Credit Questions?

Question

Okay so my credit isn't the greatest and I am working on improving it. My question is this, how am I supposed to improve my credit if no one will GIVE me any?? It's really frustrating any advice anyone has would be greatly appreciated.

Answer 1

Hi preciseonegirl28,
I know many people in your same situation. But there are ways to still rebuild your credit so that you can get back on track. One of the quickest ways is credit cards. But you don't just want any you want one specifically designed to rebuild credit. The best card out there is the Orchard Bank Mastercard because it actually reports to the three main credit bureaus when you pay your bill. By doing this it raises your FICO score faster. Below is a link I found to view this card. I would reccomend taking a look.
http://www.0-apr-creditcards.com/orchard-bank-mastercard.htm
Hope this Helps!

Answer 2

The best thing that you can do for your credit is buy a house. If you get rid of all credit cards but one, never take it to the limit (that counts against you) pay off monthly. Start saving money - get 10% for a house and they will give you a mortgage. If you do not make a lot of money still save 10% depending on where you live there are all sorts of programs. In MO if you qualify they will give you up to 20,000 for down payments and pay all the points. So if you do 100,000 home and have 10,000 - you will surely get your mortgage and your house payment could be as low as 400-500 dollars.

Your credit will then soon jump into the 700's - I know I have done this - and I had filed bankruptcy almost 10 years ago now.

Good Luck

Scores between 620 and 650 (average FICO scores fall into this range) indicate basically good credit, but also suggest to lenders that they should look at the potential borrower to assess any particular credit risks before extending a large loan or high credit limit. People with scores in this range have a good chance at obtaining credit at a good rate, but may have to provide additional documentation and explanations to the lender before a large loan is approved

Answer 3

You claim that your credit isn't the greatest, this suggest to me that you at least have some credit? You'll need to start by working with what you've got. If you have any credit at all (student loans, credit cards, utility bills, overdraft protection) make a point of paying a little more than the minimum on time! You have to establish an effective credit history before anyone will loan you any money.

You may want to consider obtaining your FICO score and credit report from trans-union or Equifax. It will outline how well or how poorly you're doing credit wise. Typically a score of 710 is average. The higher your score, the more you save on mortgage rates, car loans and interest.

Answer 4

You must first LEARN how to raise the credit you do have.
You don't want more loans and credit cards if you can't even handle the ones you already have.

Pay at least the minimum EVERY MONTH, ON TIME. If you are late, this stays on your report for 7 years.

Do not go over your credit limit.

Call your credit card companies and lower your interest rates.

Pay off your cards completely.

Be selective in which cards you apply for. Don't just apply to a bunch of different offers in hopes of getting a card. Inquiries will be made on your credit report.

If you have bad credit, you don't want to tack on more credit cards -- the interest rates will not be good. Wait until you get your FICO score up and then try. You'll get better deals.

Do research on personal finance and credit management. If you want to use credit and loans, you must be responsible enough to know how to manage it all. Otherwise you are getting yourself into a lot of trouble.

Good luck.

Answer 5

Well I work for a car dealership, and we have a loan company we go through called credit acceptance everyone gets approved you just have to have a min. of $500 down. The loan is short term, high interest though. If you pay on time for a year or two on this your credit will change for the better. I am not sure if they offer this service where you live but the other car dealerships might have something similar to it.

Answer 6

If your credit history is bad, the last thing you need is to get deeper in debt. Work on paying your bills on time, and eventually your old history will become less important. You might also consider getting a second job, and finding ways to cut expenses. If you really need a credit card to do something like online transactions, you may have to get a prepaid credit card or a debit card from your bank. Just getting in more debt will not solve your problems.

Answer 7

There are credit cards out there that are available to people with not so great credit. They don't give really high limits but when you show that you are responsible and pay bill on time they slowly raise it. Don't let this make you spend more! Talk with a credit counselor and get some advice on how to build your credit.

Answer 8

Go to a bank and explain this problem. Put up a savings account of $500 as collateral for a a $500 loan. When you repay it, ask for a credit card with a $500 limit with the original $500 securing it. After a while apply for another one. You may be surprised.

Answer 9

Since you have bad credit it might be a little harder. I know one website where they have a bunch of different credit cards listed, even for people with bad credit, maybe start with that and make sure you pay on time! Go to www.creditcards.com and they will list credit cards for people with bad credit, and see if you can get one. You can apply online and will usually get approved/denied the same day. Good luck!

Answer 10

Time and stable payment history is the only way. You can get a secured credit card. Just make sure they report to the credit agencies. Do a search for secured credit card online. Tons of offers.