Do you have to have a credit card to build up your credit?
Credit Card
chi bebe asked:
I want to pay off my credit cards because they are such high interest. I have late payments in my history, so I want to build up my credit again. Do I really need credit cards to do this? I hate the idea of owing money. I thought about getting a credit card, using it and then paying it off each month - but I was told that wouldn’t help my credit. What should I do?
Yolanda
I want to pay off my credit cards because they are such high interest. I have late payments in my history, so I want to build up my credit again. Do I really need credit cards to do this? I hate the idea of owing money. I thought about getting a credit card, using it and then paying it off each month - but I was told that wouldn’t help my credit. What should I do?
Yolanda
January 18th, 2009 at 1:02 pm
Yes I think you do so you can build your credit up hope it helps
January 20th, 2009 at 8:32 am
No u dont have to have a cc to build ur credit, u can build ur crd with ur apt history, a debit acct (prepaid card @ ace), car note it really just depends on what u apply for for them to chk ur credit if it’s a bank they’re going to chk ur banking crd.
January 23rd, 2009 at 10:27 am
actually paying off a credit card each month is Great for ur credit. u will never have a late payment, and u will never incur a lot of fees. the thing is, each card u have, even department store or gas cards, are what they call “trade lines”. so the more trade lines u have, the more likely u will be building ur credit. however, if u ever default, or have huge debts on there only paying the minimum, that looks bad. perhaps u can pay off most of ur debts, and keep like 2-3 and only use one frequently, paying it off each month so as not to incur interest. the longer u have w/o any late payments, i think the better ur credit will be. however it will take TIME..which is why paying them down each month Is good for u. good luck~
ps..i’ve had One credit card since i was in college, and opened a few cards at dept stores, but never used them… i pay off my credit card every month w/o fail..i continue to get higher and higher credit limits, and i made a major purchase recently, and my credit score turned out to be Way higher than i ever thought!
January 25th, 2009 at 11:50 pm
Hi chi bebe,
I would say yes to needin credit cards to rebuild your credit. the thing is that you need to find a credit card that will help you do that. There are several out there that help with just Rebuilding your credit. The best one I know of is the Orchard Bank Mastercard. Because once you pay your bill it actully reports to the three main credit bureaus so that it will raise your FICO score.
Here is a link to learn more about it.
I hope this helps!
January 27th, 2009 at 2:38 am
credit card is not required. just pay your other bills on time.
January 29th, 2009 at 7:10 am
THe cheapest way to pay off you credit card bills would be to take out a loan to repay the card balances and destroy your cards never to use them again. You do not need a credit card to be considered for credit purchases what you do need is to show that you have made repayments on time.
Spalding Financial Services can help with Credit cards, loans etcfor people of any status. Using thier thousands of contacts they can arrange any sort of credit. Email for further advice or help.
Good Luck!!
January 31st, 2009 at 5:54 am
You need to have enough credit cards before your credit score goes up. The idea is to demonstrate proper and responsible usage of credit. So simply not having any credit card will work to your disadvantage. Go with having 4 regular credit cards. Keep 2 at home. Make sure they are all “no annual fee” cards. Use one regular and keep one as back up. Always pay the entire balance off every month. Use automatic online bill payments to make sure and you should be fine !
Good luck !
February 3rd, 2009 at 10:41 am
by having a credit card and paying your bills on time would help you build good credit :
Credit Card
February 6th, 2009 at 10:45 am
just read these, especially the top link see the FAQ plenty of advices:
good luck!
if it helps please remember me cheers
February 8th, 2009 at 10:23 pm
getting a credit card and paying off the full amount every month is exactly what will bring your score up….even try to pay if off within 20 days of purchase to avoid any interest payment…….also keep any balance you may have under 35% of total credit limit….example: $1000.00 limit on card….charge no more then 350 at any given time…if you need more credit then the 350……pay it off 1st then charge…..this method is working wondering for my fico score