Building up good credit quick!?

Question

Here is the deal:

I have absolutely no credit at all. I've always paid everything cash. Now, I'm starting to realize I need to build up credit. How can I build up good credit quick?

I've heard that some secured card are bad because it shows on your report that you have a secured card, while others aren't bad.

Is being added as an authorized user to an account in good standing a good idea?

What tips do you have on building up good credit quick?

Answer 1

Next time you need to buy something, like a TV or a couch, buy it at a local store that will offer you credit. Make all the payments on time or early, but don;t pay it off all at once.
After 3 or four months, go to a local bank for a credit card. Pay the whole balance on that every month. In a few months you'll have 2 good references, and you can get more then.
On the other hand, if you screw up on one of those, you're probably toast.

Answer 2

Building up good credit takes patience. There was a time when you could become an authorized user on someone else's account to help build your credit-- but those days are over. Also referred to as "piggybacking", Fair Issac Corp (the company that issues credit scores) announced they will no longer take into account activity as an 'authorized user'. Here's an article that covers the details:

http://www.asapcreditcard.com/blog/creditnews/no-authorized-user-piggybacking

At this point, you're going to have to build your credit the old fashion way. First you need to establish a line of credit somewhere and make regular, on-time payments. If you have little or no credit history-- here's some credit cards that can help:

http://www.asapcreditcard.com/poor-credit.html

Eventually, you'll be able to build up some credit history and move on to bigger, better things. But for now, you'll have to start out slow with a small line of credit (which may have a higher interest rate and some additional fees).

Hope this helps. GOOD LUCK!

Answer 3

A secured credit card is a good way to build credit, just be careful and do your research before choosing a bank to go with. Orchard Bank is the one I used, I had no credit a year ago now I have good credit. Just buy spend like 10 bucks on it every month and pay it off on time, you'll start getting offers for unsecured cards in about 6 months.

Answer 4

Get a credit card like a mastercard or a visa. Charge everything on it and pay it off right away without leaving a balance. You can also be add as an authorized user on someones account and on your credit report it will show you are a authorized user since the year that person had the card on most credit cards..... You will build your credit and be on your way to having good credit as long as you pay your credit card on time and are not late.....

Answer 5

You actually build up credit quicker on a credit card if you DON'T pay the entire bill off each month. Shop around for a good, low interest card with no annual fee. Put a manageable amount of charges on it (preferably something you'd have to buy anyway like groceries or gas--don't go crazy with non-regular charges), and pay it off over a few months. You'll have to decide how much in extra interest you're willing to pay in order to build up credit faster than just paying off the bill every month. If your interest rate is not too high on the card, it shouldn't be too difficult to do without racking up huge interest charges.

Answer 6

Start by applying for gas cards or department store cards. Instead of paying cash, charge them and pay off the charges immediately. After you show some positive credit ratings, apply for a low credit line credit card and do the same (charge on it and pay right away). The more positive ratings, the more credit will be extended to you and you can build your way up.

Answer 7

This is a repair trick, but it works for building it initially.

Go to your bank and take out a CD for 6 months. Then the same day or next day take out a loan using the CD as collateral.

They know you have the funds and you can cover. Just make sure you pay on time every month.

Then, if you want, you can use the money you borrowed to take out another CD at another bank. Take out a loan at their bank as well.

Overall, you'll lose a little bit in terms of interest, but what you can gain in credit will more than make up for it.

You can build a monster score this way.

Answer 8

There is no way to build good credit fast. It is at min 30 days before any credit will report. For most placed you need to have at least a 6 month history for them to even look at it.
Think about it before you go in to debt is it worth it?
Good luck

Answer 9

Orchard Bank and First Premier Bank are two unsecured cards that are easy to get with no credit. They will also help build your credit rating.

Answer 10

Maybe you can try below website to get the information you need. It's about increase your credit score articles for your second opinion.