is it better to raise your credit score by getting a secure credit card or loan or just applying?

Question

i found out my credit score and it's not very good. someone said if you get a secure loan or credit card you can build better credit that way. i don't want to keep applying for credit cards when i'm just going to be denied, i know it takes points off your score everytime you do that. i don't have any credit cards now so i really have no way to make the score better.

Answer 1

It sounds like you just don't have credit which isn't necessarily a bad thing.Since you are in this situation credit card are going to have a majorly high interest if I were you then I would get a secure card from your bank.This is a credit card (not tyed to your checking account)how it works is say you have 500.00 limit them you must have 500 in the bank account say that you use 200.00 in that month you have to pay all 200.00 no interest but if you don't pay that 200.00 than you will pay interest and you will only have 300.00 worth of credit even after you pay that 200.00.You have in essence just borrowed 200.00 from the bank.

You could also just get a300.00 loan from your local finance company.Most of those places do require certain job and residence time call them to check

Happy credit

Answer 2

There is ONE BIG CAVEAT.... if you do get a loan of some kind or a credit card, secured or otherwise, can you keep making the payment, and make payment in full when due?

If your score is already bad, it shows that you failed to properly manage your finances at one point in the past. Would you allowing yourself to dig yourself further into problem is you do this? Obviously, only you can answer this question.

Do you have any remaining debt? If so, pay that off as soon as you can. It will improve your score more than anything else and brighten your future. Otherwise, yes, secured card is a great idea. (provided you can manage it this time)

Good luck.

Answer 3

selection a million would not do plenty one way or yet another. At superb that's offering long credit historic previous. selection 2 is hurting you: medical bills do count selection aginst you. (If the call of a creditor properly-knownshows that that's a wellbeing component, like "maximum cancers midsection", then the CRAs will in simple terms replace the call with "medical Debt" while different lenders pull your record. They nonetheless count selection.) Having collections exhibits lenders you enable expenses bypass so antisocial. the only component for those is in simple terms to enable time bypass. selection 3 is hurting you: get that stability as close to to 0 as achieveable. even although the FICO formulation are secret, evidently while your utilization is going above 30% the score is going down. selection 4 is hurting you: cost offs are like collections; would not look sturdy to lenders. Time is your chum (or enemy) for credit scores. you desire a protracted time with sturdy money. you apart from would want bills to be open for a protracted time (no longer one account according to 3 hundred and sixty 5 days for 10 years, yet particularly one account open for 10 years). the employer you have the secured card with ought to transform it to a typical after 3 hundred and sixty 5 days of sturdy money (no longer a certain component yet trouble-free). Get a save card or yet another secured card. Pay issues on time and wait. do no longer stay and die by utilising the credit. there's no reason to concern with regards to the effect revolving utilization (selection 3) has on your score each month; you in ordinary terms ought to care once you're employing for credit. Do pay your bills on time and enable bypass. sturdy success.

Answer 4

The best way to start is to get a credit card through whoever you bank with wether it be Bank of America, Washington Mutual or whoever. Also i have a friend who had no credit at all and applied for a card at Mervy's(department store) and got it. Then went to Gottschalks and got denied... go figure.

Answer 5

yea no help here i'am in same situation.??