I was always told to stay away from credit cards and loans, but now i have no credit to do anything. whats the fastest way and easiest way to establish credit?
2007-04-14 07:44:56 · 3 answers · asked by ambular 1 in Business & Finance ➔ Credit
Apply for a credit card and USE IT RESPONSIBLY.
If you can't qualify for credit card, go to the bank you do business with, and discuss, if you make a deposit of 500 dollars to a savings account, have the bank LOCK the account, are they willing to issue you a credit card with a limit of 500 dollars. Many will do this. After few years of RESPONSIBLE use, they will unlock the account and you can withdraw the money. Until then, you cannot touch the money.
Remember, if you mess up, all bets are off.... and this is NOT a quick way. Since you don't have a credit, not many company will give you a loan at a good rate. Unless you are willing to pay HUGE interest, I don't suggest any retail loans...
2007-04-14 07:50:22 · answer #1 · answered by tkquestion 7 · 0⤊ 1⤋
Apply for lots of credit cards and loans! Your credit score will sky rocket!
2007-04-14 16:09:15 · answer #2 · answered by Young and Famous 3 · 0⤊ 0⤋
Get a secured credit card. Works like any credit card. However, this is pledged against a fixed deposit you cannot touch unless the card is closed.
2007-04-14 15:03:50 · answer #3 · answered by Ferd 2 · 0⤊ 1⤋