{"id":5042,"date":"2019-02-27T16:51:26","date_gmt":"2019-02-27T14:51:26","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=5042"},"modified":"2021-08-22T20:50:23","modified_gmt":"2021-08-22T17:50:23","slug":"raise-credit-with-credit-score","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/raise-credit-with-credit-score\/","title":{"rendered":"Guide to Using Credit Cards to Build Credit"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">As a business owner, or as someone aspiring to become one, there are many expenses that will stand in the way of achieving your big business goals.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your dreams won\u2019t wait for your bank account to grow bigger, so how can you make any progress without draining your savings?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The short answer is, credit. According to the <\/span><a href=\"https:\/\/www.bostonfed.org\/publications\/research-data-report\/2017\/the-2015-survey-of-consumer-payment-choice-summary-results.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Federal Reserve Bank of Boston<\/span><\/a><span style=\"font-weight: 400;\">, roughly 75% of all American consumers have a credit card. Credit cards are a popular way to get your hands on money, but there are some important questions to think about&#8230;<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Questions you should ask yourself:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How do you build credit?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Are credit cards good for building credit?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is a credit score useful for?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What are the advantages of building strong credit?<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a lot to know, but luckily we\u2019ve already put the necessary info together for your benefit. Learn all there is to know about how to use a credit card to build credit score below.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p><strong>One important note:&nbsp;<\/strong>Of course, the type of business will affect the kind of&nbsp;<a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">industry loans<\/a>&nbsp;a business needs,&nbsp;as well as the specific circumstances that business finds itself in. Be sure to weigh your options carefully in order to choose the right funding solution for your business.<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Credit cards 101<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">New to the world of credit cards? Fear not, we\u2019ve put together a short-and-sweet breakdown for you here:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">What is a credit card?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A credit card is essentially a tool that allows you to use funds that you don\u2019t have on an as-needed basis. If you need to make a big purchase and you either don\u2019t have the funds or don\u2019t want to use your savings, credit cards are a viable solution.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">When an unexpected emergency arises, your credit cards can help get you out of a jam. Many credit cards will even allow you to take a cash advance in the event you need it.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The uses for credit cards are endless, but this still begs the question: <\/span><i><span style=\"font-weight: 400;\">why should you care about credit?<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Why you should care about credit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Simply put, without a good credit score, you\u2019ll likely have a more difficult time getting approved for a mortgage, <\/span><a href=\"https:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\">, auto financing, and even certain jobs. Your credit score acts as a way for institutions, financial and otherwise, to take a quick peek at your financial health.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A poor credit score could, for example, result in higher interest rates for loans, insurance premiums, and so on.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you own a business you likely already know how important your credit card is to the functioning of your company, and the advantage there is to having a high credit score.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Not all credit cards are designed equally though. Depending on a wide variety of factors, including your financial history and the credit card company you are looking at, there will be a variety of interest rates, credit limits, and rewards associated with the credit card you choose.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Having a credit card \u2260 a good credit score<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Every time you open a new credit card, your credit score will be slightly negatively affected. So if that\u2019s the case, why would anyone consider using credit cards to build credit?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In the short-term opening a credit card can initially harm your credit; the size of the negative effect on your credit score will depend on several factors, including your credit history. In the long-run, though, using a credit card wisely is a very practical and smart way to build your credit score.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">But once you\u2019ve gotten the credit card in hand, it won\u2019t be enough to just go use it without any care in the world.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">For those of you who want to know how to use credit cards to build credit score, it\u2019s not such a huge secret &#8211; all you need to do is spend <\/span><i><span style=\"font-weight: 400;\">wisely<\/span><\/i><span style=\"font-weight: 400;\">! That\u2019s much easier said than done. Keep reading to get some insider tips from <\/span><a href=\"https:\/\/www.become.co\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> on how to use credit cards sensibly.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">How to use a credit card to build credit score<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For first-time credit card users, it can be tempting to \u2018swipe away\u2019 financial troubles. That\u2019s not what we would call using your credit card wisely. There are some fundamental pointers that every credit card owner should keep in mind when using credit cards to build credit.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">First off, your credit score is calculated by considering several factors.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>The most common equation, implemented by FICO, focuses on <\/b><b>five factors<\/b><b>:<\/b><\/p>\n<p><br><img decoding=\"async\" class=\"aligncenter wp-image-9516 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Frame-3-1.jpg\" alt=\"FICO Factors\" width=\"650\" height=\"261\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Frame-3-1.jpg 650w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Frame-3-1-300x120.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Frame-3-1-604x243.jpg 604w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">With those factors in mind, let\u2019s take a look at how to use a credit card to build credit score. How are credit cards good for building credit?<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Beginner basics of using credit cards:<\/span><\/h3>\n<p>1.&nbsp;<b>Limit your spending<\/b> to a few isolated payments a month. Subscriptions, utilities, rent, etc. Stay consistent, and don\u2019t be erratic with the amount you put on your card every month.<\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">On the same note, you shouldn\u2019t consistently max-out your credit card. Too much dependence on your credit card is not a good sign to your credit company <\/span><i><span style=\"font-weight: 400;\">or<\/span><\/i><span style=\"font-weight: 400;\"> to credit agencies and can affect your ability to extend your line of credit or take a cash advance.<\/span><\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Your credit score will be partly based on your <\/span><b>credit utilization<\/b><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Credit utilization<\/span><span style=\"font-weight: 400;\"> is defined as \u2018the sum of all your balances, divided by the sum of your cards\u2019 credit limits\u2019. A higher ratio means you may have a difficult time paying off debts, while a lower ratio indicates you have your finances in order.<\/span><\/p>\n<p><br><img decoding=\"async\" class=\"wp-image-8388 size-full aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Credit-Utilization-1.jpg\" alt=\"Using credit cards to build credit\" width=\"622\" height=\"138\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Credit-Utilization-1.jpg 622w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Credit-Utilization-1-300x67.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/Credit-Utilization-1-604x134.jpg 604w\" sizes=\"(max-width: 622px) 100vw, 622px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The target for credit utilization is generally recommended at 30% or under. This means if the limit on your credit card is $1,000, you should aim not to let your balance exceed $300.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">You can improve your credit utilization by either limiting your purchases or by extending your line of credit. Just be careful not to use an extension on your line of credit as a reason to spend more\u2026 which brings us to our next pointer.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>2.<b> Keep your line of credit limited<\/b><span style=\"font-weight: 400;\"> to what you can afford. Set the limit to be lower than your monthly income. In this way, you\u2019ll be using your credit card as if it were a debit card. If you only allow yourself to spend as much as you know you can pay off, then you\u2019ll never have a difficult time making your monthly payment.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As a result, you won\u2019t carry any credit card debt and there\u2019ll never be an opportunity to develop interest on that debt.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s no point in overextending yourself, because if you miss a payment your credit score will suffer, and you will have defeated the purpose of opening a credit card in the first place.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>3. <b>Pay your balance every month on time and in full<\/b><span style=\"font-weight: 400;\">. Schedule automatic <a href=\"https:\/\/www.become.co\/blog\/are-you-keeping-up-with-these-5-small-business-payment-trends\/\" target=\"_blank\" rel=\"noopener noreferrer\">payments<\/a> so you don\u2019t run the risk of forgetting to pay on time. <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Quick tips for scheduling payments:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Adjust your billing due dates so they don\u2019t all fall on the same day<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Schedule your due dates for after your payday so that you\u2019ll be able to pay off your balance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make your credit utilization appear lower by timing payments for right before the end of the billing cycle<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\" wp-image-5052 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-973096386-1-300x200.jpg\" alt=\"\" width=\"753\" height=\"502\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-973096386-1-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-973096386-1-768x513.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-973096386-1.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/02\/iStock-973096386-1-405x270.jpg 405w\" sizes=\"(max-width: 753px) 100vw, 753px\" \/><\/p>\n<h3>&nbsp;<\/h3>\n<h3><span style=\"font-weight: 400;\">Tips for experienced credit card users:<\/span><\/h3>\n<p>1. <b>Open several cards, but rely on one primarily<\/b><span style=\"font-weight: 400;\">. Before we go any further, if you are new to credit cards, you should wait until you\u2019ve become comfortable with the process of handling one credit card before opening more. It can be risky to open several cards for a person who hasn\u2019t had time to balance credit card usage effectively.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">But, if you know how to manage your credit utilization responsibly and are able to make your payments on time, there can be benefits to having multiple credit cards at your disposal, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Organizing your expenses with separate credit cards for separate uses, for example:<\/span>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">one card for personal purchases<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">one card for regular business payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">one card for business emergencies<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Benefiting from the reward programs or discounts offered by certain credit cards<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paying off debt on one credit card with another card that has 0% interest<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Extending your overall line of credit as a way to improve your credit utilization ratio<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">What you won\u2019t want to do is open up too many cards within too short a period of time. As mentioned above, every time you open a credit card your credit score takes a small hit.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Another mistake you\u2019ll want to avoid is closing accounts, as that can also negatively impact your credit score. When you close a credit card, you\u2019ll be effectively shortening your credit history (which makes up 15% of your credit score).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">By closing a credit account, you\u2019ll also be shrinking your overall line of credit, which will increase your credit utilization ratio and potentially have a negative effect on your credit score.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Make sure to look into the benefits of<\/span> <a href=\"https:\/\/www.become.co\/blog\/5-benefits-of-monitoring-your-business-credit-score\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">monitoring your credit score<\/span><\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Bottom line: <\/b><span style=\"font-weight: 400;\">always use fewer cards than you have.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>2. <a href=\"https:\/\/www.become.co\/blog\/should-you-finance-your-startup-business-with-credit-cards\/?s=credit\" target=\"_blank\" rel=\"noopener noreferrer\"><b>Should you finance your business with credit cards?<\/b><\/a><span style=\"font-weight: 400;\"> Frankly, it depends on your business\u2019s specific financial situation. For more than <\/span><span style=\"font-weight: 400;\">65% of small businesses<\/span><span style=\"font-weight: 400;\">, statistics show that credit cards are frequently used as a source of financing.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to expand your business or need to replace expensive <\/span><a href=\"https:\/\/www.become.co\/blog\/equipment-financing-what-are-the-pros-cons\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">equipment<\/span><\/a><span style=\"font-weight: 400;\">, you should, of course, check if you can qualify for business loans first.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<p><b>Tip for Australian borrowers:<\/b><span style=\"font-weight: 400;\"> One common problem for Australian borrowers is that, if you didn\u2019t get enough money in your first loan, and then want another, other lenders will be very wary since you already have a loan with someone else.<\/span> <span style=\"font-weight: 400;\">Credit cards are an excellent way to get the funding your business needs, without worrying about strict approval processes.<\/span><\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">But, regardless of whether or not you get approved for a business loan, credit cards are another source of funding that can help you increase your credit score in the long term (as discussed under the heading &#8216;Having a credit card \u2260 a good credit score&#8217;).<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Credit card financing is a particularly good option in the event that all you really need at the moment is an extra boost to make small purchases or payments. It\u2019s not necessary to take out a $20,000 loan if you need just $600 to make the changes you need.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Start using credit cards to build credit, finance your business, and cover all of your expenses with transparency and security. There are a wide variety of companies and card types to select from, and some may fit your specific needs better than others.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Short recap<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s quickly summarize what the main takeaways are from this credit card guide:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Top 3 ways to improve your credit score:<\/span><\/h3>\n<ol>\n<li><b> Improve your credit utilization<\/b><span style=\"font-weight: 400;\"> by increasing your credit limit and keeping your spending low.<\/span><\/li>\n<\/ol>\n<ol start=\"2\">\n<li><b> Keep your first credit card account open <\/b><span style=\"font-weight: 400;\">in order to maintain a longer credit history.<\/span><\/li>\n<\/ol>\n<ol start=\"3\">\n<li><b> Schedule automated payments <\/b><span style=\"font-weight: 400;\">in order to maintain a stronger payment history.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A credit card is a great tool when used wisely. Those little pieces of plastic can dig you into a hole as easily as they can pull you out of one. Handle them with care and you\u2019ll be able to answer the question \u201care credit cards good for building credit?\u201d with a resounding \u201cyes!\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">We hope you find this information valuable and helpful. If there are any questions that you feel were left unanswered, drop us a comment below!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.become.co\/apply\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-10922\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/12\/Frame-9.png\" alt=\"\" width=\"1200\" height=\"415\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/12\/Frame-9.png 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/12\/Frame-9-300x104.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/12\/Frame-9-768x266.png 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/12\/Frame-9-604x209.png 604w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a business owner, or as someone aspiring to become one, there are many expenses that will stand in the way of achieving your big business goals. &nbsp; Your dreams won\u2019t wait for your bank account to grow bigger, so how can you make any progress without draining your savings? &nbsp; The short answer is, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[163,35,42,164,131,140],"class_list":["post-5042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources","tag-build-credit","tag-credit-card","tag-credit-score","tag-credit-utilization","tag-financing","tag-funding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guide to Using Credit Cards to Build Credit - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/raise-credit-with-credit-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guide to Using Credit Cards to Build Credit - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"As a business owner, or as someone aspiring to become one, there are many expenses that will stand in the way of achieving your big business goals. &nbsp; 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