Credit Card

[Philippe]

[quote name='Aloysius' date='Nov 5 2005, 10:04 PM']The way I figured it, whenever I use the wretched thing I'll set aside the specific amount of cash simultaneously to be used only for paying the credit card bill.  so long as I do that, all bills are paid on time and a "good credit" is established.  so basically, I was going to use it as if it were just paying cash, just doing it through the credit card company so that everything's recorded as me havin good credit.
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thats basically what i plan on doing

[blovedwolfofgod]

its a decent theory, but goes REALLY slow... get a small loan when you get a car, make sure you have the cash already, or will have no problem getting it, then get a year long loan and pay it off.

works wonders for your credit score...

[ofpheritup]

[quote name='philothea' date='Nov 5 2005, 11:05 PM']Things that raise your credit score:

- Paying all your bills on time, every time.
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I saw this on PBS it was suggested that to establish
a good credit rating one simple thing you can start with is
for the first 6 months "buy what you can afford" meaning
buy something that you know for a fact you can pay off at the end
of the month. Do this for 6 months and you will get your credit card company's attention.

Philothea is right though you have to keep it up.

[homeschoolmom]

[quote name='ofpheritup' date='Nov 6 2005, 11:35 AM']I saw this on PBS  it was suggested that to establish
a good credit rating one simple thing you can start with is
for the first 6 months "buy what you can afford" meaning
buy something that you know for a fact you can pay off at the end
of the month.  Do this for 6 months and you will  get your credit card company's attention. 

Philothea is right though you have to keep it up.
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[/quote]
Why would you stop doing this after six months? Why would you, at the end of six months, start buying stuff you couldn't afford? Shouldn't you only always buy things you know you can afford?

[Aloysius]

[quote name='homeschoolmom' date='Nov 6 2005, 02:28 PM']Why would you stop doing this after six months? Why would you, at the end of six months, start buying stuff you couldn't afford? Shouldn't you only always buy things you know you can afford?
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[/quote]
precisely what I was thinking!

[ofpheritup]

[quote name='homeschoolmom' date='Nov 6 2005, 01:28 PM']Why would you stop doing this after six months? Why would you, at the end of six months, start buying stuff you couldn't afford? Shouldn't you only always buy things you know you can afford?
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WELL THAT WAS TOTALLY MISUNDERSTOOD.

Over time you develop a "history" with your CC company. You do this by using the card and then paying it off. The point ot the 6 month "rule, idea" whatever is that the CC company after seeing you faithfully paying it all off is more willing to UP your spending limit.

If there are any other questions regarding this please PM me.

[Proud2BCatholic139]

Hmmmm.