Comments on: Increased Credit Card Payments – Helping You Keep Up

By: thatblissguy

thatblissguy — Wed, 21 Oct 2009 01:53:23 +0000

Even with that balance his usage is still below 30% so it should not affect your score in a negative way at all.

Besides, F.I.C.O. changed the way that credit scores are calculated in September and authorized user accounts are no longer used to calculate scores.

So, you are standing on your own already. Drop yourself from the account, you no longer need it.

Authorized users are not responsible for payment of debt.

By: katrinaduvale

katrinaduvale — Tue, 20 Oct 2009 21:17:11 +0000

The easiest way to boost your credit score is to keep your inquiries to NONE until you buy your car. You are allowed 3 inquiries every 90 days, after that you lose 2 points for each one. When you do buy your cay, the finance manager at the dealership will go over your credit report with you, wait until then to check it again. Every extra point you can get and can keep by then will help. Also, say you are going to put $2-3k down at first, the finance manager will go over your options and a range of your APR%. After they tell you your options, ask if putting a total of $5k down instead will lower your rate. IT WILL. But if you play all your cards right away the dealership will take advantage and make a little extra money on you. If you would like some more tricks or tips email me, I'd be happy to help.

By: smarterchild_usa

smarterchild_usa — Tue, 20 Oct 2009 20:12:15 +0000

783 is a decent score even with a limited credit history.

If you are planning on getting a car loan within the next 6 to 8 months, now is not the time to apply for credit cards.

Applying for cards right now will hurt more than help even with the limited credit history you have.
The first thing that will hurt will be the inquiries from applying for credit cards.
The second thing that will hurt would be the "new account" if you are approved for a card.

By: Desyeni

Desyeni — Tue, 20 Oct 2009 14:00:37 +0000

I agree with Brian about a secured card being no different than a regular card.

Since they refunded the security deposit the card is no longer a secured card but is a regular credit card.
It sounds like this is your only credit card (?). If so, I wouldn't recommend closing it, even if you apply for a credit card with another creditor.

Revolving credit (credit cards) does help build up your scores more than any other type of credit.

If you apply and recieve a card with another creditor, use your BOA card once or twice a year for small purchases and pay in full when you receive the statement.

You might also call BOA and ask them to reduce your interest rate (if it is high) and also request a credit limit increase.

By: Levi

Levi — Mon, 19 Oct 2009 22:06:08 +0000

By: jigglers

jigglers — Mon, 19 Oct 2009 17:37:00 +0000

Some hard reality for you. If you can't afford the increased minimum payment, you really should not be worrying about your credit score right now. The reason being that the only reason you need a good credit score is to obtain new credit. But if you obtained new credit that would mean that you would have an additional payment(which you have said you can't afford). Also, if you are almost maxed out and are only paying the minimum right now, your score is already suffering.

You may want to attempt to open another card with a 0% Balance Transfer. If that is not possible then close out this account to keep the better rate. Especially if you will have a hard time with the higher rate. Because becoming delinquent on the account will be much worse than having it closed but still paying current.

By: V for Vendetta

V for Vendetta — Mon, 19 Oct 2009 08:34:54 +0000

By: Stacey S

Stacey S — Sun, 18 Oct 2009 04:35:12 +0000

Already. No. Things to look for when getting a card include: no annual fee, low FIXED APR. When I turned 18 I obviously didn't have credit either. So I ended up applying everywhere(which is bad for your credit) and eventually just applied to a credit card offer in the mail(When I was 19). It was a Chase card NO annual fee but the APR was a horrible 19.99% FIXED. I was approved for a $200 or $500 credit limit. Then I got a Cap 1 offer in the mail and thought well "Whats in my wallet?" lol so I was approved for that one at $500 for 19.99 FIXED. (The bad thing about Cap 1 is that they DO NOT report your credit limit, so your credit goes off the highest balance you had on the card.) The only reason I settled for those high rates was because I knew I needed to establish credit and eventually I could get the rates down. Then a year later I applied for a rewards card through my credit union and was approved for $500 at 7.9% FIXED!! So that was awesome. Then my boyfriend had to apply for a SONY card and since we like to see who has better credit I did too. Approved for $2000 at a whopping 14.99%(Not something any reasonable person would sign up for unless you are only using it to get the reward points and pay off the balance every month like we do.) Anyway, I am 21 now and the APR on my cards range from 7.9% Fixed to 9.99%Fixed. (Got Both CAP 1 and Chase to lower the APR) Oh and the credit limits are much higher. If you sign up for a crappy APR card just be sure to pay the balance off every month(just like you should with any card no matter the APR) Just be smart with your credit.

By: JDH Mac

JDH Mac — Sun, 18 Oct 2009 04:23:31 +0000

making payments on a card you have had for a while helps your credit because you have more of a history that way.