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☆ Credit expert with over 20 years experience: The big mistake I made with my first card—and how I fixed it and boosted my score
▼ + stars: | 2024-11-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

But when he first began using credit, he made what he now considers his biggest credit mistake: only using one credit card with a low limit. How credit scores are calculatedAfter he began working in the credit industry, Ulzheimer learned how FICO credit scores are calculated and realized his mistake. "Instead of trying to depend on one credit card, I learned how to properly manage a whole inventory of credit cards," he says. Having more credit cards increased his overall credit limit and improved his credit utilization rate. As soon as he spent above $60 on his initial credit card with a $600 limit, it bumped his credit utilization rate above 10%.

Persons: John Ulzheimer, Ulzheimer Organizations: CNBC Locations: FICO

If you have bad credit, you may have trouble renting an apartment if you live in a city where credit checks are a part of the rental process. Get help improving your credit score with CreditRepair.com »Get the latest tips you need to manage your money — delivered to you biweekly. If you have bad or poor credit — somewhere between 300 and 579 — it's not impossible to rent an apartment, it just might take a little more work on your part. Check your credit scoreIt's best to know what you're getting into before having a potential landlord deny your apartment application because of your credit score. To check your credit score for free, use Credit Karma, Credit Sesame, Credit.com, or FreeCreditReport.com.

If you don't have a good credit score, you may want to get a secured credit card. Services like Credit Karma and Credit Sesame both let you get a peek at your credit score for free, then watch it for changes as you make moves to improve your credit score over time. Some credit cards, including many Discover credit cards, give you a free FICO credit score on your credit card statement each month. Consider a secured credit cardIf you're worried about being approved for a credit card right now because your credit score isn't in the best shape, you can also consider a secured credit card. Once you use a secured credit card and make on-time monthly payments for a stretch of time, you can close your secured credit card account, get your deposit back, and move up to a new credit card with better perks and rewards.

There are numerous ways to improve your credit score, including paying your bills on time and taking out multiple lines of credit. Using credit cards to improve your credit scoreHere are five ways that using a credit card can positively impact the elements that determine your credit score, from payment history to your length of credit history. Make your monthly credit card payments on timePaying all your bills by their due dates, including your credit card bill, is the easiest way to boost your credit score. It's the balance you carry on your credit cards in relation to your credit spending limit across all credit card accounts you have open. However, if your main objective is to increase your credit score, these three credit cards can help you reach that goal.

Figuring out how to get a credit card with bad credit takes a little more thought than simply opening a card when you have good credit or excellent credit. Then, explore your options: Some major card issuers offer cards specifically for building or rebuilding credit, or you can open a secured credit card until your credit is stronger. If you have bad credit, though, it might not be impossible to get a credit card after all — it just might take some extra steps or ingenuity. Apply for a credit card specifically geared towards people with bad creditBefore turning to secured credit cards — more on that below — it's worth looking into some of the regular, unsecured credit cards that offer products to people with bad credit. Try a secured credit cardOne of the easiest ways for someone with bad credit to gain access to a credit card is through a secured credit card like the Discover it Secured, Capital One Secured, or Citi Secured.

We've made learning about money easier for you by compiling a list of some of our go-to websites for money advice. CNN MoneyWhy we like it: If you're more interested in breaking news that has to do with money, you'll like CNN Money. CNN Money covers personal finance as well as featuring articles on the economy, small businesses, and luxury. He curates the best money articles from a wide web of personal finance bloggers and writers — "rockstars" — and then shares them on Rockstar Finance. You can sign up by email to stay up to date and receive the new rockstar articles daily.

Persons: Guo Bobi, We've, Kiplinger, Wise, NerdWallet, Rich, Ramit Sethi, Sethi, — Organizations: Kiplinger, Credit.com, Reading, Google, Facebook, CNN, New York Times, New York, Rockstar Finance, rockstar

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