Are there any other ways to build credit for the first time?
2007-06-13 16:46:09 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes you can do it in small amounts such as 500.00. Another way is to see if your back offers things like my bank. a secured loan through your savings. You put a minimum amount in savings and borrow against it. wither way you are still earning intrest the difference is one pays more intrest and one allows you to have that money without penalty when the loan is completely paid.
2007-06-13 16:49:42 · answer #1 · answered by hourglass_beauty 4 · 0⤊ 0⤋
Absolutely! I work at a bank and this is the number one product we offer to customers that are looking to build their credit. Another option you may want to look into is a prepaid credit card.
2007-06-13 23:55:21 · answer #2 · answered by Texas Girl 3 · 0⤊ 0⤋
It's a great idea as long as you can make the payments. Pay at least 12 payments so you could get a good payment history.
2007-06-16 17:42:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. No one considers a fully cash collateralized loan a true loan.
2007-06-13 23:53:48 · answer #4 · answered by Common Sense 7 · 0⤊ 3⤋