Sunday, November 14, 2010

Trying to improve my credit score?

I just paid off all of my credit cards (roughly $1500). I now have a total of three credit cards with no current balance due. Just wondering how much better my credit score had become I chose to apply for a Kohl's Charge and got approved for $300! This was very surprising b/c my credit is terrible. Well now between my four credit cards which include Capital One, Best Buy, Target, and Kohls charges I have roughly $1850 available credit. I have been told that the more available credit you have the better your credit score and so my question is this; would obtaining more credit cards, and therein increasing my total available credit, increase my credit score further? Btw I'm a 22 year old college student with a car payment and college loans if that matters. Thanks!!!Trying to improve my credit score?
get more details ; open the second %26amp; fourth link in: to improve my credit score?
Get the Kohl's card. Make a few purchases and pay off the balance every month. That will go a long way to improving your credit score.
By opening up that Kohl's card, you just DECREASED your credit score. Your limits and debts are VERY small to make much of a impact. Getting a $300 on a charge card limit is not exactly a good sign.
Store cards aren't a plus for you.

Major credit cards with high limits and low balances help your score, as do mortgages, student loans, and car loans.

When you apply for new credit you actually lower your credit score.

Just make your payments on time, and quit playing with credit - it's dangerous. Wait at least 6 months and apply for a credit card that is different than your capital one card (if it is a mastercard, apply for a visa).

Never charge anything on a card that will take up 50% or more of the limit - that hurts you too.
Obtaining more cards would lower your score. First, having more credit available does not necessarily raise your score; it can raise or lower it. Second, having more credit available per credit card tends to raise your score, but having more cards, and therefore less credit available per card, tends to lower it. Third, applying for any credit card, regardless of the outcome, lowers your credit score. Fourth, the average age of your credit card accounts is part of your credit score; by getting new credit cards which are not as old as your existing credit cards, you lower the average age of your accounts, and therefore lower your score.
It doesn't matter what they said. When you got approved to get Kohl's but it will lower your credit score for temporary. However, it will go back up if you are paying on time (keep under 30%) or paying off in full every month. You can have many credit cards as you want. My husband have 11 open credit cards with 0 balance. He have an excellent fico credit score (801). He purchased stuff what he needs and pay off in full every month.
dont listen to shane F. any book any person who knows a thing about credit will tell u that the more cards u have the less ur credit score is. unless u have 11 cards and u never use them its one things becuz a lot of companies close ur cards if u dont use it for a certain period. every time someone does a credit check (cable, credit, companies) they take a background check. if u open up a bunch of cards that does not mean u have more credit available. if u have 1 card with a $5000 balance that shows good credit. as long as u make payments on time and dont have too many cards ur credit score will increase. read this book.

Your credit score, your money %26amp; what's at stake by liz weston. u might not like reading liek me but spending a day or 2 reading this book will help u out in life. or read student loan scams by michale collinge its a great informer on not only student loans but also credit card scams by legit companies like sallie mae and citibank
Hope this helps.


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