How do I build my credit?

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Anonymous

Asked by Anonymous at 9:16 PM on Dec. 2, 2008 in Money & Work

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Answers (10)
  • Get a family member to add you as a secondary so you can earn credit without them actually having to send you a card. If you also need the credit card get a secured card-companies will usually reimburse you your deposit WITH interest, or you can just apply with a guarantor(like a co-signer) who has a descent score.
    Anonymous

    Answer by Anonymous at 9:18 PM on Dec. 2, 2008

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  • You can build some credit also by buying things twelve months same as cash, or six months -- say some furniture, make your payments faithfully and PAY IT OFF -- this helps build credit.
    KnoxvilleDoula

    Answer by KnoxvilleDoula at 10:14 PM on Dec. 2, 2008

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  • Are all old collection or past due accounts paid off and caught up? Instead of going into debt, I would just give it a couple years for some of the bad stuff to drop off. Pay all your bills on time every month. Then worry about your credit.
    Anonymous

    Answer by Anonymous at 10:27 PM on Dec. 2, 2008

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  • The prepaid card will help you build your credit but it's slow. GOOD LUCK!!!
    rocamom

    Answer by rocamom at 10:46 PM on Dec. 2, 2008

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  • If you can borrow from the bank, then borrow say $500 and pay it back. They will increase your credit line when you're done. Kepp borrowing and paying it back. It is faster than the prepaid credit card.
    Avon_Calling

    Answer by Avon_Calling at 1:40 AM on Dec. 3, 2008

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  • I respectfully disagree with Avon_Calling's advice. Habitual borrowing and opening alot of accounts in a short period of time, especially with a short credit history is detrimental to your credit even if with responsible management of the accounts. Make sure any debts you owe that are in repayment are always paid on time, and pay at least $5 or $10 over the minimum (if you can). If you can't, overpay the minimum on your biggest debts first. If you have a good payment history, your credit will improve within six months and continue to improve thereafter. If you have a responsible and willing second party, get a credit account or loan jointly with them in about six months from now (but do NOT access the funds, PLEASE!). Make sure your bank account is in good standing. Be careful to not overdraw, and if you do fix it immediately. If you don't have a bank account, open one. Even if it's with $5.
    mommee_b

    Answer by mommee_b at 2:21 AM on Dec. 3, 2008

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  • I dont believe having yourself as a secondary to someone else card will do anything for your credit, but i am not sure.

    go with the prepaid card. if you cant get any other card then it is going to be hard to get a bank loan. and the more you apply, the worse your credit is going to get because you look too eager to get credit. go with the prepaid card and use it a little, and pay it off every month. in 6 months you will be getting regular credit card offers in the mail - look at them closely and select ONE to apply for. if they turn you down, continue with the prepaid, then apply again in another 6 months. good luck!
    Anonymous

    Answer by Anonymous at 5:49 AM on Dec. 3, 2008

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  • Try a Secured Credit card... it's similar to PrePaid because you have to put up some money in the begining but you'll have a monthly bill so it's not prepaid... You'll have to put up some money as a security deposit... Also try getting store spacific cards like JCPennies or Macys. They are a little easier to get because you can only use them at the stores...

    Try here too--> http://www.badcreditoffers.com/creditcards/
    SabrinaMBowen

    Answer by SabrinaMBowen at 9:43 AM on Dec. 3, 2008

    Credits: 122985 Level 40
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  • Me and my kids use facecard. Its free to activate with no monthly fees. If you go here http://members.facecard.com/ and enter referral code HOLIDAY CB they will put $10 on your card for free. Also im running a contest where I enter everyone in a chance to win $50 for signing up with the code HOLIDAY CB.
    Anonymous

    Answer by Anonymous at 10:03 PM on Dec. 14, 2008

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  • Are all old collection or past due accounts paid off and caught up? Instead of going into debt, I would just give it a couple years for some of the bad stuff to drop off. Pay all your bills on time every month. Then worry about your credit.

    From what i have heard everything stays on your credit forever unless you ask for it to be taken off. And they don't have to take it off at all :(
    Anonymous

    Answer by Anonymous at 4:44 PM on Nov. 18, 2009

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