2006-08-07 10:59:22 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
I think you are answering the question.
Use less than what you make. control your spending. save it up first. build up your emergency cash for unexpected happen like car problem, housing cost or repair. If you can do that as a baby step. you could build your financial freedom.
then set aside 10-15% for 401k for retirement. you don't want at the age of 62, you still work for wal-mart to supplement your SS.
At the age of 32, my 401k is 72000, and my cash balance is 30000. I still saving it until one day I can choose working is an option not as obligation
2006-08-07 18:30:48 · answer #1 · answered by Hoa N 6 · 2⤊ 1⤋
I'm going to second a secured credit card or a secured loan. The concept seems a little silly to some, but what happens is that you tie money or assets to the acount. This way, the company offering the credit card or loan has security that you cannot leave them high and dry, but you are able to build a history of making on-time payments. As much as this shows lenders that you can be responsible, it can also be an important step for you personally as you can reestablish to yourself that you can handle your own money intelligently. As you rebuild your credit history, then you can make the decision if you should get an unsecured credit card or if you would rather work with cash and debit cards. If you return to using credit cards, make certain that you are not living beyond your means. You should be able to pay off your credit cards monthly. Unfortunately, financial research indicates that many individuals and families are living just one emergency away from bankruptcy, so try to build something of an emergency fund just in case of a difficult siutation so you don't find yourself in bankruptcy again. Good luck.
2006-08-07 17:38:19 · answer #2 · answered by Freddie 3 · 0⤊ 0⤋
Make your mortgage payments on time. Make your rent payments on time. Make your car payment on time. Pay your utilities on time, especially your cell phone. Ask these companies to report your payments to the credit bureau.
Sadly, you need to have a credit card. Get one with either a low credit amount or a prepaid one. Do not use it unless you have the cash to pay for whatever you buy. The day you get the bill, pay it.
In about a year you will have OK credit and after 2 - 3 years you should not have any trouble.
Just don't buy anything you do not have the cash to pay for.
2006-08-07 12:42:55 · answer #3 · answered by lcmcpa 7 · 0⤊ 0⤋
You could get a credit card like this one that reports to all 3 credit agencies. It starts with a low credit limit but builds as you pay on time. It is guaranteed with no credit checks. Check it out.
http://creditoffernow.com/imaginecard
2006-08-08 02:16:51 · answer #4 · answered by Harvy S 2 · 0⤊ 0⤋
Always pay utility bills on time even though it won't happen over night it does help also if you get a credit card with a $200.00 limit and pay off all of what is owed right away it will help also say you are paying cash for your groceries well take that same amount and use your credit card and then pay your payment right away.
2006-08-07 11:12:32 · answer #5 · answered by lisa n 1 · 0⤊ 0⤋
properly, sequence debts are nevertheless debt and lots worse than huge-unfold credit card balances - you're able to desire to pay off the sequence debts or you will on no account get a loan or automobile loan or a credit card. What, did you think of by using ignoring them they might in simple terms circulate away - they are able to nevertheless attempt and sue you or get your wages garnished via a court docket judgment - what do you propose you purpose is to not spend money or circulate into debt - you're DEEP IN DEBT - $6700 worth!! your score will on no account get above six hundred in case you don;t pay off those debts and take duty on your spending
2016-12-11 09:08:31 · answer #6 · answered by bienvenu 4 · 0⤊ 0⤋
Pay everything on time. Ask your utility companies to report your on-time payments to the credit bureaus.
Get a credit card. Use it only for items you would could pay cash for. Immediately set aside the money to pay it off. When the bill arrives pay in full immediately. (Don't wait for the due date.)
2006-08-07 11:30:50 · answer #7 · answered by STEVEN F 7 · 0⤊ 0⤋
If you own your own home you could refiance pull cash out and pay off your debt and raise your credit score dramatically. I work at untied lenders group and work w/over 45 banks so i could get a you a mortgage loan no mater how bad your credit is
916-860-0804
keyon
2006-08-07 11:04:40 · answer #8 · answered by Keyon F 2 · 0⤊ 0⤋
A secured credit card, so you know you always have the money but you're making payments on time.
2006-08-07 13:27:37 · answer #9 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
Open new credit accts and pay the balance in full.
2006-08-07 11:04:44 · answer #10 · answered by David 2 · 0⤊ 0⤋