There are a number of different ways to build credit, but none more effective than using a credit card. Payment history on your accounts makes up 35% of your total credit score, while revolving accounts (Credit Cards) make up the next 30% of your credit score. If you do not have a credit card, you are not using 30% of your score because it doesn’t exist to you. On a credit scale that starts at 350, and ends at 850, there is a potential of 150 points by having a credit card. Having a credit card is only half the battle, it must be used properly!
Every single credit card you have should be under 30% of the credit cards total credit limit. That doesn’t mean that paying off your maxed out credit card at the end of the month is beneficial, it isn’t. The credit bureaus only see the balance you have at the end of each billing cycle. So if you carry a $75 on your $100 credit card, you are being penalized for the balance, whether you pay the card off or not. You only need to utilize 1% of your credit line monthly do generate and maintain payment history on your account, so set up a small recurring monthly payment with your credit card and pay the bill once it comes in the mail.
There is a lot of other info about credit cards, please feel free to contact us whenever a credit card or credit question arises.
Author:Julie Cosgrove BRE #00828743 Phone: 209-298-0252 Dated: April 7th 2015 Views: 381 About Julie: Julie was born and raised in Stockton CA, she married her high school sweetheart George and has 2 bo...
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About Julie Cosgrove Real Estate Professionals at Keller Williams Realty
California REALTOR® Julie Cosgrove is a driven individual that not only pushes herself to achieve excellence but will make it her priority to transform her client’s dream home into a reality. She and her team believe in Exceeding Expectations of their clients
Julie and her team’s positive approach and no nonsense attitude will help guide their client’s through their transaction. They will outline the buying and selling process, stay in close contact and constantly affirm that they have their clients best interest at heart. She and her team strive for trust, coupled with support, so her clients can enjoy a smooth transaction.
Recently Julie started her sister company, One Simple SOLUTION. As Julie’s real estate business grew, she saw a need to help seniors downsize or transition into senior-centered living. The desire of this company is to make our Senior Citizens and families feel as calm and stress free as possible during their transition from one home to the next. One Simple Solutions works hand in hand with each realtor to make sure that their clients is completely taken care of from the packing stages to the complete move to their new location. No stone is left unturned. We offer organization, helpful tips and more to make this move as uncomplicated as possible.
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"We have bought and sold homes with Julie, one of which was a short sale. She has always been very professional and accommodating to our needs, whether is be coming out on the weekends or getting loan documentation to us at 9pm on a weekday. My wife and I currently live in our dream home, we would recommend Julie to any of our friends and/or family."