Is there anything I could finance to start building my credit up? I don't have a job, I am a stay at home mom, but I recieve child support of $130 a week. I have gotten offers for a credit card, but they all say I have to pay them, so I don't want to do that.
2006-12-01 06:09:03 · 6 answers · asked by Billys girl 3 in Business & Finance ➔ Credit
With years in the credit business:
If your bills are far in excess of your ability to pay them, or if it will take longer than 4 years to pay them off, see a bankruptcy attorney.
To build your credit, see a bank that offers secure credit cards. You place, usually $300-$500 into a special account with the bank and they give you a credit card with a limit equal to your deposit.
You pay on the credit card just like a normal one and it goes on your credit. When you build enough credit and can get a regular card, you close the account (or leave it open for longevity of accounts - important in credit scoring). When you close it, they give you your deposit back.
I know that US Bank offers secure cards as I have had clients go to them in the past. However, as usual, you'll have an annual fee of about $29 and interest will cost you about 26% on any balances.
I know this is costly, so you might want to check around. However, beggers can't be choosers.
You'll need to wait about 6 months to see a score appear. With collections it might not be that great, so see about those.
Best of luck.
PS - Contrary to a previous post...many, many people have credit reports with no scores!
2006-12-01 06:31:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
In order to build good credit you need to start building a good history. You need to partner with companies that will report to all three (3) credit bureaus, but won’t pull your credit. Crown Jewelers is a great company that will give you a small credit line and report to all three (3) credit bureaus.
http://www.crownjewelers.com/
Second, open a secured credit card. New Millenium Bank is an excellent choice. They won’t check your credit and report to all three (3) credit bureaus. You can even pay your bill online.
http://www.nmbonline.com/
Revolving debts are highly weighted in credit scoring, so keep your balance –to- credit limit ratio low. Never miss a payment. Before you know it you will be on your way to better credit.
2006-12-01 14:56:17 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
When you say the card companies say you have to pay them, do you mean an account setup fee? If so, good for you for not going for it. Go to http://www.creditcards.com and see if any of those can help you. Also, what exactly are you trying to finance? The doctor bills? Why not try going to the bank to get a loan? That could help too. Best of luck!
2006-12-03 01:15:26 · answer #3 · answered by Renee W 2 · 0⤊ 0⤋
Yes. Anytime is a good time to start building credit. Here is some info that will help.
2006-12-01 17:07:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well, do you have a bank account? You could go to them and ask for a low limit credit card to establish your credit. Do you have any utilities in your name? Maybe try to get a cell phone. You may have to pay a deposit but that'll help establish. It takes a long time to get established. Take it slow. You'll get it.
2006-12-01 14:18:46 · answer #5 · answered by ratdog 3 · 0⤊ 1⤋
If you have a credit report then you have a credit score.
2006-12-01 14:16:32 · answer #6 · answered by Just Me!!! 3 · 0⤊ 2⤋