Expert: David McArthur - 11/25/2008

Question
I was thinking of using a credit card to raise my credit score.

I HAVE money collecting interest in the bank.

So questions---

How fast do I need to pay off the credit card bill before it starts collecting interest?
Or does it start collecting interest immediately?

I see commercials "No interest until xx date"

So does that mean that if I got a credit card, I could have money sit on it for 6 months or however long the date is before it started collecting interest? or something?

I dunno. I've never had one before. Never needed it.

But I'd like to raise my credit score.. because I can't get any student loans without a cosigner and my family will not cosign for me at all.

Right now my score is 651, 659, and 602 (equifax is prejudice I think)

Answer
I was thinking of using a credit card to raise my credit score.

I HAVE money collecting interest in the bank.

So questions---

How fast do I need to pay off the credit card bill before it starts collecting interest?
Or does it start collecting interest immediately?

...Interest is monthly...

I see commercials "No interest until xx date"

So does that mean that if I got a credit card, I could have money sit on it for 6 months or however long the date is before it started collecting interest? or something?

...Yes...

I dunno. I've never had one before. Never needed it.

But I'd like to raise my credit score.. because I can't get any student loans without a cosigner and my family will not cosign for me at all.

Right now my score is 651, 659, and 602 (equifax is prejudice I think)

...To get best score open 2-3 CC with major banks and pay off all charges each month.  Carrying charges will lower your score and eventually lead to financial burden.  You can also raise your score with a secured CD loan from a bank....