My credit rating was rotten to the core two months ago. I paid most of them off and now I am considered "fair". I took advantage of this and leased a brand new Jeep. Aprx 400 a month. Is this a practical move or am I going at it too fast. I only make maybe 15000 a year. I don't pay any rent because I take care of a motel. I've been told to "slow down"! 36 months is a long time! What do you think?
2006-07-14 16:02:26 · 6 answers · asked by orchard_littlejoe 2 in Education & Reference ➔ Financial Aid
I agree, slow down! You go from bad credit to satisfactory credit, then immediately put yourself back into debt again. Don't get any more credit for a while, no credit cards, contract cell phones, etc. Give yourself some time to get completely out of debt!
2006-07-14 16:08:05 · answer #1 · answered by Queen_Lucki 2 · 4⤊ 3⤋
Just make sure and pay all bills on time (even utilities) a lot of this stuff is reported to credit agencies. also do not get caught up in a lot of debt like credit cards. even if they are paid off but are open accounts they can work against you. when we went to get a car loan they said that too much revolving credit although paid off could be maxed tomorrow so we paid them off and closed the accounts now we have excellent credit scores.
2006-07-14 16:09:24 · answer #2 · answered by TAZ 1 · 0⤊ 0⤋
I think that you are probably on the right track. Do not get a credit card at all and if you can't afford it then, honey, don't buy it. If you still have credit cards then cut them up. And start an interest gaining savings account and leave the money alone, let it be your rainy day money (ie: car breaks down, ER visit) Don't use it just for the hell of it. Good luck!
2006-07-14 16:09:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would not make any more large purchases on credit. You don't need to overextend yourself. Your rating is based on many factors, including your current debt and how many credit accounts you have open. You have to spend to build up your credit, but you should always make more than the minimum monthly payment and more importantly, you should ALWAYS pay on time.
2006-07-14 16:07:17 · answer #4 · answered by rockinout 4 · 0⤊ 0⤋
Stay the hell away from credit cards. If you can't get on layaway
or pay cash for it,do without it.
2006-07-14 16:12:50 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Just pay your bills on time. That is the best way to get there.
2006-07-14 16:07:00 · answer #6 · answered by Dr. Bugly 4 · 0⤊ 0⤋