You have it backwards, as far as payments. Make your payments on time, every month, for a year. No need to pay it off right away, it doesn't help to show that you're a responsible creditor.
EJ1 Project
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EJ1 Coupe
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I was just told to keep the balanced owed to them under 50% of what ever your spend limit is. there for if i have a spend limit of 500 to only owe them less then 250 to look good on credit. so gc is about 350 id make a payment of over 100 the first month to keep me under 250.You have it backwards, as far as payments. Make your payments on time, every month, for a year. No need to pay it off right away, it doesn't help to show that you're a responsible creditor.
Sorry for the story. lol
Idk if its right but that's what my parents told me to do..
And from the 250 i would just make payments slightly above the min payment owed each month as i think its like $15 or something..
You want to use 35% of your credit limit. If you have a $500 limit, I wouldn't charge more than $200 or so. Charge that much, use cash for the rest, and make your payments. The interest is gonna suck, though, so you may want to make more than the minimum payment (say your minimum due is $12, pay like $25 a month).I was just told to keep the balanced owed to them under 50% of what ever your spend limit is. there for if i have a spend limit of 500 to only owe them less then 250 to look good on credit. so gc is about 350 id make a payment of over 100 the first month to keep me under 250.
Sorry for the story. lol
Idk if its right but that's what my parents told me to do..
And from the 250 i would just make payments slightly above the min payment owed each month as i think its like $15 or something..
I rebuilt my horse s**t credit by getting a high interest secured credit card with a limit of $200. I charged like $70 a month, and paid it off in full before the due date every month. If you can afford to do this with your card, this is the ideal way to build your credit.
EJ1 Coupe
New Member
Yea im 18 w/ no credit and i have to get 12% interest w/ no annual fee. I guess i will put 200 down on credit for the ground control and use cash the rest to earn my credit. I just want to be able to get a house or appt w/ no major down payment after im done w/ school.You want to use 35% of your credit limit. If you have a $500 limit, I wouldn't charge more than $200 or so. Charge that much, use cash for the rest, and make your payments. The interest is gonna suck, though, so you may want to make more than the minimum payment (say your minimum due is $12, pay like $25 a month).
I rebuilt my horse s*** credit by getting a high interest secured credit card with a limit of $200. I charged like $70 a month, and paid it off in full before the due date every month. If you can afford to do this with your card, this is the ideal way to build your credit.
Keep on top of your payments, don't go crazy with spending on credit cards, be responsible, and you'll be alright. Keep in mind, in order to build better credit, you'll have to spend money! Don't get a bunch of credit cards, but once you've had that one for a year, either ask your creditor to extend your limit, or open a new one with a higher limit. Once you can get a credit card with a $5-$10k limit, you'll be able to qualify for good interest rates on home loans. It also depends on the economy at the time. I'd say by that time, the housing market will be growing. Houses will be pricier than they are now, but it'd probably still be a good time to buy. I'll be looking to buy a home in about 2-3 years myself.Yea im 18 w/ no credit and i have to get 12% interest w/ no annual fee. I guess i will put 200 down on credit for the ground control and use cash the rest to earn my credit. I just want to be able to get a house or appt w/ no major down payment after im done w/ school.
EJ1 Coupe
New Member
Yea thanks for your input man. but my real question aside from credit cars is.Keep on top of your payments, don't go crazy with spending on credit cards, be responsible, and you'll be alright. Keep in mind, in order to build better credit, you'll have to spend money! Don't get a bunch of credit cards, but once you've had that one for a year, either ask your creditor to extend your limit, or open a new one with a higher limit. Once you can get a credit card with a $5-$10k limit, you'll be able to qualify for good interest rates on home loans. It also depends on the economy at the time. I'd say by that time, the housing market will be growing. Houses will be pricier than they are now, but it'd probably still be a good time to buy. I'll be looking to buy a home in about 2-3 years myself.
what is it okay on to "cheap out" on? and what stuff should i make sure to buy new and what to buy used
I like having a plan on the things i plan on purchasing.
especially since i don't want to have to buy things new.
If they are just as good used or if i can get them from somewhere cheaper same quality.