than credit cards issued by banks, and they’ll help you build a credit history. The downside: They tend to have lower credit limits and higher interest rates. So use them with care.
•Apply for a secured credit card. These are easier to obtain than unsecured credit cards, because you’re required to deposit money with a lender first. Your available credit is usually the amount of your deposit. Some secured cards convert to unsecured cards after you’ve made a certain number of on-time payments.
Look for a secured card with low annual fees and no application fee. Credit unions frequently offer good deals on secured cards, Ulzheimer says, but some of them don’t report your payment history to all three credit bureaus. Remember, your goal is to establish a credit record. Before you apply for a secured card, make sure the bank or credit union reports to all three credit bureaus. Otherwise, Ulzheimer says, “You’re wasting your time.”
We also recommend keeping your balance below 30% of your available credit. For example, if your limit is $2,000, don’t let your balance exceed $600. Maintaining a low balance relative to your available credit — known as your credit utilization — will improve your credit score.
You can research fees and other features of secured credit cards at www.bankrate.com.
Your Money: Building a credit history is about to get harder (USA Today)
For years, people with no credit histories have been able to build their own by having someone with good credit usually a parent or spouse add them as an authorized user for one of their cards. That’s coming to an end.
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