| What is the Fastest Way to Build Credit? |
|
|
|
|
|
Azarbo
New Member
Cash: $ 0.75
Posts: 3
Joined: 15 May 2005
Location: UK
|
| What is the Fastest Way to Build Credit? |
 |
|
I am 20 year old student and I dont have poor credit, just no credit. Even though I have a full time job and have plenty of cash in the bank I am having trouble to get a credit card from the bank. I am moving into a rental house in August and looking at large deposits to the utility companies. Is there any way to build up my credit fast?
|
Sun May 15, 2005 6:15 pm |
|
|
Andrew
Admin
Cash: $ 460.25
Posts: 1695
Joined: 02 Nov 2003
Location: Texas
|
When I was a student, I got lots of offers from credit card companies, although I didn't try to get one back then.
Try contacting another credit card company, you don't always get the best service from your own bank.
Another idea, is a pre-paid credit card like the Eufora credit builder card. Although it's prepaid, they report your payments to the credit bureaus which helps you to build a credit history.
|
|
Mon May 16, 2005 8:38 pm |
|
|
SOLNET5
Member
Cash: $ 3.40
Posts: 15
Joined: 16 Apr 2005
Location: NEW JERSEY
|
| Re: What is the Fastest Way to Build Credit? |
|
|
quote:
Originally posted by Azarbo
I am 20 year old student and I dont have poor credit, just no credit. Even though I have a full time job and have plenty of cash in the bank I am having trouble to get a credit card from the bank. I am moving into a rental house in August and looking at large deposits to the utility companies. Is there any way to build up my credit fast?
Get yourself 3 or 4 credit cards from different banks or buy something on credit, charge on each CR and pay as you use.
This will build credit.
A SOLID COMPANY IN BUSINESS SINCE 1868.
http://www.tsginfo.com/index.php?rc=VT4446
|
|
Tue May 17, 2005 12:12 am |
|
|
chiron
Contributing Member
Cash: $ 11.54
Posts: 49
Joined: 10 Feb 2005
|
If you have the means to make it happen, about 15% of your credit score rides on your length of credit history, so about .15(850) where 850 is a perfect score, and credit history has a maximum benefit of 20 years, so up to about 170 points or so value to your credit.
Value you don't have, being a youngster, but value you can "inherit" under the right circumstances. So say you were added as a joint or authorized party on an old account from a trusted relations' low-balance, perfect payment history Sears card from 1990 for example, you could see a significant bump to your score the next time that creditor reports to the agencies/bureaus.
But you'll probably need to expect to make some deposits anyway - utilities and apartment complexes are always happy to use whatever means they can to get a nice fat interest-free loan from you for the duration of your relationship together...!!
Business Web Site Design | Credit Report Repair
|
|
Tue May 17, 2005 9:24 pm |
|
|
goodtimetribe
New Poster
Cash: $ 0.40
Posts: 2
Joined: 18 Jun 2005
|
| Re: What is the Fastest Way to Build Credit? |
|
|
quote:
Originally posted by Azarbo
I am 20 year old student and I dont have poor credit, just no credit. Even though I have a full time job and have plenty of cash in the bank I am having trouble to get a credit card from the bank. I am moving into a rental house in August and looking at large deposits to the utility companies. Is there any way to build up my credit fast?
My sister was interested in getting some good credit, and I was able to give her some advice. I suggest getting some small cards. A good one is a jewelry store card. Another one is a department store, like Dillard's, foley's, target/marshall fields, etc. Third, a good student card through Citi or Chase or something like that. That should get it kick started. Another good tactic I've heard is to get a savings account, put $400 in it, then get a loan from a bank and use the passbook from the savings account as collateral. Pay back the loan w/in 90 days. I haven't tried it though.
Joshua
|
|
Fri Jul 08, 2005 9:47 pm |
|
|
san577
New Member
Cash: $ 1.05
Posts: 5
Joined: 08 Jul 2005
|
I feel good way for building credit is through secured credit card which most of bank offers. Its like having a saving deposit as ur money earns normal savings interest. I had absolutely no credit 2 years before and i decided to get secured card from one of the banks with $500 credit. I used it a lot and after one year, my credit score was 680 (guess it was impressive within such a short time). I closed that account after one year as i didn't faced any problems in getting any credit card. Now i have few credit cards (including 2 american express ones  ).
|
|
Sat Jul 09, 2005 4:15 am |
|
|
Renegade
Contributing Member
Cash: $ 6.45
Posts: 29
Joined: 10 Jul 2005
Location: Florida
|
I actully found that getting a cell phone plan helped. I always found this very strange
|
|
Mon Jul 11, 2005 2:22 am |
|
|
eversun
Contributing Member
Cash: $ 6.25
Posts: 32
Joined: 31 Mar 2006
|
|
|
|
I got these tips from moneycentral.
Get a finance company card
Gas companies and department stores that issue charge cards typically use finance companies, rather than major banks, to handle the transactions. These cards don’t do as much for your credit score as a bank card (Visa, MasterCard, Discover, etc.), but they’re usually easier to get.
Again, don’t go overboard. One or two of these cards is enough. If you get many more, you may find that later in your life these accounts could prevent you from getting the highest possible credit score. That’s not a reason to avoid them completely, because right now they’ll do you some good. Just don’t apply for half a dozen.
Get an installment loan
To get the best credit score, you need a mix of different credit types including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages).
Once you’ve had and used plastic responsibly for a year or so, consider applying for a small installment loan from your credit union or bank. Keeping the duration short -- no more than a year or two -- will help you build credit while limiting the amount of interest you pay.
Hope this can help.
http://justshutupandletmetalk.blogspot.com
___________________________
www.prosper.com
Lend. Borrow. Prosper
___________________________
http://prosperousblog.blogspot.com
|
|
Wed Apr 12, 2006 5:22 pm |
|
|
Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
|
|
|
|
Get and use two major credit cards (only charge a portion of the total limit each month, like 10-20%). Pay them in full as soon as your statement comes. DO NOT overspend, let the balance ride, or ring up high balances on these cards. If you find it hard to get a major credit card then go with a prepaid card (such as Eufora). Soon enough you'll be able to get a regular credit card. I'd try to keep 2-3 credit cards your entire life, no more - no less, and always use them. By using them and only ringing up a small balance each month (compared to the limit) you are putting proof of proper credit and payment control on your credit history.
As soon as you can, get an installment loan (a loan for something). I don't care if it's $500 or what, just get one. Get it for something you were planning to buy outright (like a new computer or something you can use). If it's a small amount your bank may give it to you without a co-signer, and if not argue with them to do so. If they still won't get it to you without a co-signer then get someone close to you to do so. MAKE SURE they will report this installment loan to all three credit bureau's and on your credit history (if you have a co-signer). Don't care about the interest rate they give you, just get a short term (6-18 months) and pay double or triple payments a month.
Raising credit takes a while. Your credit score heavily relies on time (time established, time since most recently opened account, inquiries of credit during the last year, etc etc). You're not gonna have perfect credit for a long time BUT doing the above will establish credit and put you on your way to good credit history and make your life much easier in the next 5-10 years.
|
|
Wed Apr 12, 2006 10:05 pm |
|
|
Offshore-Wealth.com
Senior Member
Cash: $ 4.45
Posts: 435
Joined: 20 Jul 2005
Location: FREEDOMLAND
|
| DEBTS-FREEDOM |
|
|
Interesting,
The best way to build credit is to open a pass book savings plan, then take a loan using your savings account as collateral. Stay away from credit card trap or you will regret it for your whole life. Credit cards are no longer needed, just get a debit card tied to your savings and checking account.
Good luck to all, Mike
FREE NO COST NO RISK BUSINESSES
http://FREE-FUNDRAISERS.com
http://FREE-100K-SECRET.com
http://TV-PROMOTIONS.com
http://FREE-MOVIE-BIZ.com
|
|
Sun Apr 16, 2006 8:04 pm |
|
|
Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
|
| Re: DEBTS-FREEDOM |
|
|
quote:
Originally posted by Offshore-Wealth.com
Interesting,
The best way to build credit is to open a pass book savings plan, then take a loan using your savings account as collateral. Stay away from credit card trap or you will regret it for your whole life. Credit cards are no longer needed, just get a debit card tied to your savings and checking account.
Good luck to all, Mike
Having at least two revolving accounts in good standing (credit cards) on your credit will raise your score. Below two revolving accounts will hurt your score. Debt cards will not show up as a separate revolving account on your credit.
|
|
Mon Apr 17, 2006 2:38 pm |
|
|
Safora
Full Member
Cash: $ 13.80
Posts: 67
Joined: 13 Apr 2006
|
Try for a Target store card first (or other store card). Then when you want a major credit card apply at Household Bank. These 2 companies gave me credit and my credit is horrible.
"True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself." ~Henry Miller
|
|
Thu Apr 20, 2006 2:28 pm |
|
|
Offshore-Wealth.com
Senior Member
Cash: $ 4.45
Posts: 435
Joined: 20 Jul 2005
Location: FREEDOMLAND
|
| Re: DEBTS-FREEDOM |
|
|
quote:
Originally posted by Kiaser
quote:
Originally posted by Offshore-Wealth.com
Interesting,
The best way to build credit is to open a pass book savings plan, then take a loan using your savings account as collateral. Stay away from credit card trap or you will regret it for your whole life. Credit cards are no longer needed, just get a debit card tied to your savings and checking account.
Good luck to all, Mike
Having at least two revolving accounts in good standing (credit cards) on your credit will raise your score. Below two revolving accounts will hurt your score. Debt cards will not show up as a separate revolving account on your credit.
Interesting,
That is old school, the best way to establish meaningful credit is with secrued passbook loan, and you won't get into credit card trap using this method. As far as store cards, this is even a worse trap with interest being charged regardless if you pay off your balance monthly. Credit is important, but credit cards are not the answer for any smart borrower. Credit at any cost is no longer smart strategy for anyone.
Good luck to all, Mike
FREE NO COST NO RISK BUSINESSES
http://FREE-FUNDRAISERS.com
http://FREE-100K-SECRET.com
http://TV-PROMOTIONS.com
http://FREE-MOVIE-BIZ.com
|
|
Thu Apr 20, 2006 5:47 pm |
|
|
CalixEros
New Poster
Cash: $ 0.40
Posts: 2
Joined: 28 May 2006
|
Credit cards can be a good thing, if you're responsible using them. Always pay off the balance each month and you can get the benefit of a short interest free loan and even rewards (cashback, gift certificates, etc.). I didn't have one for a while but finally got a couple to build my credit higher and have only used them a couple times and always paid them off that month. If you do get one, try not to ride the balance up real high each month, even if you pay it off at the end of the month. That will help keep you from not paying off the entire balance and result in a slightly higher credit score.
|
|
Sun May 28, 2006 4:34 pm |
|
|
|
