I know they charge way more than buying something outright and I know they charge high interest rates, but I really want to build credit without having to get a credit card or any kind of personal loan.
2006-06-27 10:23:04 · 10 answers · asked by startwinkle05 6 in Business & Finance ➔ Credit
So it doesn't help to be able to put them down as a credit reference?
2006-06-28 11:02:06 · update #1
The best way to build credit is get a loan and pay it off. You could start by betting a store credit card. If your making payments to rent to own, then you have a line of credit with them and that should help.
2006-06-27 10:27:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I wouldn’t suggest rent to own, and right now due to the huge foreclosure rates, there are probably no banks willing to take a risk on someone with bad credit. I suggest you move into something for right now, over the next year save as much money as you can, and clean up your credit as much as possible. That way you can have a large down payment which will make lenders more likely to take a risk on you. Good luck!
2016-03-27 06:12:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
the rent to own store is not a good idea. you pay a tremendous amount of interest. you would be better served getting a credit card and paying it off each month. you can also rent an apartment or finance a car to build credit.
2006-06-27 10:27:40 · answer #3 · answered by ugafan 4 · 0⤊ 0⤋
I rented to own a washer/dryer which was only 74.00 total a month for both(37.00 each). I was paying 24.00 at the laundry matt. That was without the soap. do the math. I have 4 kids and we accumulate lots of laundry. The washer and dryer showed seperate on my credit report and it said never later. Even if i was going to be later i would call them and tell them and it never shows late on credit. I have rented to own before and returned the furniture and it still said paid in full. Its good on you credit.
2006-06-27 14:08:08 · answer #4 · answered by Justme 2 · 0⤊ 0⤋
There are other places like furniture stores that will offer financing without high interest rates, and will help build your credit.
2006-06-27 10:29:25 · answer #5 · answered by Alejandro S 2 · 0⤊ 0⤋
NO, not only do they charge you an arm and a leg, but they do not report anything to the credit bureau, that you are actually making your payments and making them on time.
2006-06-27 10:28:48 · answer #6 · answered by princess_di20 1 · 0⤊ 0⤋
no not really, rent to own stores are not connected to the credit bureau if you fail to make payment then they come and recover the merchandise and you are no further ahead
2006-06-27 10:46:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I heard it was a good way to, but you have to make sure you pay ontime. If you don't, it can also damage your credit
2006-06-27 10:27:18 · answer #8 · answered by ralahinn1 7 · 0⤊ 0⤋
No.
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2006-06-27 10:40:54 · answer #9 · answered by Anonymous · 0⤊ 0⤋
check these and then give me ten points as I gave you more info :-)
http://credit-cards.ebookorama.com
and and http://finance.ebookorama.com
2006-07-03 07:55:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋