College student looking to build credit?

I%26#039;ll be in my third year in college this fall, and I got my first credit card in May. Although I%26#039;ve been paying off all balances to zero, I%26#039;ve been using my credit card for everything because I want to accumulate points for the rewards program. I don%26#039;t use the credit card unless I know I can pay it off. However, I found out that having a high revolving debt to credit limit ratio can hurt my credit score and make me look risky to lenders. I want to open another credit card so I can have smaller balances split between the two. Getting another card will not tempt me into poor spending habits. I just want to keep smaller balances to build my credit. The question is, is it too early to open another card (2 months) and perhaps transfer some of this billing cycle%26#039;s already high balance to the new card? Will it look suspicious on my credit report?

College student looking to build credit?

Building your credit is very important. I would say getting a new card will lower your score in the short term, but will increase it in the long run. The credit limit will likely be low, but hopefully higher than your original card. I would only recommend transferring a balance if there is no fee involved. Transferring a balance often results in a higher credit line than you would otherwise be approved. Working with a major credit card company such as Capital One, Bank of America, Chase, or Citi is your best bet. I reccomend getting a card from a different issuer than your first. This will allow you to raise your credit limit on both cards over time, multi-card policies also tend to be stingier on credit-limit.

Positives:

High credit limits on the cards you have.

Low utilization(balance to max credit line).

Moderate number of cards (4-7).

Number of months you have had a line of credit.

Negatives:

Credit cards with low lines.

Few credit cards (%26lt;3)

Alot of cards (%26gt;9)

High utilization

Large number of inquires (%26gt; 3 in a year). This last one is one of the most temporary

A second, non-exclusive option, is to request a credit line increase on your credit card. Most card companies allow you to do this automatically on-line. Three things will happen, they will automatically approve the line increase, they will request a credit pull to make a decision, or they will decline you. The first option is the best, as this will only positively impact your credit score. The second option, if you allow it will decrease you score for a period around 12 months due to the extra inquiry. The third option neither helps, nor hurts. Continuing to do this will build you maximum credit line over time. Repeat every two-three months.

College student looking to build credit?

ya college can bulid credit

College student looking to build credit?

Credit Cards are the worst thing to get. My advice is to drop your current credit card. I dnt have one and i am fine. The amount of money you save because your not spending constantly is amazing.Save your money up man do not borrow

College student looking to build credit?

I work in the credit industry. If you pay your balances off every month your revolving available will be100%. You can open up another card and transfer the balance without raising red flags but keep your month end balance at zero. The risky part to lenders about your situation to lenders is that your credit is new. Just keep up the good work of paying off your balances at the end of each month and they will raise your limits and therefore raise your score

College student looking to build credit?

I am a mortgage broker and I spend a lot of time helping people fix there credit, it will be nice to help someone before they make the wrong mistake.

My assumption is your goal for good credit is to one day buy a home. If not, my words of advice are still pertinent.

You can do hundreds of searches about fico scores, etc, but half of them are wrong, and most of them are boring. Let me briefly relay my experiences.

First, don%26#039;t close that credit card. You have to establish credit in order to get good credit. your credit score is determined by many things, only 1/3 is %26quot;late payments%26quot;.

Instead credit stability is very important. Keep your credit card, and consider opening one more. Try to keep the historical high balance below 50% of the high credit limit. Keep paying it off every month, good for you.

Other things that bring your credit down - young credit (so establish the credit now before you plan on buying, so you have established a track record) store cards (no %26quot;cash reserve%26quot; value) and checking your credit too often.

if you have more questions, feel free to contact me at yerffej112@gmail.com

College student looking to build credit?

i hope this will helps u...

http://www.bestcreditcard.110mb.com

College student looking to build credit?

Here takes a look at essential things to keep in mind so as a student doesn%26#039;t get bogged down by the credit card debt.

Build a habit of shopping around for things more so for student credit cards:

When you enter a college there are numerous credit card companies waiting to offer you a credit card. Look at each one of them, it might look as time consuming initially but it will save a for you over the college years. A student credit card with lowest APR and other fees will be suitable. Look for rewards that bring additional savings to you. Remember money saved is money earned.

Budget your expenses:

Making a budget is what everyone should learn in early life. The sooner this habit is imbibed, more rewarding the financial future becomes. Budget out your expenses, and eliminate the wastes. Being frugal is not good but being wise helps.

Stick to your budget:

There are temptations to spend more and there will always be. Getting lured into these temptations is a sure shot way to run into credit card debt. Remember every purchase that you make with a credit card is a loan and has to be repaid at the end of the month with interest.

Spend some cash:

Avoid the habit of paying for everything with a credit card. This will accumulate a large credit card debt, on the other hand if you decide to pay with cash for certain items, it will keep your budget intact and promote financial discipline. Since you are spending only from what you have, not borrowing. Apply online for a best student credit card at: http://www.credit-card-gallery.com/Stude...