Saturday, May 24, 2008


If I remember, I first had my credit card on my own name about two years ago that was when I started working. I decided to have one because I need it. Of all the credit card company that I have applied only "chase" credit center approved me with no interest rate for until 6 months. I was lucky to get one from them because it is hard to get approved for the first time because I don't have a credit history. "NO CREDIT HISTORY" is always the reason behind my application's rejection from other credit cards companies. My first credit line limit was $300. In order for me to build a credit, I used my credit card every time we buy for groceries. First, I spent $50. One month after I got a bill from "chase" shows that I owe $50. The minimum payment for every month was only $10, but I paid the $50 off. Then I used my credit card again, I spent about $100 total. I paid them off twice, so $50 each month.
Since I pay my credit card on time, they extend my credit limit to $500, few months after it reached to $1000 and now I have a credit line of $1500. There's always a balance in my credit, because every time I paid the balance off , I still use it even to spend a small amount, but I am keeping the way it is since I am still building a credit. Now, that I have already a credit history, I always get pre-approved credit card offers from our mailbox everyday but I always put them down, and sheered it because I don't need one. Though, I have a new one from my bank and I am keeping it also in case of emergency, in case I need some cash and its not my payday yet, so I can transfer anytime to my checking account and paid them off when payday comes.

Right now, I know where I'm stand when it comes to credit ratings and history. Though I don't know what's my credit rating is, but I won't worry about that as long as I know that I paid my
credit card on time beyond the minimum limit and not using my credit line beyond the limitation.

No Credit History?, Get a Credit Card then start building your Credit to have a credit history.

0 buzz me:


RSS Feed (xml)