2006-06-16 00:54:23 · 8 answers · asked by jmpoct03 1 in Business & Finance ➔ Credit
I have answered this question in a 5 part series. There are a few items that can be done to build credit. Here are some quick ideas:
The fastest way is to have a family member or friend put you on a credit card of theirs as an authorized user. This allows the history of that account to report to your credit as well, but you never are in debt. (Just be careful that the account you are added to is a good one!)
However, this is not a long term solution for good credit... try these for solid established credit over the long haul....
Open a Credit Union account and get them to provide a secured loan against your savings. If you have bad credit, most traditional and national banks will not give you a loan. They usually want good credit for that.
Get a secured credit card and only use it for gas purchases, once a month and pay it off each month. No debt, but always paid on time... does wonders!
Buying a car can help, but you will have a very high rate with limited or no credit.
Check out the resources below for all the details and more ideas.
2006-06-16 03:53:25 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Open a Bank Account.
Purchase an Automoblie and keep up with your payments, NEVER BE LATE!
Also you could purchase Real Estate and ALWAYS MAKE YOUR PAYMENTS ON TIME!
You rent with the option to own/buy on time (from a Rent-A-Center) Household Items such as: Furniture, Appliances, and Entertainment Products (i.e. TV's, Sound Systems, etc.).
If you do get a credit card DO NOT get more than one or two because the more credit cards you have the lower your credit score will be, and your credit score is VERY IMPORTANT in your Credit History.
2006-06-16 08:14:26 · answer #2 · answered by fiestysview 4 · 0⤊ 0⤋
Go to a Furniture Store and take something small, like a TV, camcorder, etc. Tell them that you want to establish credit. Also you can go to your bank or if you don't have one I recommend that you open an acct on one, tell them to give you a secured credit card, this is not like a regular credit card, this card is againts the money you have in your acct.
2006-06-16 08:00:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can apply for a personal loan at your local bank. If you pay the loan back on time your credit rating will be improved and you will pay a much lower interest rate then on a credit card.
2006-06-16 07:58:31 · answer #4 · answered by sfavorite711 4 · 0⤊ 0⤋
The best way to establish your credit quickly would be to take out an RRSP with your bank. That's what I did.
2006-06-16 09:05:51 · answer #5 · answered by B 1 · 0⤊ 0⤋
Get some credit with a Furniture store and pay it earlier
2006-06-16 09:41:00 · answer #6 · answered by martha t 1 · 0⤊ 0⤋
Buy a car or take out a small loan and pay it off within 6 months.
2006-06-16 07:58:13 · answer #7 · answered by Unique 4 · 0⤊ 0⤋
buy to own 90 days same as cash
2006-06-16 07:59:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋