I have tried an credit card and without luck..also I do not want one. Is there another way to get my credit report in good standing without buying into an credit card or new car?
2006-06-13 02:27:31 · 8 answers · asked by kate13 1 in Business & Finance ➔ Credit
Talk with your local credit union and open an account. Deposit money in that account and ask to take out a loan using that money as collateral. The credit union will be safe (cause they are holding your deposit) and you can start to rebuild your credit. Yes it will cost you some interest but, it is cheaper than getting credit cards at 21%.
2006-06-13 06:44:13 · answer #1 · answered by James P 1 · 1⤊ 0⤋
Paying your bills (utility...) on time is one of the components and will help move your score.
Do you know your credit score? This will give you a base line.
Are you looking for credit? If not, and you are living within your means and pay cash there is no need for loans etc.
If you want the convenience of using a card for transactions, go to your local Credit Union and get a debit card as part of your savings or checking account. Also, Credit Unions generally work with you on service as a "member" versus mega banks.
2006-06-13 02:39:54 · answer #2 · answered by KJFABS 1 · 0⤊ 0⤋
Not really. You need some sort of credit-open account that reports to the Big 3 credit places. Credit cards do it, car payments, etc. Even a store credit card does it. But to re-establish credit, you do need to make payments on SOMEthing. Good luck!
2006-06-13 02:32:35 · answer #3 · answered by Quietman40 5 · 0⤊ 0⤋
I dont think so, The whole idea of a credit score is that you've proven that you can handle the reponsibility of having credit and are capable of paying it off. Avoiding it does not say you are responsible with credit, and thus, your score wont go up.
The only way to increase it is to take out credit or a loan. The best way to do it is to just take out a low balance credit card, and make small purchases and pay them off completely at the end of the month. Over time this will accumulate and increase your score.
2006-06-13 02:33:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go to the bank and tell them you want to have a pre paid credit card and deposit $500 of your own money. Use it regularly and pay it back on time -- you will have to do this for about 6 months
to a year to rebuild some of that credit up.
Also ... lease a vehicle or buy some furniture that you pay for over time... don't miss any payments... that will get you back on the road to recovery fast.
2006-06-13 02:45:09 · answer #5 · answered by smilingmick 5 · 0⤊ 0⤋
Buy a Home?
I've always heard that the best way to build credit is by using it and to have "activity"?
I like to just have one card for emergencies.
Looking forward to the answers you get.
2006-06-13 02:33:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
get a cash credit card. One you deposit a sum in (let's say $300) , use it and pay the billing bill ON TIME.
2006-06-13 02:35:01 · answer #7 · answered by SgtRock 2 · 0⤊ 0⤋
utilities are not found on your credit report, but a student loan or medical payments are
2006-06-13 03:02:21 · answer #8 · answered by Jen 4 · 0⤊ 0⤋