what are some things i can do to reestablish my credit?

Question

i got a car in April and i make all my payments on time..but i still got turned down for a credit card..i tried to get a loan from a bank and i got turned down for that too..All i want is to prove that i'm responsible and nobody will give me a chance..(even though i have a car loan and make all my payments on time)!! I'm about to give up..Anybody have any suggestions?? 10 pts for best answer..I'm really gettin frusterated

Answer 1

The truth is you need to pay your payment for at least 6 months on time. You might try establishing credit by paying for somethng 90 days same as cash. Some furniture stores will let you buy this way. Once you have an account with them and actually "pay as agreed", then you can go to a bank and request a credit card application.

Answer 2

If you just want to reestablish your credit that is good. You don't want to over do it with your income and the amount of debts you are paying.

There are several ways you can accomplish this. One way to establish credit is to open a credit union account. You can find one close to where you are. If there is a family member in a credit union, you may join through them.

Once you have joined the credit union open up you a savings account with as much as you can possible, say a savings account of $400.00. A couple of days later go back to the credit union and borrow $200.00 on a signature loan and offer as collateral your savings. You will be approved immediately without fail. Pay this account as well as your car note which will give you two trade lines. Put the $200.00 back in your saving account.

Once you have paid them as agreed, find another relative in a different credit union and do the same thing again until you have about 5-6 trade lines or as many as you want with good credit. Always put the money back in your account a couple of days later.

Another way is to find a jewlery store that advertise no credit, bad ccredit all approved, open up an account with them for about $50.00. You will have a pretty good piece of jewelery and repairing your credit at the same time. Pay this on time alone with the car note also.

Stay away from the credit cards that you are required to pay for. They are more trouble than they are worth with high interest rates.

The above method work really well and you can control what you purchase as you can get a loan for $100.00-$200.00 with small payments and excellent rates since you have collateral

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Don't fret! There are credit cards like capitol one and orchid bank that are meant to help you establish credit. Secured credit cards, you put up $150 or $300 as collateral and you get a small credit line, use the card and pay it off and they will report that on your credit bureau. Also some cards have a $70 yearly fee but you pay it over the entire year in like $5 increments, they will report this on your credit bureau as payments made on time. Also you may put like $1,000 in a CD at a bank and take a secured loan on the money. Also look into some department store credit cards.

Answer 4

Let me understand you want to become a slave to debt?
you want to borrow to buy something that depreciates daily, hope fully not to impress some. You do not need credit in this country no matter what the banks tell you.
Read The Millionaire Next Door , visit DaveRamsey.com .
Get a 2nd job save up pay cash. The car companies make more money on the loans than on the car.

Answer 5

You can put some money in a savings account and then borrow against it. Make your payments on time and it will help establish that you can pay off a debt. When you use your savings account as collateral it is easier to get the loan and get a chance to prove that you can make payments on time.
Good luck.

Answer 6

Get a job that you enjoy doing that pays more ( you must be over the creditors limits in regards to living expences to income ratio ) and pay all of your bills on time. That's the only way to better your credit score. The lower your credit score, the higher interest you will pay. Don't burn your money buy paying late fees. Save that for your kids or a vacation.

Answer 7

go to the credit buru and get a credit report see what may be affecting your credit score but if you just got a car in April wait a few more months and keep making payments on time and make a little more then usual it will show up on credit reports and will show you are responsible

Answer 8

Go to http://www.annualcreditreport.com
You can get all 3 credit reports, Equifax, Experian & TransUnion for free and it dosen't affect your credit to pull your report from this web, it dose affect your credit when a 3rd part company pulls your credit report ( car, store, credit cards,etcc) .

Than see what is affecting your credit, maybe collection, late payments,etcc....

Write a letter by hand not computer to each one of the credit bureus explaining to them that was an error and you need them to investigated. Wait for the results, which can takes up to 30 days.
I hope this can help...

Answer 9

If you own your own home you can refinance and pull cash out to pay off you bills and raise your credit score dramatically. I work at united lenders group and work through 45 different companies so i could help you get a mortgage loan no matter what debt you in
916-860-0804
keyon

Answer 10

you may also need to increase your income - you didn't say what it was so don't be offended - give it some time you really have not been paying on the car for a long time period - and a nasty little thing is if you fill out a lot of applications at once this is reported against you- I know I've been there