How Do I Get "Credit" For All Our Monthly Charges?

[Brad1970]

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Your score is based on

Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years.

Credit History- NO late payments. Again, no way to fix this other than continue making payments on time.

Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low.

Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways)

Probably missing a few minor things..

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Thankyou for this - this was really great.

Sadly, you're confirming what eastbay said (that having a large available credit line is irrelevant)... eh? Well, methinks the whole idea is pretty much squashed, then [img]/images/graemlins/frown.gif[/img]...

Again, thankyou for this.

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That's not what eastbay said....he made a vague stab at it without giving you any details.

[bluef0x]

I'm not really sure what your goals are Sun... do you just want to improve your credit score so that loans taken out in the future can be had at better rates? If so, maybe open up a couple credit cards and just wait a few years.... again, AMEX is messed up and you can get 25k credit with them if your accepted. That will in turn let you increase your other cards.... since companies will see that you have a 25k card and will be more accepting to giving you a higher limit.

There's no short-term way to improve your credit other than a minor increase by removing some inquiries w/bumping, but that can backfire and probably isn't worth it.

[SunOfBeach]

UPDATE! THANKYOU for this - we just got a confirm from GOOG that we've been approved for a 75k/month credit limit... and now I only have to pay once/month via wire rather than getting those damned ~2k/day charges mucking up my banking/records. I may not get 'credit' for this... but I'm glad you pointed me in this direction.

MUCH THANKS!

PC

[rpr]

As someone mentioned, utilization is a big factor. It'd be better to get 3 secured credit cards and put $5000 credit limits on them and have balances lower than 10% of the limit.

I'd do that first. Once you have credit, I'd try getting a a business credit card or line from your bank.

The forums on www.myfico.com are an excellent place to explain your situation and get solid advice.

[Henry17]

Is it really this hard to get credit in the States?

[rpr]

No, I think Orchard Bank and Capital One approve almost anyone. Citi is another one (maybe not for long hah). Store credit is easy but only good if they report.

Going the secured credit card way is just a method to build up your credit, especially if you have bad credit since good credit is always better than paid/closed accounts that were negative.

Meaning that I think it'd be better to put $5K in a secured credit card than pay off an old debt for $5K unless they agree to do a Pay for Delete and remove it.

[Jimbo]

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Store credit is easy but only good if they report.


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Not so any longer though I do agree with the rest of your post. Trying to get a revolving deptartment store credit account is harder today than ever in the past.

Jimbo