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  • Results 1 to 6 of 6
    1. #1

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      PunjaBee's Avatar
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      I'm trying to build my (financial) credit. A friend of mine suggested paying for gas (for some of you "petrol") on credit card. Her reasons are it is an expense you rarely return, and it is more secure to pay with a cc than with a bank card at the gas stations. If I pay my cc bill on time am I building my credit? What other ways help build credit? And on the flip side, what hurts my credit? I'm so sorry if these are common sense questions, I never educated myself on this.

    2. #2

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      Bobby1's Avatar
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      Quote Originally Posted by PunjaBee View Post
      I'm trying to build my (financial) credit. A friend of mine suggested paying for gas (for some of you "petrol") on credit card. Her reasons are it is an expense you rarely return, and it is more secure to pay with a cc than with a bank card at the gas stations. If I pay my cc bill on time am I building my credit? What other ways help build credit? And on the flip side, what hurts my credit? I'm so sorry if these are common sense questions, I never educated myself on this.
      Paying bills on time and having a credit history is a good thing, If you are late paying bills then you are toast. They also look at your debt ratios like what your monthly payments are compared to your income. Don't get too many cards and don't let people check your credit. If you have a bill that you are disputing then pay the bill first and contest it later. If you have a credit card put it on automatic withdrawal as people forget to pay and it ruins their credit. When people come to buy a house from me and they have a huge car payment then they don't qualify for the mortgage.

    3. #3

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      NaanGuard's Avatar
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      So this is how I built my credit...
      1. Student loans, if you have any they also count in your credit.
      2. Basic 500 to 1000 dollar limit credit card. This is the best way... they also have deals with cash and price protections. As bobby pointed out the more cards you have it actually does knock your credit IN THE SHORT TERM. In the long term if you are able to keep those cards going and paid on time your credit rating goes up..

      So your credit rating is calculated from a variety of factors

      1. How many loans/credit cards you have
      2. How many times people have checked your credit (when you sign up for a credit card or go to buy a house or car...)
      3. How much total credit you have had (the more credit cards you have the higher the limit becomes) and a mortgage or a car loan on to this than your credit limit will be higher which means people trust you with alot of money.
      4. How many missed payments you had...
      5. The total numbers of years you've had credit...

      To answer your questions..
      Yes its more secure you pay with CC...Yes paying your CC bill on time FOR A LONG time helps you build credit.

      Not paying on time hurts your credit, getting your credit checked hurts your credit (in the short term), not paying any payment. In most cases, lets say you don't pay your internet bill, the internet company will call the collection agency the collection agency will try and than they will go to the credit rating companies and report you for not paying.

      This is all done through your social security number..or SIN if your in canada..
      omae wa mou shindeiru

    4. #4

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      PunjaBee's Avatar
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      Thanks for the replies guys. I plan to use the CC for bills and gas and make sure I pay on time! And I'm playing it safe by charging the card knowing I have the money to pay the bill. Should I ask for a credit increase later even though I don't need it? My credit limit is (don't judge me!) $3,000. I know I won't spend up to $3,000 in one month given my current habits. But let's say a year from now after I've built a good rep, would it harm to ask for a higher limit? Will they reject my request because I don't even spend that much?

    5. #5

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      Bobby1's Avatar
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      Quote Originally Posted by PunjaBee View Post
      Thanks for the replies guys. I plan to use the CC for bills and gas and make sure I pay on time! And I'm playing it safe by charging the card knowing I have the money to pay the bill. Should I ask for a credit increase later even though I don't need it? My credit limit is (don't judge me!) $3,000. I know I won't spend up to $3,000 in one month given my current habits. But let's say a year from now after I've built a good rep, would it harm to ask for a higher limit? Will they reject my request because I don't even spend that much?
      I would not ask for credit increase, sometimes they look at total credit available to you and if too much is available then that is not a good thing, are you planning to buy a house in future?

    6. #6

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      PunjaBee's Avatar
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      Quote Originally Posted by Bobby1 View Post
      I would not ask for credit increase, sometimes they look at total credit available to you and if too much is available then that is not a good thing, are you planning to buy a house in future?
      Ohhk, gotcha! Yes, I do aim to purchase properties later on.


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