will getting my first credit card fix my credit score?

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i have never had a credit card (I’m 24). my credit score is about 536 i owe about 3,417.00 on a lot if little stuff. will getting a credit card and pay the max on time fix my credit?
the 3,417.00 is already over due

5 Comments
  1. Reply
    mom_single_sexy
    July 21, 2011 at 1:43 am

    It will help a lot if you pay the full amount due by the due date. A credit card is the fastest way to either build or ruin your credit.

  2. Reply
    ANF
    July 21, 2011 at 2:02 am

    Is the amount you owe with a financial institution or with shops etc. If it is then you might not even get a credit card. If you do then paying up on time is always a good policy and this could help your rating.

  3. Reply
    Reena
    July 21, 2011 at 2:12 am

    Whom do you owe this money to?
    If you owe it to a private individual than your debt has no impact on your credit score because “private” loans can’t be recorded into your credit reports.

    To improve your weak beginners score:

    Get that credit card, charge only a small amount every month
    (like $ 20), pay that $ 20 off promptly and on time every month and wait until they increase your line of credit.

    The higher your line of credit (limit on how much you can spend on the card) the better. The real trick is not to ever use more than 30% of your available credit lines. (Frankly, I prefer not to use any more than 10% so that I can pay it off immediately at the end of the month…)

    So, show them that you are a financially responsible person that pays their credit cards on time all the time and doesn’t max them out and you will see your score improve very fast. (Although give it at least 6 months worth of paying on time and keeping your balance on your card low…)
    Apply for more credit (another card) after you have successfully managed your first one for at least 6 months. A healthy card ratio is 3 cards. But never max them out… Always treat them as you treated your first card.

  4. Reply
    SmartAndHot
    July 21, 2011 at 2:21 am

    credit cards are the best way to build credit. You should try to pay off whatever you owe so far. Then, get a credit card from the following site because they list only the best cards available. Use the card monthly and pay it in full every month and after few months you should have a good reputable history.

  5. Reply
    Stefan
    July 21, 2011 at 3:12 am

    No, you need a couple things. First you need simple credit repair to attempt to remove the negative items. Next, I would use one of those authorized user tradeline programs to add a positive item to my bureau. This combination should get you to atleast 620 so you can qualify for a no money down home loan. Check out the source website; they can help.

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