Unfortunately, I dont have any credit cards (I get turned down) and my only bad credit is my student loan, which is now being garnished from my paycheck. I would like to get a credit card eventually.
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Sat, Mar 21, 2009
March 21st, 2009 at 10:56 pm
I have some tips for you
1. If you know a close friend or family member with excellent credit, ask if they would add you to one of their credit cards as an authorized user. You won't need a card as it would be for reporting purposes only. Whatever activity shows from the time that you're added will be added to your report as well. That alone will give your score a boost.
2. Apply for a secured card. Although you may get turned down for regular credit cards, you can still try to for a secured one. You would, however have to put a deposit upfront to secure the same amount in a line of credit, but the deposit goes into a savings account that's gaining interest in the meanwhile. Also, you can increase the credit line by adding to the deposit ever so often, which will look better in the long run becuase it would show that you're reponsible with higher limits. Managing the card properly by not maxing it out and paying on time for a year usually qualifies you for other offers for better cards, and the deposit returned back to you with interest.
March 21st, 2009 at 10:56 pm
DO NOT apply for any new credit. Only a "secured card" will work now…orchard bank has those for a minimum of $300 to get one.
OR
if you know someone you can trust, and that trusts you..who has excellent credit, ask them to make you an "autorized user" on their credit account…NOT a "joint account holder".
They don't have to physically give you the new credit card, but in a matter of days their positive credit history will boost your score possibly over 100 points. (I have done this).
good luck.
March 21st, 2009 at 10:56 pm
Read http://www.wisegeek.com/how-is-a-credit-score-determined.htm
March 21st, 2009 at 10:56 pm
607 is getting there and get a unsecured credit card, thats what I did from Orchard bank
March 21st, 2009 at 10:56 pm
In the eyes of creditors no credit history is the same as a bad credit history. You may get away with paying cash for your car but when you buy your first home it will come back to haunt you. Even if you can afford to borrow or pay cash try opening an account to buy your furniture, automobiles, or home improvements. A diverse credit background will help with your credit score.
2) Your credit report tells all. Do not lie or stretch the truth to lenders, banks, or employers. They will easily catch you and the consequences are not worth it.
3) Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all.
4) Starting early is always better when establishing credit history. Getting a teenager or college student a credit card is a great way to get their history started. For those who don't trust their child's judgment yet there are many prepaid cards that report to credit bureaus. Read more about it at:http://www.credit-card-gallery.com/article/136,Seven_Must_Know_Credit_Tips
March 21st, 2009 at 10:56 pm
get a secured credit card
March 21st, 2009 at 10:56 pm
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March 21st, 2009 at 10:56 pm
Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredit.html