Credit cards with low limits still can build strong credit

Credit cards with low limits still can build strong credit (www.Experian.com/askmax)

Dear Max,

Do small available balance credit cards, such as retail cards or gas cards with say $300 available balance, help or hurt credit scores, even if no balance is owed?
- IND
Dear IND,

Even accounts with small balances can help. The issue isn’t how much credit you have available, but rather how you manage the credit you have at your disposal.

You do need to be aware that some gas cards are charge cards, meaning you are required to pay the balance in full each month. Such accounts won’t hurt your credit history if they are paid on time, but they likely won’t be as positive as credit cards that are paid on time with low balances.

Credit cards allow you to revolve a balance, or carry a balance from one month to the next. Because you control how much you pay and whether or not you charge to the limit d, credit cards demonstrate even more clearly that you can responsibly manage credit. By charging a small amount on at least one card and paying the balance on time, you will show that you can handle larger amounts of available credit. Eventually you very likely will be offered accounts with larger balances.

In fact, one of the best ways to build a strong credit history is to start small and build up. That doesn’t mean you should go out and apply for a bunch of retail credit cards or gas cards. You only need a few accounts reported to the credit reporting companies.

As the positive history on those accounts grows, your creditworthiness will grow with it.

Thanks for asking.
~Maxine Sweet, VP Consumer Affairs, EXPERIAN

Justine Petersen Responds to Economic Downturn

http://www.justinepetersen.org/
Justine Petersen Responds to Economic Downturn

Justine Petersen is experiencing a significant increase in the demand for its services as a result of the sharp economic downturn and housing crisis. At Justine Petersen, we have a proven track record of helping individuals who are unable to secure conventional financing to buy homes and start small businesses; a position of more and more Americans.

With the increase in unemployment, many are turning toward entrepreneurship to take matters into their own hands and create jobs for themselves and others affected by the economic downturn. Read this story about Justine Petersen client Chris Surgener that ran on the front page of the St. Louis Post Dispatch on Sunday March 1.

Justine Petersen in 2008 distributed $1.8 million in microloans to help 295 entrepreneurs start small businesses in the St. Louis Metropolitan area. This is a powerful counter to the headlines about the economic crisis - and its happening right here in our neighborhoods.

Justine Petersen is actively helping area families purchase homes with safe and affordable financing, and educating them on how to use credit wisely. Even in the midst of the economic downturn, Justine Petersen is at the forefront of innovative solutions to continue to get families into homes. When families have nowhere else to turn for financing, Justine Petersen is there with real solutions. Read about Laurie Griffith's experience with Justine Petersen's homebuyer seminar.

Justine Petersen last year helped 224 families purchase homes in the St. Louis Metropolitan area.

How can you get involved? NOW, more than ever, Justine Petersen needs you to be a part of the solution for St. Louis communities to today's economic crisis. Volunteer to assist with credit and financial education classes. Donate to Justine Petersen's entrepreneurial training or loan fund. Thinking of refinancing? Justine Petersen offers a Home-to-Home Mortgage product where the revenue generated from Home-to-Home Mortgages supports homebuyer education. We need you to be part of the solution.

To Learn More About Justine Petersen, visit our webpage.
http://www.justinepetersen.org/

justinePETERSEN (central offices)
1023 N. Grand Ave
St. Louis, MO 63106
314-664-5051

justBIZ (Illinois Location)
@ Emerson Park Metro Station
908 N 11th Street
East St. Louis, IL 62201
618-482-4557 or 314-565-2000