I am 36 years old; I had passed many years over seas (Europe). I arrived in august, got a job and opened for the fist time an account in a American Bank, I never had credit card or any credit history in the U.S. I needed a cell phone and Verizon did not wanted to give me what I wanted because I did not exist in the credit reports.
I finally got my first credit card from my bank, which I don’t really need, but I do need to build credit and being able to buy a house getting a credit , plus some money I am saving.
I understand no having a good credit score may raise a lot the interest of the loan.
I need Help, How can I speed or improve this credit that I’m trying to build?
In Christ …. Sal
2007-04-04 12:17:38 · 6 answers · asked by Sal 1 in Business & Finance ➔ Credit
Verizon or any other cell phone provider WILL give you a phone with no credit history. They will just require a deposit to open the account. That said, NO there is nothing you can do to establish a HISTORY quickly. For the house, find a lender that still does MANUAL UNDERWRITING. That is what they ALL did before FICO. It involves actually looking at your income, assets and debt and making an actual decision about your creditworthiness.
2007-04-04 12:37:27 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
If the bank gave you a credit card, you can start building credit now.
Keep your credit card balance at below 50% of your credit limit and pay the bill in full every month.
Also, try getting a car loan. Most dealers have 1st time buyer programs. This will give you 2 revolving accounts.
This will help increase your score quickly
Good luck
2007-04-04 12:25:12 · answer #2 · answered by Matt 4 · 1⤊ 0⤋
Charge things on the card. Nothing you can't afford to spend cash one. Make your monthly payments on time, but leave a balance for at least three months. That way you've established an "on-time" payment history. Also, having bills in your name...land line phone, water/sewer/gas/electric, cable bill...things of that nature all serve to build your credit.
There's no *really* fast way to build credit. But that's the best way. After a few months, try for the cell phone again, and when you get it be sure to always pay the bill on time.
In the mean time, if you need a cell phone, get a prepaid version until you can get approved for a contract phone.
2007-04-04 12:27:51 · answer #3 · answered by Jenniffer 2 · 1⤊ 0⤋
There is no quick build to building credit. The best way to get a credit score though is to apply for a credit card. I have listed a website below that has a free consumer list of credit card companies that issue secured and unsecured credit cards to people with bad to no credit history. After about 3 consecutive on-time credit card payments, you will get a credit score. It may take up to 2 years of credit history to get your credit score to excellent.
2007-04-04 12:53:00 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Steven F said it best. Find a "manual underwriter" when looking for a home mortagage and you'll be fine on your interest rate, assuming you're not in heavy debt, and you pay everything on time.
Pay CASH for EVERYTHING ELSE.
2007-04-04 13:27:35 · answer #5 · answered by linkin 2 · 0⤊ 0⤋
communicate on your financial employer. they have some specific varieties of loans which will furnish help to to establish credit, they'll propose you ways to bypass approximately it, and that they could be waiting to furnish you a time-physique. stick to their instructions and additionally you would be on your way.
2016-10-21 01:16:02 · answer #6 · answered by ? 4 · 0⤊ 0⤋