Credit Card question

[M&Pooh 12]

I thought that utilities was a part of the credit score, but it's not. After over a year of paying utilities with my husband's name on the account, he still had no score. It's only credit.

You've got a good plan, Laura.

I was about to point out the same thing. THE UTILITIES DO NOT COUNT.

Here is the good overview of the matter - http://www.bankrate.com/brm/news/DrDon/20070320_credit_score_report_a1.asp

[LauraDP 10]

I thought that utilities was a part of the credit score, but it's not. After over a year of paying utilities with my husband's name on the account, he still had no score. It's only credit.

You've got a good plan, Laura.

Thanks for pointing that out. I did wonder about that since those are bills rather than credit being issued. We will, of course, be paying utilities anyway. Even though it goes against the grain of what we have always done, I think we may look into paying for some high ticket items (such as white goods) on credit so as to build up our rating as quickly as we can manage it.

Thanks for reassuring me by saying you think I have a good plan.

Cheers

Laura

[keziah90210 12]

Thanks for that advice. We will definitely follow the tip to spend under half of our limit. We have taken on a card with a small limit and with no annual fee. Right now we are in the UK so our options for CCs were limited to those that allowed us to have a UK address for residency but use a US address(our good friend and co-sponsor) for the administration. We will look into better options once we are over in the US.

Cheers

Laura

You're very welcome! And i'm not sure if utilities count since i never see them on my credit report that i get for free every year. I know any loan that you have, its there. Anyway, also use your credit card at least every month.

Good luck!

[huongkhin 9]

Pay it off full before due date! If you get Amex charge card, then they will give you excellent spending power as they will see that you pay off your balance on time.

Not true. Some version of fico scoring systems still don't separate charge card and credit card. when the creditors see it, they think whatever your highest balance is your credit limit of that charge card.

AMEX has a soft cap for all their charge cards. Better give them a call if you are charging a large amount. I charged 10k in one montb and they cancelled my charge card.

[huongkhin 9]

You're very welcome! And i'm not sure if utilities count since i never see them on my credit report that i get for free every year. I know any loan that you have, its there. Anyway, also use your credit card at least every month.

Good luck!

Use credit cards every month won't give you a good credit. Paying them on time, keep a low ultilization and have at least one or two cards report the balace will help. Creditors don't like to see you carrying balance on many revolving accounts.

If you don't want to have debt, just use the card to buy gum to keep it active and pay off the balance when the bill comes.