Last month while I was doing completing the application to be preapproved to purchase a house I proudly told the lender that I only have one credit card that has no balance. He then told me that having 3 credit cards where you pay more than the minimum (all if possible) balance each month is the best way to increase your credit score.
It may be a good idea for me to get another credit card anyways because the card I have is American Express which is not accepted as widely has Visa or Mastercard. After we pay the downpayment on this house we may be forced to carry a little credit card debt until my husband recieves his graduate school stipend.
I learned about a very organized credit card resource website that can help me find the right credit card. Their list balance transfer credit cards would be useful for finding a credit card to transfer my current balance to so I can save money by not having to pay interest. Visit www.creditcardsclub.com to find the right credit card for you and recieve financial advice such as how to repair your credit.
June 24th, 2008 at 3:10 am
Credit card…hummm…I am trying to get rid of that handful of them in my wallet now…that is once I’ve have cleared them….sigh…then I will wave farewell to them forever….
June 24th, 2008 at 10:24 am
Well at the conference I went to last weekend I went to a class on investing and the person doing the presentation said that building up your credit line with several credit cards is NOT an effective way to increase your credit score.
June 24th, 2008 at 11:25 am
Different investors have varying oppinions when it comes to building your credit. The important thing, I believe is to avoid unnecessary debt.