A way to build credit.?

Question

My credit is terrible due to the fact that I was dumb and didn't care in my twenties. Everything we have is in my husbands name. I would like to build my own credit with the bank that we currently bank with. I was thinking of borrowing against my car that is paid off and in my name only. That way at least I can build credit with my bank. What do you think and any other ideas would be great. Serious answers only. Thanks

Answer 1

You're married.  You need to put everything into BOTH your names.

And getting a car loan on a paid for car is just begging the repo man to visit.

All you're doing now is going into debt now, so you can go deeper into debt later.  Ask yourself "Who cares if I have bad credit?"

You'd be better off just showing up at the bank and saying "I have $500 cash, I'd like to buy some FICO points".

Answer 2

Join a credit union, open a Christmas Club Account, and have $15.00 a week put in, or as much as you can spare.

Wait 30 days, go to the credit union and get a small signature loan Credit Unions are more lenient than banks.

$500-1000.00 You can use your car as collateral if they want something. Put the money in  a savings account.

make the payments out of the savings account.

Pay it off with in 6 months (in the mean time you are earning intrest on the money in savings account)

and it looks good that you have a savings account with something in it.!

Then when that is paid off wait 90 days, then apply for a car loan or a credit card through the credit union.

See what happens.

If you charge on it pay it off quickly above the minimum.

If minimum is 20.00 pay 35.00

etc...

This will boost your credit store.

Any credit limits you get on credit cards, you should NEVER charge over 1/2 of your credit limit.

This will make your score dip.

You want to have open credit you are NOT using.

Answer 3

That is a VERY good idea.  Make an appointment with your banker, dont forget to dress comfortably but very presentable and traditionaly.  Bankers love that. Start with a small amount as that u will b able to pay easily.   When that is paid off, and if you can pay it off early, take on another larger loan and do the same.  This will def put you in a better light.  Be sure and discuss this rating situation with your banker.  This will also please him. God Bless

Answer 4

I have to wonder why everything is in your husbands name and he left you out of all the credit possibilities.  You should first open a savings account and put a little away each month.   Banks and others see this as a fact that you have some stability and interested in the future.  Next, get a credit card, use it but make sure you pay it off each month.  Tell you hubby that you want to take over the power bill and put it in your name or both and pay it each month.  All of these will help you with your credit.  It is a smart thing to do for your future protection and you are wise to look for a way to do this.  Best of luck!

Answer 5

http://www.wikihow.com/Build-Good-Credit

Answer 6

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/

Answer 7

The best, fastest way to build good credit is to get a credit card (even if it is a secured credit card, meaning the credit card company holds your cash as a security deposit).  Then, charge 1 item, max, to your credit card every month, and pay it off as soon as you get the bill.  In about a year, your credit score will get a big boost.  Good Luck!

Answer 8

The best way to do this is to borrow without borrowing against something that will depreciate.  If you have your loan against your car, your balance sheet, and your applications for loans, will not look as good, because the car isn't liquid and is depreciating quickly.

The best way to handle this is to borrow funds just to hold on deposit, make some interest payments, then give back the money on deposit to pay the loan off.

If you agree to just hold the funds on deposit, you can borrow them with NO CREDIT CHECK from creditloader dot com, for only about 5% apr.

This way you always have a deposit while you have the loan outstanding, not just a depreciating car, furniture, or whatever else you could finance.  Easy to pay off, too.