Building Credit?

I recently applied for a credit card and got approved for a $500 limit. After A month I started receiving cards all the time in the mail. I have only taken one company up on the offer so I now have two cards for 2-3 months. I am paying everything off on time. How long should I wait to ask for a credit increase or how long will it take to build my credit so I can have a large line of credit?

Building Credit?sba loans

You should be able to request a credit limit increase in as little as 6 months from the activation date. Some issuers automatically review your account every 6 - 12 months, so you may not have to do anything

As for how long it will take to get a large line of credit, it depends on what your credit score is now. In general, the easiest way to qualify for these is to buy something substantial from someone who has low credit standards. (eg., one of those car sales places that finance anyone).

Third, while paying off your credit card(s) every month is best for your botttom line, it is not the best way to pump up your credit score. You may be saving, but all your telling the company is that your afraid to use credit. Of course, you don%26#039;t want to make the minimum payment either because then your buying the worlds most expensive (whatever). What I do is divide my credit LIMIT by 3 and pay that amount or the balance if its lower than 1/3 of my limit. That way, I don%26#039;t pay exorbitant interest and the company makes a little bit of money, so everyone%26#039;s happy.

Building Credit?

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I%26#039;ve found it very difficult to increase limits on those little credit cards you get in the mail. I had two capital one cards for 2+ years. I think they raised the limit by $100 on one of the cards over that period of time.

I applied for several cards about 6 months ago. I got several 500-1000 cards and charged a little (not maxed out, like 20-30% of the limit) on each card. I set up automatic payments through my online bank account so I didn%26#039;t forget anything. It%26#039;s actually better to make the minimum payments each month rather than paying off amount each month. Paying off the amount each month does not demonstrate your ability to handle credit. You have to be in debt to build credit. My score has increasd 70 points in 6 months. I then applied for a major card and got one for $5000.

Get a cosigner for a major card or have someone add you as an %26#039;authorized user%26#039;. It will build credit much faster.