• Welcome to our newest affiliate vendor, Passus Shoes. We are very happy to welcome our newest affiliate vendor, Passus Shoes. Passus shoes was founded by long term members of the forum and veterans of the shoes business. and is dedicated to crafting fine shoes in Budapest in a time honored tradition. Please help me give them a warm welcome in their new affiliate vendor thread.
  • STYLE. COMMUNITY. GREAT CLOTHING.

    Bored of counting likes on social networks? At Styleforum, you’ll find rousing discussions that go beyond strings of emojis.

    Click Here to join Styleforum's thousands of style enthusiasts today!

How to get a credit score (A Good One)

JBG89

Senior Member
Joined
Apr 11, 2010
Messages
200
Reaction score
3
As of today I officially have zero credit.

What would be the best starting way to get a good credit score? I was suggested obtaining a credit card, and paying it off.

Should I pay it off 100% each month or leave a bit to build? I've heard both told to me.


Additionally, would anyone recommend a specific card? AMEX would not give me one due to my lack of credit. Should I take a card at the bank at which I am currently holding my checking #?

PS* I am currently a student.

Thanks
 

Saltricks

Senior Member
Joined
Jun 16, 2010
Messages
763
Reaction score
19
start one with macys/ discover etc.

something that has low barriers to entry
never close it, this will be your oldest card and the basis of your credit history

Your credit score/ FICO score is based on these ratios:

Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit - 10%
Types of credit used - 10%

So ideally, you want to have some sort of balance that you pay off every month, keep your max credit/balance under 20 percent, and try to open cards to increase your max credit which reduces your credit/balance ratio. Never pay late.
 

globetrotter

Stylish Dinosaur
Joined
Sep 28, 2004
Messages
20,605
Reaction score
401
+1 on macys - when we moved to the states, we got macys cards and worked up from there
 

otc

Stylish Dinosaur
Joined
Aug 15, 2008
Messages
18,569
Reaction score
8,502
Can't you get a standard student visa/mastercard? Most people are able to get those with something like a $500 limit without issue. This may be that they have student loan accounts though (which appear as some form of credit) so if you have absolutely zero credit, it might be hard to get a student account.

If you seriously can't get a student account, then try one of those "secured visa" cards where you basically pay in advance but slowly build credit until you can get a normal card.

Originally Posted by JBG89
Should I pay it off 100% each month or leave a bit to build? I've heard both told to me.

100% in full every month.

Don't try to get an AMEX...your first card should be a visa or MC as they are accepted everywhere.
 

ramuman

Distinguished Member
Joined
Feb 14, 2009
Messages
4,862
Reaction score
749
Get Visa or MC and try to get the highest credit line you can. Then use as little of it as you can and pay off that in full every month.
 

Styleforum is proudly sponsored by

Featured Sponsor

How do you feel about spending money on non-essential goods during the Covid-19 crisis?

  • I don't want to spend money at a time of economic uncertainty, even if I could afford it.

  • I feel compelled to spend to help small businesses that are struggling.

  • I reduced my budget for non-essential goods and I'm not spending at the moment.

  • Not much has changed for me and I'm still buying stuff I can't afford.


Results are only viewable after voting.

Related Threads

Forum statistics

Threads
438,498
Messages
9,450,227
Members
198,058
Latest member
{glavvidert|glavvida
Top