Re: Credit Score
Just a quick note with a problem I ran into. I moved down to the US in 2002 and was able to get a First Time Borrowers CC through a local credit union in order to start building my credit history. I used the card regularly, but paid it off in full every month.
When I applied for a Citibank CC 2 years later, I was denied. I called in several times to get an explanation, and was told that because I paid off my CC every month, it essentially looked as though I never charged anything to it, so they couldn't determine whether I would actually make my payments. I asked if I "needed" to carry a balance (and pay interest) in order to improve my credit score, and she said yes.
Whether this info is valid or not, I'm not sure - I didn't listen to her and just waited it out, and got a couple store cards to try to build my credit history. We've since been approved for a Chase CC, but that was a couple years later...
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