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Farris
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Subject: Building up credit
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Wed Sep 01, 2010 5:51 am
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Hi all,
I applied for a basic credit card with a bank with the intention of starting some credit. However, I was declined. Now my father is willing to co sign. Actually I have only a year old credit history. A banker advised if I had some history of credit or other open accounts with them in good standing I would get a better car loan rate.
My scores are Ex 632 and TU 656. I have high utilization rate of around 40%. The agent online gave me a number to have him added as a cosigner, has anyone done this? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: Building up credit
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Wed Sep 01, 2010 10:09 am
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Hi Farris,
First of all it is very important to bring down the utilization rate, at least below 30%. Your high utilization rate is hurting your score. Thus, try and pay off the balance as fats as you can. Also, if your father has a good credit score get added as an authorized user on any of his accounts in good standing.
This will help you increase your credit score. Your score will increase once the account gets listed on your credit report. Moreover, an authorized user is not held liable for the debt on which he gets added. Moreover your father's credit won't be affected by your credit.
Thanks,
Aaron
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Harry
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Subject: building up your credit
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Thu Sep 02, 2010 12:11 pm
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Hi Farris,
You can also try to get a secured credit card to improve your credit. Secured credit cards are available also to those having not so good credit score.
Check out if the credit card company reports to all the three credit bureaus. After getting the card use it to make small purchases with it, and then make on-time purchases on the card.
This will help you build up a good credit history, and thus will improve your credit score.
Thanks,
Harry |
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saustin083
Joined: 27 Jul 2010
saustin083's page
Posts: 3
Location: USA
65 Magic Points
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Fri Sep 03, 2010 11:40 am
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Hi All,
I'm agree with Aaron...Your high utilization rate is hurting your score.You can also try to get a secured credit card to improve your credit.
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Creditor problems | Identity theft victim |
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cinnamngrl
Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455
6339 Magic Points
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Sat Sep 04, 2010 12:09 pm
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The agent online gave me a number to have him added as a cosigner, has anyone done this? yes, crime victims
Do not add cosigners to your account unless you plan to pay their bills
sometimes you can help your credit by you being added to person with good credits card as a cosigner. And you don't even need to charge anything to their account.
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