what's the fastest way to build up your credit score?

Question

I have an account with Bank of America. I don't have a credit card yet. Their credit cards have a $500 limit. What's the fastest way to build up my credit?

Answer 1

Building a good credit score takes time and discipline. To see about building your credit score go to http://finance-girl.blogspot.com/2006/09/raising-your-credit-score-who-doesnt.html and to see how your fico score is calculated see http://creditwisdom.blogspot.com/ There is also a short article on http://finance-girl.blogspot.com about building credit from scratch as well.

Answer 2

Open a savings account with $400 at a bank. Get a lona of $400 against it. Do this at three different banks. You end up with $400 in your hand, and three $400 loans. Pay each one on time or a few days early. Set them up to be 6 month or 1 year loans. A few months into it, you can list all three banks as credit references and have a triple-A credit rating.

Answer 3

Take out a small loan and pay it with a year. Stay current on your credit card debt, do not let go over your minimum payments.
Do not use get to much credit cards, I would say have a maximum of 3 credit cards because you would living up your means of living.

Answer 4

I have learned in purchasing a home, your credit score goes up quite quickly if you pay your mortgage on time.
You need more credit to have a credit standing. Work and get one credit card. Say you purchase something for $100.00 if you pay $50.00 half of the credit card bill, your credit will go up. The following month pay the remainder off. This is how it works.

Answer 5

Talk with BofA about what you want to do and they can give you free advice on what to do.
If you would like to do some research on your own then take a look at mycreditadvise.com what my wife and i have learned there has really helped us.
Good Luck.

Answer 6

Get a job through http://www.cronyjobs.com

Answer 7

pay your bills........... ON TIME.