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Building credit

Posted by on May. 24, 2013 at 2:53 PM
  • 4 Replies

Anybody know anything about this? How can I do this?

by on May. 24, 2013 at 2:53 PM
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Replies (1-4):
a_and_j_momma
by on May. 24, 2013 at 3:27 PM
Buy a car, make payments on time

Get a credit card, keep a low balance and make payments on time

MommyStar3343
by Member on May. 24, 2013 at 3:32 PM
Any credit cards that will accept you with little or bad credit?


Quoting a_and_j_momma:

Buy a car, make payments on time



Get a credit card, keep a low balance and make payments on time




MommyStar3343
by Member on May. 24, 2013 at 3:34 PM
Any credit cards that will accept you with little or bad credit?


Quoting a_and_j_momma:

Buy a car, make payments on time



Get a credit card, keep a low balance and make payments on time




celticdragon77
by on May. 24, 2013 at 6:28 PM
1 mom liked this

Well, some of this depends on where you are starting from; no/little credit -or- minor/ moderate/ severe bad credit.  

At one point I had bad credit. Mine was NOT from credit debit. It was all from medical bills. I had paid off all the debt (took awhile), but my credit was still too low to do anything with it (despite being debt free).

What hurt me most was that I had never had any sort of credit (loans, credit cards, etc). I just only had the medical debts.

I wanted to buy a house though - the financial person told me that to rebuild my credit - the best ways were to take out secured credit cards (after awhile you can bump up to a regular credit IF you want - I personally never did) AND to take out secured loans through the bank (tell the bank that you are trying to fix your credit and you need to have this show up on your credit report). He also, surprisingly, said to make sure that all the utility bills were paid up to date and on time.

You have to show some track record of having open AND active accounts that are consistently showing that you are being responsible about paying things. Over time, your credit WILL improve! 

Do not try to open too many lines of credit. 

Live in the sunshine, swim the sea, drink the wild air... Emerson   This mama is the group owner of Education Station and Montessori, has three kids 17, 10.5, 9 yrs old, works, homeschools in S.E. Pa, and explores life + varied interests. 

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