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Starting off with credit
I have been reading about credit scores and credit utilization but so far I have not seen any question that is quite like what I have been contemplating. My plan is to obtain a line of credit and increase my credit score as quickly as possible in order to get better rates for cards and loans, even if I have to start with secured cards. Ill pose the scenario I have been thinking about and would appreciate feedback on whether it would actually work. If I was to obtain a 1000 credit card tomorrow and the very next day buy a 900 TV, of which I pay off 700 of the balance the following day bringing my bill to 200, and therefore my utilization down to 20% would I be getting two birds with one stone. This meaning the CC company sees that I have the ability to pay off big purchases quickly gaining their trust and more likely get a higher limit and with the right planning the credit bureaus/FICO see that I have a low credit utilization. I have wondered about this method because it gives me the ability to go beyond the 20-30% utilization and spend more/ pay off more, there for building a better rep with the CC company. The good planning part gives me the opportunity to first find out when my CC company reports my credit and a few days before that bring my utilization down to 20%, so it looks as if I'm not a high risk of defaulting. Will that actually work or will I have to modify my plan, or will it not work at all

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Real Credit Takes Time.

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paying off the balance before it is even due does you no good with the credit card company, it shows that you really didn't need the credit and the chances of them making money off you are poor. 

although you have the right idea. save up the money for the TV or what ever.  keep that in a savings account.  

I would try for a zero APR card but any card will work to build credit.  if you wend up paying a couple of dollars in interest consider it the cost of rebuilding your credit.

after you have recieved the bill pay off 1/3 to 1/2 the balance. then pay it off after the next bill.  Credit utilization won't show if you pay off the card right away. so it as if you never used the card in the first place.

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Good idea in theory, but.......

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What if, between the time you make the large purchase and paid the bill, something happend, like an accident or job terminated?  Don't say it can't happen.  Think about the people of the World Trade Center on 9/11 and their families.  Families had to deal with the debts of the workers who were killed, many people lost their jobs, etc.

The credit line likely will not increase your chances for lower rates on credit cards.  Some who are on here had lots of loans, but no credit cards, therefore a low credit score.  Building a good credit score takes time and patience and requires a combination of credit instruments (credit cards, loans, auto loan, mortgage) and there are no quick fixes.

I know, I'm now retired and the story of my left could tell you what can go wrong and knock the socks of any "well-thought-out plan".

How about using some of the tools this site provides and modify your plan to something that would be more feasible, okay?

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Don't put anything on a card that you can't pay for in cash. I understand what you're trying to do and it's creative. But as the previous poster pointed out, it's not the best decision in the long run. Good credit isn't just determined by paying off big purchases. On time payments over time is also taken into consideration.

I think your idea of starting with a secured card is a good one, but use it for a few months for small things like gas for your car. Pay that off every month until it's unsecured. Then look for a card with a better APR.

Remember, lending is a business. Credit card companies profit off of interest and fees. They don't like people who pay things off in full every month. That's why always carrying a balance of <20% is a good rule to follow when it comes to building credit. If you've got stellar credit then it doesn't matter if you pay off in full every month so long as you have other stuff to carry your score. But for people just starting out with no/low credit, then having SOME revolving credit is important.

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