Re: Credit Card to Build Credit

Posted by Drew (24.59.27.46) on October 08, 2003 at 18:30:52:

In Reply to: Re: Credit Card to Build Credit posted by fasd on October 08, 2003 at 17:15:01:

I believe at this stage, one secured visa is enough. It looks better to build slowly. Also, it keeps you from the temptation of getting too much credit. Too much credit can also be a negative.

I don't have any chargeoffs on my credit report but I have the same score that you do. Why? I have two late payments that I missed a payment for when I was moving. But these are a year old. As they get older and the steady payments start to roll in, these negatives have less weight. I have a mortgage, a car payment, one credit card, another department store credit card that I opened but never activated and never used but I get a paid as agreed report for that. I am going to keep this unactivated account open for a bit longer because it is building me free credit because they always update it as paid as agreed with $0 balance and it looks like I pay the balance in full every month even though I have not used it.

Some will probably disagree, but I believe the slow methodical approach to building credit is always better.

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