I am 27, I have never had a credit card. I’ve never got accepted. I recently got my 3 credit scores from my bank and my numbers are horrible. On my record it shows one item that doesn’t specify what it is and I don’t recall it either (as I’ve never been allowed a credit card) And it shows the car I purchased but sadly it got repo. I only owed ,000 left on it. And that is all I got on my record. I stopped trying to get credit from places like Target because I never get accepted. I really have no clue how to build my credit. Any tips can help. Thank you.
what is a secured credit card? I have a a pre-paid credit card, but that’s it.
and I had to go to the DMV because the people that I got the car from allowed someone else to drive it after I gave it back and I received the ticket they got in the mail, as well as my boss receiving letters from the IRS to deduct money from my checks to to tickets on the car. I had to go to the DMV to show the proof that the vehicle was not under my name when any tickets where put on it.
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Thu, Sep 9, 2010
September 9th, 2010 at 9:48 am
There are a few factors that go into calculating a credit score. The number of hard inquiries is one of them; applying for credit at multiple places looks like you desperately need it and each one hurts your score a little bit. The repo will hurt for a while. Negative items stay on the credit report for 7.5 years after the last missed payment. That entry you don’t understand may be a collection agency that bought the car loan account. Basically, the only items on your credit report are negative at this point. So it’s time to start building positive credit. Keep current on all your other bills (cell phone, electricity, etc.); they don’t report to the credit agencies unless you get behind on payments, but this will avoid late fees and prevent further negative entries on your credit report.
To build a credit score, look into a secured credit card. A secured card means you put the money down up front. The credit limit will be equal to the amount you put down. Creditors do this to ensure they can take the money if you miss payments. These cards usually have fees and high interest rates and vary greatly; shop around before deciding on one and definitely see what your bank has to offer. Most importantly, make sure the card reports to the credit agencies, otherwise it’s not building your credit score. Once you have the card, keep the balance below 30% of the available credit limit and pay off the entire balance each month by the due date. Often, secured accounts can become unsecured accounts (regular credit card) after a year or so of showing you’re responsible; when that happens, you get your deposit back.
September 9th, 2010 at 9:48 am
1. If you don’t already have them, get a checking and savings account.
2. If you don’t already do this, put all bills in your name. Cell phone, utilities, car insurance.
3. Get a secured credit card.
4. Inquire about the item that you don’t recognize.
5. Stop constantly trying to open new cards. All the inquiries can lower your credit score.
Go to a retail store (like J. Crew or Macy’s) and get a pamphlet for opening a card with them. CALL the credit card folks and ask them if with your credit score, a repo, and not a lot of credit history, if they would open a card for a very small credit limit. Like $50. Use it responsibly and pay it off each month and in a few months, request an increase.
You could also attempt this with a gas card as well http://www.chevrontexacocards.com/
September 9th, 2010 at 9:48 am
What do you need a credit score for? Most people are just using cash nowadays, since the economy meltdown.
Besides, it sounds like credit isn’t good for you. Don’t believe all the sales hype that people *need* credit in this day and age. Just marketing crap from rich bankers.
I know it doesn’t answer your question directly, but at least think about it.
September 11th, 2010 at 9:19 pm
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