credit cards, what percentage of credit to use to improve credit score?

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    • #203135
      Anonymous
      Inactive

      i’ve heard 50% is a good max, in order to boost credit score; what about 30%, 25%? does it boost even higher, or is it just anything below 50% is about the same, and over 50% is bad?

    • #269453
      Anonymous
      Inactive

      How about NO credit at all. Pay off your debts, dont make new ones and you will have a perfect credit score. Thats what we did. It took us a while but it has been worth it.

    • #426775
      Anonymous
      Inactive

      as far as i know, if you have no credit, no one will lend money to you. you may want to get a prepaid credit card (you pay ahead then use your money to purchase things). this is a great way to start building your credit.

    • #426776
      Anonymous
      Inactive

      One problem you may encounter is that often no credit means you had credit that was so terrible that you chose to have al your credit wiped (if you threaten the credit reporting agencies they will completely wipe out your credit, but companies consider this a major red flag – worse than bad credit). No if you have no credit at all, going back a few years (even inquiries to your credit going back 9 years will reassure companies) you may have a tough sell.

      However, if you are putting 50-80% down, this isn’t a real risky loan for a bank. Thus, I’ll bet you can get a loan even with no credit. A few years ago I would’ve said sure you van get a loan, but now its a lot tougher – but I’ll still bet you can get one. This is just a real safe position for the bank, but you may need to put one heck of alot down to do it.

      Best luck.

    • #426777
      Anonymous
      Inactive

      I highly doubt it. You need a credit history to get a mortgage. But, why not pay for a home in cash?

    • #426778
      Anonymous
      Inactive

      i agree with the first two. however, even though you are putting down half i still have doubts that a “good reliable trustworthy” lender will finance you because it looks bad for you not to have any credit at your age and if you have been in the states for nine years. the underwriters need something to go off of and if you have nothing for them to judge by then its somewhat unlikely they underwriter will approve you. if you can wait a year to establish credit that would be great. but give it a try no harm in that but if you are denied i would revert to building credit and try again in a year. or at least six months. after opening a credit card account whethert it secured or unsecured.

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