The average American’s credit score is around 620 and I have over a 700 credit score.

What’s so good about it?
- Well, I can apply for $500,000+ loan and not be rejected.
- I can apply for any credit card and not be rejected.
- I can get a good job with my good credit score (restrictions apply).

What’s so bad about it?
Nothing, except alot of banks are sending me annoying credit card offers.

So how did I do it?
I got my first credit card when I started working at Rich’s, which is now Macy’s, at the age of 18. I payed the entire balance off on almost every bill on my Rich’s card. I wanted my own cell phone but I couldn’t since I didn’t have a credit card so, I had no credit history. I was rejected many times by different credit card companies because I didn’t have any credit so I waited several months till I got a student credit card offer from 1st Financial Bank USA. In my opinion, I don’t recommend anyone getting a credit card from 1st Financial Bank USA because their APR is higher than other banks’ APRs and they charge their clients for online payments.

I opened a card with Citi Bank and I must say it was a smart move for me. Citi Bank gave me a student card with a low interest rate and they gave me free online payments.

Getting to the point of this post, I never missed a payment; I always payed a little more than the minimum balance.

I didn’t stay with just one credit card. Everytime a major bank offered me a credit card with a low interest rate or 0% APR for a certain period of time I signed up for it.

I have four or five credit cards currently opened and most of them have the full balance payed off. I was never late with my payments because I payed my bills online for free so it was easy. I probably spent over $10,000 with all my credit card purchases together. I payed off the bill with just paying the minimum balance so, I payed a significant amount of interest, unfortunately.

I keep my $0 balance credit cards open because since I used them and payed them off, keeping them open for a while helps improve my credit.

To sum things up
- Always pay something in every billing cycle, at least the minimum balance
- If a credit card’s balance is payed off don’t close it, keep it open
- Don’t stick with one card, move your credit card balance around to get 0% APR and avoid paying high interest rate

To put it in simple words, to have an excellent credit score, NEVER miss a payment. If you do miss one or two payments your bank or banks may ignore it to show their appreciation of you doing your business with them; however, do your best to ALWAYS pay it on time.

Related Posts

Like this article? Subscribe to the RSS feed! Like this article? Subscribe to the FULL RSS feed!
Add to Technorati Favorites Or add this site to Technorati Favorites