SERIOUS thread about building credit - SERIOUS posters only

[the.gladiator1987]

Out of all places to post this question here I come to EF C+C. Great, anyway I need to rebuild my credit. I currently have acredit card that has a $300 limit and its sitting at 250. Im paying that off in 2 days.

Should I get a secured credit card as well to help build my credt faster? What else can I do for better credit in the shortest amount of time

 

[bakemeacookie]

No. credit is overrated (guess what put us in the shape we are today? lol). Put money in the bank/securities and when it comes later to buying a house - simply spend more time shopping, put more money down, buy a condo or cheaper house, or get a co-signer. Dontt waste your time making OTHERS money. That's the big credit scam going on. Worst case - go get a cc and just pay it off every month or pay off a new car (btw: paying $50 a year to have a $500 cc you pay every month and keep it two years (total $100) isn't gonan do you squat). google "secured cc" for more info on scams.

People want to have good credit so they can borrow the most and buy the most expensive house they can. And that's what gets them in trouble - and hence why 'credit' is so dangerous and have gotten millions of idiots right now in such shit.

c

 

[Wulfgar]

its not easy to build credit with the financial system the way it is. CC companies and commercial banks are tighter than a virgins honeypot when it comes to giving out cards. u are smart to begin with a secured credit card... just use it, pay your bills on time. and wait...time and consistency build credit

 

[mustang_00]

some of the secured credit cards are in fact scams. so watch out. they interviewed some dude on the today show about pre paids and him along with a lot of other people agreed it was the fastest way to build credit... i think suze orman did a segment about it too

 

[the.gladiator1987]

thanks guys, the wells fargo banker girl told me that a secured credit card could get me 100 points on my credit score in a year, of course my credit score is probably around 400. Horrible I know.

So the best way is to just be consistent with the credit card I have now (capital one), and maybe get a secured card later? I just want enough credit to buy a bike for 10,000

 

[ponyfitness]

thanks guys, the wells fargo banker girl told me that a secured credit card could get me 100 points on my credit score in a year, of course my credit score is probably around 400. Horrible I know.

So the best way is to just be consistent with the credit card I have now (capital one), and maybe get a secured card later? I just want enough credit to buy a bike for 10,000

How did that happen? You may have to wait out the process and have those black marks fall off of your rating, although here that takes six years. I went through it.

As for secured credit cards, I did it and it helped - just be perfect on everything from now on and it will go up. I went from 550ish to now having about a 700 (which according to equifax is still low but much better). But that's because a write off I got when I was 24 fell of of my rating finally.

 

[the.gladiator1987]

How did that happen? You may have to wait out the process and have those black marks fall off of your rating, although here that takes six years. I went through it.

As for secured credit cards, I did it and it helped - just be perfect on everything from now on and it will go up. I went from 550ish to now having about a 700 (which according to equifax is still low but much better). But that's because a write off I got when I was 24 fell of of my rating finally.

A collection with a bank, and having a credit card that half the time was over the limit. I honestly just want to improve my credit score so in 2 years i can put 3000 towards a car/bike and be able to finance the rest. Would it be smart to have a secured cc and my capital one and use them both each month?

 

[joe d]

nearly max your card every month and pay it every month. in a few months they will probably extend your credit a little bit. if not ask them to. after that just use 2/3 of it. dont go over that and pay all bills on time. you can get a free credit report from all 3 credit buroughs by contacting them online. this will show you any debts you have to clean up. doing that and having a proof of a suitable income will be all you need for an auto loan in the time rame you gave. during that time take the credit card offers you get but after you get multiple cards just use 30% or less of the available credit.

 

[Rachel...lol]

yes, secured card through your bank is a good idea - i used to work for a bank and credit union, and we advised this as a credit builder. Also you said you do have a CC already - try and see if you can get the limit raised, but remember to generally stay under 30% or so of your available balance. If you do put a large purchase on it, and then pay it off, that is good as well, but don't pay it off completely. It's strange but part of credit building is showing that you can carry and manage a small amount of debt.

 

[cindylou]

people want good credit so when they buy a house or need a loan they can get the lowest interest rate possible.