Credit Line Up

I have one credit card now since 5yrs ago. I want to build up my credit, but i hear there are many ways aside with credit cards. I was thinking of opening up one, or poss two credit cards, just to gain notoriety with the creditors, and ofcourse use them!. What do you guys recommend for me to build up more of credit history?. Thanks!

Pay your bills on time, every time.
Use your credit card - but pay the balance every month. Multiple credit cards won't do you any good otherwise.

2007-05-14 20:33:43 by EastCoast

NO CREDIT MOVEMENT MURDAH,JAYERITE, M-CITY,DGOTTI,HOMICIDE

I have a start-up business. I haven't sold or bought anything, due to the fact I don't have any start-up funds. I have never used a credit card so I have no clue what my credit score is or even if i have one. I need a line of credit of at least $100,000. I don't have anything to use as collateral except stock in my company. Where can I get a line of credit that my business would qualify for? And yes I do have a business plan.
My business plan has down a Line of Credit as the source of start-up funds and/or investors i.e. selling shares of the company. But regardless I need at least $100,000 to start it up.
I live in Idaho. Hopefully that covers enough informationwithout me having to make to many "Add details" hehe.

First, you will need to draft a business plan for your company. Hopefully you have already done this. If not, it is going to be a requirement for just about anyone wanting to either invest in your business or loan your business money; banks, investors, vendors, you name it.

Your LOCAL bank should be the best source of captial for a start-up business. But, be warned, loan officers prefer to loan money to established business that simply need an infusion of capital to grow. As a business friend once told me, "Poor people need to borrow a little bit of money. Rich people need to borrow a lot of money." Banks and other lending institutions prefer to loan money to the wealthy. Why? Two reasons. First, there are assets to back-up the loan. Second, it's easier to put together one deal for one million dollars, than it is to put together ten deals at one hundred thousand dollars each.

Good luck!

2007-07-11 22:32:03 by Mike E

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Would it be better to have a credit line of 500 for a store credit card even though I dont feel safe having it that high but i never go over 100-200, or can i lower it would that mess up my credit by lowering it?
I have one for 500
one for 550
one for 270
one for 500

so no more then 2,000

It very well could.

A full 30% fo your score is made up of your debt to credit ratio. What yu need to do is add up all of your debt and then divide that amount into the total of all of you credit lines this will give you you debt to credit ratio.

Example total debt $1,500.00 / total credit $6,000.00 = 25%.

If at any time this ratio exceeds 30% your score will take a hit.

There is nothing wrong with having large credit lines and believe me $500.00 is not large at all.

Additional details.

The amounts you listed add up to $1,820.00 so you would never want to carry a total balance of over $540.00 which would give you a 29.6% usage rate just under the 30% where your score takes a hit.

2009-04-03 10:56:26 by Skylight

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I heard that your business can have its own line of credit. How do you open a line of credit in your business name completely seprate from yours?

You would need a Federal EIN number which is the business equivalent of a social security number.

Keep in mind though, depending on how long you have been in business and what your numbers look like, a Federal EIN isn't going to help much.

Most banks will not loan to new business's w/o your signature under your social security number (it's called a personal guarantee).

Credit cards may be different. All our credit cards are in the business name, however they are under my husbands SS#...I still think your signature is a personal guarantee on those as well.

Our bank said the personal guarantee on loans will generally last at least 3 years for a new business before they will consider loaning without it based on the money the business makes and how it is being managed.

2008-04-13 04:42:37 by Anthony M

I went in to apply for a student line of credit to TD but after looking at my profile they told me that my application would not be accepted but i insisted them to file it and at the end it was rejected. I am a full time postsecondary student but to get the student line of credit approved i was supposed to get a co-signer and as i am new to this city i coudnt get one. Now the situation is that i need the money from the line of credit in next week and i have no idea how to solve this co-signer problem. I know that every problem has a way around but i dont know how can i get this stuff done, but i am pretty sure that there are some tips n tricks for getting this loan approved without a co signer. Please somebody help me.

Student lines of credit ALWAYS require a co-signor. Reapply for a standard line of credit and you will not automatically require a co-signor but if you do not have a job, you will not get that either.

2007-08-14 20:27:08 by Lady-Killer