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Hi every one i am just turning 18 and i am stating out with a fresh line of credit, how can i boost my credit score in a hurry?

4 Thoughts on i am 18 and startinf with a clean slate when it comes to credit how can i raise my credit score fast?
  1. Reply
    Your Holiness
    August 29, 2011 at 8:56 am

    apply for various cards…charge a small amount..pay them off immediatley and cut the cards up.

  2. Reply
    Maggie E
    August 29, 2011 at 9:54 am

    Get 3 credit cards….a Visa, MasterCard, or American Express; a clothing store card, and a gas card. Preferrably ones that give you Cash Back on your transaction. Then, like Your Holiness said, you charge on it and pay it off before 30 the 30 days. What happens is that if you pay when theysend you a statement they are already charging you interest. They are using your money to make money. If you pay before they send you your bill before the 28-30 day cycle, you are using their money and you don’t have to pay a finance charge. :)))

    Now, the key to all this is DISCIPLINE!!!! Don’t charge if you don’t have the money already in your bank account.

    Ummmm…..I wouldn’t cut up the cards either. Learn to discipline yourself instead.

    Now, another thing you need to know is that if you use more than 45% of the limit on your cards, your credit score will go down even if you pay on time all the time. The way the creditor sees it is that you are in need of $ $ $ $ $ $ and therefore you need to use up the credit line.

    Another tip…..make sure you read where you send your payments to. In alot of states they don’t have a Usuary Law which means they can charge an astonomical interest rate should you default on the terms and conditions you originally signed up for. Delaware is one of those states. Look up Usuary Law for the state the payment needs to go to before you apply and then make a decision.

    Advice from a mortgage broker.

  3. Reply
    Tim
    August 29, 2011 at 10:31 am

    Don’t use the credit card. Go to your local Credit Union take out a small installment loan. Pay on it for at least 6 months to a year. Repeat as necessary until you need to buy something for real like a car or a house. Credit Card’s used incorrectly are the quickest way to bad credit. If you have strong willpower and don’t have the urge to overspend go ahead and use the credit card but don’t charge over half the limit and pay it off monthly.

  4. Reply
    Alex
    August 29, 2011 at 11:25 am

    Get a chase or citi they are great. But I would not get on credit card a so bad!!!

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