credit scores?
JuJu Bean asked:
I was just wondering how do credit scores work in association with credit cards and about how long would it take for a person to reach a good credit score rate ?
I was just wondering how do credit scores work in association with credit cards and about how long would it take for a person to reach a good credit score rate ?
it depends on what you are currently using…. someone with no credit can usually get approved for a small limit credit card… someone with a couple years worth of average credit could usually get one with a decent limit. Someone with poor credit can usually get a 2-4 hundred dollar limit at the bank i work at. The credit isnt as big of a deal as having the cash flow to pay for it… if you have good income and low debt you should be able to get one.
Credit score is driven by 4 factors.
1. recent inquiries,
2. potential debt burden
3. recent derogatories.
4. length of tiome of credit history
There is fantastic information regarding this on this webpage…..
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Dont worship at the alter of the almighty Fico ( I Love Debt ) score. Banks spend millions brainwashing people into thinking they need credit cards and a high I Love Debt score to make it in todays world. horse crap. Pay as you go and you will win with money.