Trying to rebuild my credit..will this work?
Answer:
I had a similar problem. When credit card people are turning you down, that's like the bottom rung. If I was you, I'd make sure I don't have any unpaid bills that were never taken care of. If you do have something unpaid, even from years ago, you're probably going to have to pay it or wait like 7 years for it to go away. After that, I'd go out and get any credit card you can get, use it a couple times a month and pay it off at the end of each month.
Credit is like a time sensitive thing, it takes a long time of good behavior to dilute the bad and raise your score.
it will help.. Good luck
The way I rebuilt my credit was by buying a car and making payments on time. I needed a co-signer of course.
That loan will only help if the place that loans you the money reports to the three major credit bureaus. Not all places do.
A better bet would be to open a secured credit card. Make sure they report your payment history. and always pay it off at the end of the month. After a few months of responsible payments, better things will come your way.
Good luck.
Only time and a solid payment history will help. There is no quick fix. The plan you propose will not help.
It will help your credit a little bit, but what people want to see is that you are regularly making payments on something. try paying 20 per month, you will gain interest but it is the only thing people are looking at.
my advice would not be to take out a personal loan, because they have the worst interest. try opening a credit card at a store you know you will pay off, or a gas card.
i think that is all i have for now. good luck :)
I'm not sure about a small loan but that would work with a credit card.Make purchases and then pay the bill in full when you get it. Ask the lender if they report to the credit bureaus about the small loans.
That won't work because you need to establish a history of on time payments, not just a single occurrence. It wouldn't hurt but credit cards or car payments work better just be careful with the credit card. If you haven't had one, start out with a low spending limit and pay it off every month. That will really help your credit.
yes to all.. it will help
except pay if off in 2- 3 months, not right away
no it won't work you need 6 mths of credit history for it to hit your report unless its bad.and even if everything is paid on time or paid off they got a thing called debt to credit ratio , and bad credit history it all takes time
To rebuild credit you need atleast a 6month perfect payment history to effect your score. The bureaus recieve the history after 6 months. I recommend you get a capital one card or chase card, keep your balance at 30% of the spending limit at all times and keep this up for at least 6 months. This will dramatically improve your score and put you on the path to a good solid score.
leave any credit cards you have open, try to pay them off your credit starts to drop when you charge over 30% of the available credit on the card. by you leaving credit cards open at a zero balance it will increase your credit score faster, this is true because i have tried it myself, and i got some advice from a vice president of a bank.
this should help. i suggest that you pay it off in some type of increment though. it will show consistency in payment instead of one lump sum.
No it won't work, you have to pay on things over a period of time. Go to www.myimaginecard.com, you don't have to put down any money. My score is lower than yours, I got one in January, i pay my bill on time and my score has increased a little.You have to have a checking account for them, but if you sene your payment in by mail early enough they won't mess with the account. If you don't have an account google Rewards 660, you get that card in less than a week, you don't have to put money down on that either. Don't go out using them, just pay every month, wait 6 months you'll be surprised.
being joint on accounts will help your credit. also see if someone will let you be an authorized user on their credit cards. lots of credit card companies are reporting authorized users and that will show another positive on you report.
I need to do something similar with paying of credit cards
start putting money in a savings account. Did you know you will get charged 10-15% on $100.00--You will end up paying a total of $115.00 for the loan!
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