How can I start to build my credit?

January 7th, 2009
  • I DON'T HAVE BAD CREDIT BUT I DON'T HAVE NO CREDIT...HOW SHOULD I GO ABOUT IT TO START TO BUILD MY CREDIT?
    I'M 30 YRS OLD AND I ALWAYS PAID EVERYTHING IN CASH.
    WHAT SHOULD I DO?


  • There are many credit cards available to people with poor / no credit. Orchard Bank and First Premier are two of the most popular issuers. You'll also have to decide between 'secured' and 'unsecured'. Since you won't pay a security deposit with an unsecured credit card, I would try that first.

    --------------------------------------...
    http://www.bestcreditrates.net


  • Keep paying in cash. That is the best way. A credit score is a debt score.


  • get a card, put a couple of payments on it a month but be responsible one or two things maybe keep yourself under a hundred bucks. and then at the end of every month just make sure you have the cash. and pay it off.
    or being as you pay in cash now use the card and put the cash to the side in a safe place that way at the end of the month you have all that's money that's due and you can simply pay it off..... just be careful and be responsible


  • First off, let me start by saying that you don't have to be in debt to build credit. It used to be where paying rent, utilties, insurance, among most bills never built credit when you paid them but hurt your credit when you didn't. Well thanks to PRBC, a new credit bureau, all that's changed now. You can start having your accounts like the ones I mentioned report as positive credit. You pay, or you've been paying these bills all along anyway, you may as well start building credit with them. PRBC has teamed up with Fair Issac, the maker of the FICO credit score to create the FICO expansion score for people that don't use traditional credit accounts like loans and credit cards, but still would like to build credit. I posted more links that explain in detail below.

    Also, if you do have to get a credit card, apply for a secured credit card. These require a deposit which is used as collateral in order to establish a credit line in the same amount. For example, if you deposit $300, then your credit limit's $300. By using your own money, you have something to lose (in the deposit) which would give you the incentive to keep the account in good standing, especially since the deposit could be given back at some point later on. I've posted links to some secured cards as well.


    Hopefully, this will help you


    Good luck!


  • I'd start out by getting a copy of your credit report to see where you stand, by law you are entitled to one free credit report from each of the major credit agencies.

    To build your credit you will have to start using credit cards to have a financial history of paying, be sure to pay on time.

    For more information on building your credit read this article:
    http://monitorbankrates.com/how-to-build...


  • we're in the same boat... people have suggested to me, things like: getting a gas card. start off with something you know you can keep track... as time goes by you build up your credit slowly but surely... doesnt have to be a gas card, just something along those lines. good luck!


  • well first you must get a secured credit card. do your research about credit cards and interest rates.

    I found this interesting article you should look at.
    http://banking.about.com/od/loans/a/buil...

    Remember to build good credit..make payments on time and only use what you know you can pay back.

    hope this helps.


  • there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices.

    http://fastcreditcardapprovals.com/


  • What I did is got a credit card and put everything that I was buying over $50 on it. Then I would pay it off every couple of weeks to make sure that I wasn't charged interest. If you have the money (which clearly you do) why not just put it on creidt and pay it off with the cash?

    Another bonus of this is that a lot of credit card companies have benefits to using the card. I get air miles on mine and have taken two free trips from points I've collected.







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