I will be graduating college in December, my career is already set. I would like to buy my first new car and I also have an interest-free home loan from the military I would like to use. I need to build my credit score, how did you build yours or how do you help others build theirs.
2007-06-25 13:38:21 · 4 answers · asked by Seeking 1 in Business & Finance ➔ Credit
Try to come up with $500 cash. Then go to a major bank and ask for a credit card. Give them the $500 and get a credit card for $500. This is a secured credit card. Now MAKE SURE you pay ON TIME and pay more than the monthly payment amount.
Then do it again with another bank. And another. Do NOT be late. Slowly but surely they will begin to raise your limit and finally give you a tiny amount of credit.
Also apply at clothing stores or Home Depot, etc. They may give you a very tiny amount. Pay it ON TIME and slightly more than what you owe each month.
2007-06-25 13:43:35 · answer #1 · answered by moondrop000 5 · 1⤊ 0⤋
Moondrop has a good answer. My credit blows and I got 500 bucks together and used that money as collateral for a 500 dollar loan. I then used this money to go to another bank and take another 500 dollar loan using the money as collateral. I did this routine three times total. This gives me three trade lines on my credit that are good. It shows as having three loans out with payments current. And the loans are small so the payments are easy. In six months the loans are all paid and my credit has improved dramatically.
2007-06-25 13:57:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
"Credit" is just that, credit. Its your ability to be a "creditable" person and make payments. Therefore, you need debt to pay off to show lending institutions that you can handle and pay off debt.
Get a credit card, use it BUT pay it off every month.
A QUICK trick to getting credit is to buy a $10,000 private car with a credit union loan. Then quickly put that car back on the market to sell privately. Then when you sell it, you take than money and pay off the debt to the credit union. ALL OF A SUDDEN YOU HAVE A $10,000 DEBT THAT YOU PAID OFF!! When agencies "pull" your credit, they'll just see a $10,000 auto loan that has been paid, and it'll help!
Hope this helps!
2007-07-02 14:22:55 · answer #3 · answered by rynoh 2 · 0⤊ 0⤋
Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know "How to build credit rating, credit score" plz follow link-
http://k7c.info
2007-07-01 15:49:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋