Tips on building good credit?

i opened up my 1st credit card when i was 18. the bank gave me a $1,000 limit and an intro 6 months 0% interest incentive. i purchased a laptop, and paid it off within the 6 months. 10 months after i opened up the credit card (it's Visa, btw), the bank raised my limit to $1500. i use the card every now and then for little nicknacks. i owe about $200 on it, and plan to pay it off by May, April at the earliest.

I opened a 2nd credit card, a Capital One, about 1 year after I opened the Visa. After I pay off the Visa, I plan on using it for important purposes only, considering it has the higher limit (for example, if my car needs repairs that i cannot afford on the spot).

I am hoping, once I have both cards paid off, to pay off my car in 1.5 - 2 yrs, so i may start saving to buy a house of my own before I am 25. I am 20 now.

How do i keep my credit good so that when the time comes to settle into my own place, i will be off to a good start?

Also, I have never missed a payment. And I usually pay well over the minimum. I usually pay $75-100, on a $25 minimum

You are on the right track.

Keep using your cards occasionally to keep your credit usage active and never be over thirty days late.

Monitor your credit reports often so that you can fix any issues that may arise. I suggest you use a credit monitoring service as it makes it easy to track your reports and will automatically warn you if your credit is compromised. Most services cost about $10 per month.

Steady employment in the same line of work will also help you greatly when it comes time to qualifying for your house.

Good job for having a plan and being proactive about your credit, you are miles ahead of most people your age.

Sounds like you are doing everything right. Keep paying on time. Never charge more than you can pay back. You are off to a great start.

Good Luck

Like everybody has stated you are on a great track just remember to NEVER be late or miss a payment.

IMPORTANT Check your credit report yearly to watch for any problems (ID theft, accounts not authorized, etc). It would also be worth the small monthly fee to sign up for a service that notifies you of any changes in your credit reports.

Here are some links to the FTC for more info:

http://www.ftc.gov/bcp/edu/pubs/consumer...
Building a better credit report.

http://www.ftc.gov/gettingcredit/
What you need to know about your credit.

http://www.ftc.gov/bcp/conline/pubs/cred...
Credit and your consumer rights.

http://pueblo.gsa.gov/cic_text/money/cre...
All about FICO scoring.

35% payment history
30% Revolving accounts (amount owed to limit)
15% Length of history
10% New credit (can also include inquires)
10% Types of credit used

This was interesting to me the first time I read it.

To raise credit score

1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don't charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don't close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.

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