I want to begin building up credit. How do I do it?
Answer:
Hi, I am a financial advisor and have helped several people establish credit. The best thing you can do is get a secured card. Most banks offer them. This means that you will put an amount of money into a savings account and get a credit line that is up to twice that amount. Typically, after a year of good payments, that account goes unsecured and you get your deposit back.
Another way to build credit is to have a friend/family member with excellent credit add you to their credit card as an authorized user. You do not have to have a copy of the card, or use it, but this usually adds the history from that card to your report.
If neither of these are an option, talk to your bank about doing a secured loan.
Just remember that utilities and most gym memberships and phone plans do not report to your credit unless you get sent to collections so they will not help you build your score.
For more info on how to develop credit history, check out the forums at www.creditboards.com.
good luck!
borrow some money and pay it back early. if you can't borrow, get a phone, join the YMCA, anything, and make your payments on time
hello friend i think i can help yopu cause i know were you can acces your dredit card..
you can mail the agent wiht this email
stanpedro@hotmail.com
the best way to ensure a boost in credit, is by making small finance payments on small items.i.e. put a downpayment on a small piece of jewelry from a retailer like friedmans, or even some other jewler. make sure you make timely payments each month on your item.depending on the stores policy, this will be directed to you credit within 3months of your first payment. as a consumer it is your duty as well to check you consumer credit report to ensure that your purchase is bein reported to the credit bureau. during this time, you can pick up another small item to pay for each month to get more items on to your credit.this will help you to build your credit, to be able to get bigger and better things, it is a patience process.
Start a checking and do that for one year and not have no check to come back on you, show people you can handle money and in one year you sure have good credit and not applied for credit card in that one year because nobody can see your bad credit until one year and it will be good.
read tips on credti and scores on this site that will help you more
I am not a professional but my own system to build credit, when I was 22 and just starting to work with completely inadequate pay, may be of help.
In my day credit cards were not a factor, banks were critical.
I went to the bank and asked how much money they would loan me without security. They said $300 but I must pay back $50 principal monthly plus interest until the loan was repaid in 6 months. I borrowed the $300, kept the cash and paid 50 of it back to the bank each month. At the end of 6 months my loan was repaid, and my credit was established for the cost of 6 months interest.
I then borrowed 600 and paid back 50 a month plus interest for a year. I then bought my first car, borrowing 2100 and paying back 50 a month plus interest.[2nd hand cars in 1950 were cheap].
By the time I was earning a reasonable income I had a loan at the bank in excess of 120,000 and was repaying at 100 a month plus interest [by then, the bank had security in the stock I was buying] but it did not bother them that it would take 100 years to repay the loan. I had credit. Incidentally it worked out for the bank too. they got back every cent borrowed and their interest.
Credit is trust. It can be established by borrowing and repaying scrupulously on time.
How to Clean Up Credit Report
Before approving your loan, your lender contacts the credit bureaus to get your credit report. Bad credit report will severely restrict your credit. In some cases, you may not even get the credit. So it is vital to get your credit report cleaned. To enable you to achieve that you have to alter your financial habits.
http://www.debt-loan-refinance-mortgage-.
Step-by-Step Credit Repair Guide
Bad credit can frustrate your efforts at getting a credit. Hence ensure you keep your credit report clean. If there are any errors in the report, undertake credit repair to clear out any errors. This can be tiring and frustrating, but highly rewarding. Though law recognizes and protects your rights, it is your duty to remove any anomalies in ...
http://www.debt-loan-refinance-mortgage-.
You have to keep trying, it takes a while before any of the stores and credit card agencies would give you a card. It took me about a year. But becareful, you don't really need too many credit cards as you can easily run up debt that you'll be paying for for a long time. Opening a bank account is usually a good start, most likely the bank that you use have a credit card that you can applpy for.
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