Originally posted by: wetcat007
Just out of curiosity, does having a couple credit cards and paying them off in full every month do much to build credit or just a little?
Originally posted by: Whoozyerdaddy
Originally posted by: wetcat007
Just out of curiosity, does having a couple credit cards and paying them off in full every month do much to build credit or just a little?
1. Length of credit - whether you use it or not - That's primary #1
2. Ratio of credit availale to credit used - you have it but you're not in debt up to your eyeballs... shows responsibility.
3. Credit available vs income - See #2
4. Number of late payments - Common sense
These are the major factors to building credit.
Originally posted by: Beattie
Originally posted by: Whoozyerdaddy
Originally posted by: wetcat007
Just out of curiosity, does having a couple credit cards and paying them off in full every month do much to build credit or just a little?
1. Length of credit - whether you use it or not - That's primary #1
2. Ratio of credit availale to credit used - you have it but you're not in debt up to your eyeballs... shows responsibility.
3. Credit available vs income - See #2
4. Number of late payments - Common sense
These are the major factors to building credit.
Uhh, no. Well, good guess anyway. The only one that's even on the actual list is the first one and it's not the most important.
Your Payment History and Amounts owed are more important when determining the score than length of your credit history. And your income has nothing to do with it at all.
http://www.quickenloans.com/mo...cles/credit-score.html