For the next eight months, all you need to do is switch regular purchases from payment by check or debit card to your credit card, making sure to pay the balance in full every month. Ideally you’ll be charging at least $250 per month, but not more than $1,000.
This improves your credit score because of the following three key areas:
It establishes financial strength by showing that you have enough income to meet your expenses and still pay your card balance in full each month.
It shows that you are fiscally responsible, by not carrying balances long enough to require interest payment.
It builds a history of making consistent payments.
In about a year other credit card companies with lower interest rates and no annual fees will start mailing you offers. Select two with the lowest interest rates, and accept their offers.
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