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Can I build my credit/FICO score even though I only have one credit card, no loans?

just wondering.
if so it's at a zero balance and I was just going to work on getting the limit raised for positive effects on my credit. But I dont know if it would even help.

 
Anonymous

Asked by Anonymous at 11:59 PM on Mar. 30, 2010 in Money & Work

This question is closed.
Answers (8)
  • Most lenders prefer to see a history of credit and debt payment.
    Anonymous

    Answer by Anonymous at 12:30 AM on Mar. 31, 2010

  • Honestly you don't need a credit card to build your credit. Just pay your bills on time.
    Anonymous

    Answer by Anonymous at 12:01 AM on Mar. 31, 2010

  • OP

    I put all the bills in my SO's name. Should I change some over to mine?
    Anonymous

    Answer by Anonymous at 12:03 AM on Mar. 31, 2010

  • Here's a good article
    http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx
    Anonymous

    Answer by Anonymous at 12:07 AM on Mar. 31, 2010

  • OP
    checking it out, Thank You
    Anonymous

    Answer by Anonymous at 12:10 AM on Mar. 31, 2010

  • You do need some kind of loan or credit card to build credit. It doesn't just appear out of thin air. A credit score is calculated from information on a credit report, once you apply for a credit card, take out a student loan, or sometimes even open a bank account. Financial institutions, like banks and credit card companies, supply information to credit bureaus on your financial performance which is used to calculate your credit score.

    Using a credit card wisely will help build good credit. Just make sure you always pay off your balance each month. If you have a lot of credit card debt, it will lower your score. So will owing close to your credit card limit, so always keep it paid down and paid on time.
    Anonymous

    Answer by Anonymous at 12:14 AM on Mar. 31, 2010

  • OP

    So what if I never use it? Will my credit score just stay the same?
    I just got my first credit card and I want to do good on my credit, my SO screwed his up and will probably file bankruptcy at 23years old, which is pretty sad to me...anyway I just want mine to be perfect.
    Anonymous

    Answer by Anonymous at 12:23 AM on Mar. 31, 2010

  • you don't need a credit card to build credit as it states here:
    "It can be tougher if young people are on their own and have no credit history, but it's getting easier. Fair Isaac, which compiles the FICO credit score, has also developed its Expansion score, which uses nontraditional information, such an applicant's payment history for rent and other recurring bills.

    You can also build your own payment history at Payment Reporting Builds Credit, an alternative credit bureau that gathers data on rent and recurring payments for cable, cell phone, insurance, utility and other bills. Enter your information into a Web file, which PRBC charges a fee of $15 to $20 to verify, or set up an automatic bill-payment system through your bank or credit union and have the records sent to PRBC."

    Probably would be easier to use a credit card. Just pay it off every month so you don't get stuck with sojme unwanted debt.
    Anonymous

    Answer by Anonymous at 12:28 AM on Mar. 31, 2010