How to build my credit score fast, i just got a $200 secured card.?

Answers:2   |   LastUpdateAt:2012-10-26 23:11:02  

Question
kinwa
Asked at 2012-08-19 04:59:05
I have absolutely no credence in my bad credit history , but in the same sense that I have good credit but no ... so I took a small loan for $ 500 and have made ​​three monthly payments , all the principles so far ... Next we got a master card in the capital of an insured for $ 200 and a fee of up to $ 101 and made ​​my first payment today for $ 30 and this payment was not due until 4 days .. i hear different directions , one is to keep the balance and just pay more than the other minimum, always keep a small balance and pay more than the minimum , and finally one of them said charge a small amount and pay in full each month before .. I need to know the best , fastest way to build my credit , please help I have the means to do it anyway possible ... thank you very much
Answer1KamilahAnswered at 2012-10-20 07:53:19
The use of revolving lines accounts for 30% of your credit score . The higher the balance is compared with the credit limit , the lower the score. It's really that simple. Most will tell you to keep your balance below 25 % -30 % of your total credit limit . MedlinePlus MedlinePlus It's a simple equation . Never go over those amounts during the month . Your credit score is based on the reported numbers ( usually the numbers on your bill ) and it really should not . So using your numbers as an example . Your limit is $ 200, his bill was $ 101 and paid $ 30. Just looking at your credit report and score , seems to be using just over 50 % of your available limit . This is hurting your score . It will damage your score until you report back next month . No matter if you pay in full because the number will not be updated until the next month . MedlinePlus MedlinePlus Always pay your bill in full each month to avoid interest , remain below 30 % so we do not report and pay more than that time .. There is no magic formula to create an account . MedlinePlus MedlinePlus BTW : Your credit report does not reflect the initial payments . In fact , not reflected as a negative unless you are 30 days or more . Pay $ 1 above the minimum is garbage . The credit scoring models look at the raw numbers and proportions .
Answer2Ricky C.Answered at 2012-10-26 23:10:33
buying a car can help drive , and get the loan at a car dealership , if you can get the loan at a bank or credit union and make sure you make your payments on time every month . MedlinePlus '
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