| What is the Fastest Way to Build Credit? |
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Offshore-Wealth.com
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| DEBTS-FREEDOM |
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quote:
Originally posted by CalixEros
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.
True, but sadly most people were never taught how to be responsible with credit, and the Credit Card Bank Scam proves this to be true as they exploit consumers.
Everyone should watch the PBS.ORG special on how banks are screwing everyone to the wall with rates that not long ago were considered laon sharking. Watch the video clip at the bottom of this link to learn the truth.
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Mon May 29, 2006 3:11 pm |
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Offshore-Wealth.com
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| Credit Secrets Bible |
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Interesting,
It is amazing how quickly the credit markets swing from one extreme to another, and now we are seeing tighter credit than ever before.
The reasons are many, but the most glaring reason is the economy which is dropping like a rock. Banks made billions on credit card fees over the years, in fact, they made more revenue from fees than they did on spreads on traditional loans, so credit cards were never easier to get in the last few years.
Now we see just the opposite given the subprime debacle which is costing these greedy banks billions in losses, so I suspect they will raise credit card fees to even higher levels than current rates. I get bombarded with credit card deals, and when you read the fine print, watch out, they will crush you with fees, never mind interest rates pushing 30% if you are late on one payment.
Once again, I warn people to avoid the credit card trap, use cash or debit card whenever you can, and pay off your credit cards first and formost each month, but never make minimum payment, always double up payment if possible, you will be amazed at how much you can save.
[deleted]
FREE NO COST NO RISK BUSINESSES
http://FREE-FUNDRAISERS.com
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Sat Dec 15, 2007 1:32 pm |
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rockhound
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I tend to agree with Offshore Wealth. I had an MBNA card for 10 years and never had a late payment. Then last month I got my bill and they claimed that my payment was late, and they were raising my rate to 19.5% and adding a late fee. I called that afternoon and cancelled the card, and sent in my final payoff amount (about $250). I would guess that B of A was desperate to squeeze a few bucks out of people with the bad economic news lately, and sure enough, the next thing you hear is that B of A was issuing profits warnings over losses in the subprime market. Boo hoo, say I. It's just a lesson to not become dependent on easy credit.
As far as the original poster goes, being a 20-year-old student may not be the right time to get a credit card. In my opinion, having a job with disposable income is a pre-requisite to having a credit card. When you graduate and get a steady job, and have established a home and utilities, then you shouldn't have any trouble getting a credit card.
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Sat Dec 15, 2007 7:37 pm |
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yoonoo
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Very simple. Just buy what you need and pay your credit card bills on time.
Bad Credit Personal Loans
Bad Credit Cards
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Wed Jun 11, 2008 2:17 am |
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clairey
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I'd say mainly time, and not carrying out actions which will bring you in bad credit.
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Fri Sep 05, 2008 11:31 am |
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financegenie
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Location: Mumbai
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Hi
Open a savings account with a bank that allows you to use it as collateral for a loan. Ask if they will report the loan to the 3 bureaus. Then put to loan money into the same savings account and ask the bank to take the payments right out of the savings account with the money that you borrowed. The total cost should be less than 8%. Much much cheaper than a unsecured credit card. I did this with my mom with $900 and she had 640 scores in 6 months an started getting credit cards offers and finally got a card.
Thanks
Saving Tips
personal bankruptcy
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Wed Sep 08, 2010 6:23 am |
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