How to get Credit card

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rough
Member since: Jan 04

Posts: 14
Location: toronto
Post ID: #PID

Posted on: 02-12-08 15:37:55

best way is to get a secure card first. my sincere advice is not to apply for the credit cards for about a year. Once you maintain your credit history you they will pour you the cC

newboyo
Member since: Nov 05

Posts: 253
Location: TO
Post ID: #PID

Posted on: 02-12-08 19:50:01

Just for info -

About 35% of the weightage for calculating the FICO (or Beacon) score is based on %age of credit limit utilised. The lower the %age utilisation, the better your credit score - all else being equal.

My suggestion -

try getting a "large" limit and religiously manage your payments - NEVER BE LATE.

If a "large"limit is not possible - DO NOT RUN YOUR CARD UP TO ITS LIMIT. Use your card for about 40% everymonth and pay cash for rest of the month, leaving approx 60% unutilised, this will help increase your score in a shorter period.

Rgds and good luck,

Newboyo

Contributors: reachash(2) Pramod Chopra(2) 905Desi(1) ccherryl(1) rough(1) Garvo Gujarati(1) kalia(1) newboyo(1) YoursTruly(1) rajcanada(1) bighead(1) sumjo(1) halda(1) razashah(1)

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