mrlarrylurex123
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Yes that is correct, it will help to build your credit rating & profile.
You dont even have to use the card at all. Each month the credit card provider will record with one of the credit agencies, that you have met your monthly obligations to pay, even if that is £0.00.
You can have several, and this will build up a better profile. If you fail to meet any minimum payments on time this will have an adverse affect.
If I can assist you in anyway with regards to looking at a mortgage please email me. |
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Ooh, Ooh pick me
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Yes, yes, yes. Get a credit card and pay off your balance each month. It will give you a good credit rating.
I can't imagine what a broker would do if he went to search your credit and couldn't find anything. Probably think you were giving him a false name.
If you're going to buy a car, even if you have the cash for it, take out a loan for some piece of it then pay it off. This will also add to your credit rating. |
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Judy
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Well, that doesn't happen automatically. If you don't currently have credit, then getting a credit card won't make you have the perfect score automatically. It takes time and making your payments on time. |
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Jeremy V
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Credit cards are a good way to improve your credit rating. A common practice is only using it for food and gas to ensure that its not misused. Also, very important to pay off every month. Good idea! |
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I SHOPLIFT THE POOTY!!!!!!!
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As long as you are responsible with it, then it's a great idea! Just beware, one late payment over 30 lates, and you are fk'ed! |
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Jen M
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Credit cards are a double edged sword. If you pay them off every month, than it is okay.
Remember that if you use your credit card...you accrue intrest EVERYDAY. Also credit card companies will tell you only owe a minimum payment and this is a scam to keep you indebted to them for YEARS. Always pay more than the minimum, for instance if I owe 170.00 then I pay 170.00 because I know I can do that. If I owe 500.00 then I pay 200.00 which is what my budget will allow until the 500 is paid off and then I can use the card again. Don't carry it with you...let it live at home...make yourself drive home to get it before making a big purchase...this will help you think twice before using it.
They will also tell you that you have to have a credit card and rating to get a mortgage and this is untrue. It makes getting a mortgage easier but, if you opt to not have a credit card you just have to put more down on your mortgage to get one. Putting more down on your house is not a bad idea anyway.
Keep in mind you can do almost everything with a debit card you can do with a credit card.
If you decide to get a credit card then I would recommend reading Dave Ramsay's books. He is strictly anti-credit card but, if used in moderation he can help you keep from getting in debt.
My biggest problem with credit cards is I see so many people getting into trouble with them. Learn to live within your means (don't spend more than you make) and that will serve you in better stead than a credit card.
One last thing, If you get a credit card then consider getting one through where you bank. For instance I bank with Wells Fargo. Because my credit card with through Wells Fargo, when I look at my checking my credit card comes up automatically. I can transfer money from checking or savings to my credit card online which makes paying that bill easier. I would NOT give the credit card access to your bank account however. |
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dimeundgrl
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Not only is it a good idea for credit rating but now a days in this world believe it or not, you NEED one. My husband and children went to Disney and we could not rent a car why? We needed a credit card for a deposit! if not OMG what a hassle...So yes its always good to have at least 1 for an emergency..... |
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CreditAdvice
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Credit card is one of the good way of building credits. If you are shopping for one visit http://www.bestcreditcardratings.com |
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Jesse M
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As long as you pay your bill ON TIME, everytime, everymonth;
once you miss one; its going to show up in your rating |
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D T
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so long as you pay it |
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=Death=From=Above=
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it will help establish credit. dont charge too much on it, and make sure your payments are on time, no matter how you make them. DO NOT MAX IT OUT, if you do, you will be worse off than when you started. |
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Martin M
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Don't give them a direct debit. Try keeping the balances 70% away from the limits. This counts for 30% of your credit score. They want u to pay the minimum so you could incure finance charges. |
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aimee
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ive had a credit card ages and i rarely use it, and my credit rating is quite good, wnet in bank the other day to open an account for my daughter and got offered a personal loan which was weird. I have 3 credit cards each unused until certain times of the year ie: xmas mainly. When paying off your balance try to pay above the minimum payment that helps or pay some of the balances in full quickly.
Credit cards are handy but dont get too swipe happy remember you have apr to pay. As to mortgages no idea if it helps. |
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CrackBerry Addict
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A FICO credit score is not absolutely necessary to get a mortgage. If you use a lender that does their own manual underwriting (as they did in the past before the FICO score was the primary indicator used to determine one's credit worthiness), they can look at things like utility payments, time at current job and rent payments to determine if you are a good candidate to borrow money.
If you will use a credit card then using it sparingly and paying the balance off every month will increase your FICO credit score. It usually takes between 18-24 months to see significant increases in your credit score. |
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*Starlight Magnolia*
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It's a good way to get started,just be careful with it .You can all get into a world of cr@p with one,too! |
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digi19
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A credit rating is based on what you have paid , i.e no defaults etc not on what you owe, this is why its difficult for younger people to get "credit" because they have never owed anything. Answer to your question is it wont harm it as long as you pay back what you need to when you need to. |
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Jack12345
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yes. Lenders prefer you have at least 4 tradelines. Just dont carry balances.
and they prefer diffenrt credit limits. so if you get one at
300 limit
500 limit
1000 limit
5000 limit that would be ideal |
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savexourxship2113
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my suggestion to you is to take every good credit card offer you get. Make sure they have no annual fee and no set up fee or at least a very small one. Use one card one month pay it off and then use the next, thats what i did with about 6 cards. Im 21 with a 720 credit score, after that get rid of a few cause eventually having too many credit cards is a bad idea when you go for a mortgage even if they have no balance. So keep the best 2 or 3 and you should be set. Doing this and getting a 720 only took me from the day i was 18, and i even defaulted on an auto loan a few times! |
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