i have a low credit score, do i need a?

Question

i have a low credit score, i only have a sigle function bank account that has not been registered with the 3 credit companys, do i need to get a currant account so it registers so i can start to build credit?

Answer 1

Not sure what it is your are referring to as far as Bank Accounts. As far as I know having a Current Bank account does not do anything for your credit. But if it is negative that can put you in the Chex system with all banks. As far as your credit score, if it bad due to no credit or bad credit, what you need to do is start rebuilding good credit. It will be that the more good credits shows up it will eventually out weigh the bad. One way is to get a secured visa card. First Premier Bank is good about helping giving these cards. Just make sure you pay before the due date always and do not go over your limit. Once you show you are doing this you will see other Visa companies sending you Approval cards. I have about 4 of those. I was able to move my score from a 480 to a 650 in a reasonable amount of time. Do not get over extended otherwise your debt to ratio could cause problems to. Good Luck! You can also speak to a credit counselor.

Answer 2

i agree....getting a credit card and using it appropriately can be a great help for your credit score, especially if you are starting from the bottom up. if you decide to use it, make sure you have the money put aside to pay off your bill in full each month. this will have a positive effect in the future when a lender is deciding whether or not to grant you credit.