I am a 50 yr. old with no credit . I never had a credit card and have only had 1 loan when I was in my 20s.?

Question

How can I build my credit fast? Also I have a medical bill that has gone to collections I owe 600.00 dollars on. But that is it. Really I need to know where I can get some good advice. I have a good job that pays well and have be in the same business for 20 years. Also I am female (if that matters)

Answer 1

There is no quick fix to improve your credit.  It will take time and diligence on your part.  For more information and some cool tips, check here: http://www.bills.com/improve-your-credit...

Answer 2

Don't know what city you are in,but go to www.dave ramsey.com He can help you with your answer,and he is very

honest!

Answer 3

Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop around and compare interest rates<!--loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You may find bad credit loans here,

http://badcredits.awardspace.com/

Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies and can get a good idea of what each can offer you in terms of interest and other finance charges and fees choose the best one for your needs-->and apply for the loan.If possible try and avoid taking out secured loans. If the amount you need to borrow is small or you have good enough credit to borrow without collateral, then do so.

Answer 4

It's ok if you don't have much credit. Here are 2 things that you can do. First, pay off the collection thing. Then if you have money saved up. I would do 2 things. Apply for a secured credit card. make purchases then pay them off. Also, take out a cash secured loan. Take one for like $1,000 or $2,000 for 3 or 4 years. Make all payments on time. Also, get a copy of your credit report from all 3 agencies. there may be things on there that you do not know about. Then pay them off. This will really boost your credit score fast with your payments and removal of negatives. Gender does not matter fyi

Answer 5

Just take credit and pay it in time, and your credit score will be set. To avoid common mistakes while buiding credit, I recommend this one - http://freecreditreport.deep-ice.com - to monitor changes in you score and pre-estimate future scores for different scenarios of payments.

Answer 6

Like others have said ... there is no "fast" way to build credit ... it is purposely slow to show a history of good behavior.  Anyone or any company that says they can repair your credit or improve your score fast is a scammer and you should avoid them.

Now ... the bad thing in your case is that because you haven't used credit cards and only had 1 loan 20 years ago that now will not show up on your report ... you really have no GOOD information on your report and a pretty serious bad one (a collection is really bad even if it's not a lot of money).

How much money you make is not relevant ... credit history is a function of how you pay your bills and are you responsible.   If you make a million dollars a year, but are always late paying your bills your credit history will still stink.  Likewise ... being in the same business for a long time and being female are not relevant.  Neither will help (or hurt) your credit history.

The best advice I can give you (beyond consulting with Dave Ramsey as another person recommended) is contact the collection agency and sit down with them to discuss your case.  I have seen them SOMETIMES remove negative information from your report if you pay the bill in full AND pay them their fees (maybe $50 - $100).   Even doing this you may have to be persistent to get them to consider removing it.  

BUT ... time is of the essence ... if you want any chance of them taking it off ... you need to contact them right away ... before this gets old and stale.

Good Luck.

Answer 7

If you have a good job that pays well, it was foolish to let a $600 bill go to collections.  That sets you back on your credit-building efforts.

Answer 8

Quick ways to gain good credit history is to see if you can get someone to co-sign for a credit card for you.

Go for a low limit card.  Give the person who cosigns the limit money in advance for "insurance".

You can get a basic card with a 300.00 limit.

By giving them the money in advance, they know they will be able to pay the debt if you don't.

Then, use the card sparingly.  Charge only 15.00  a month on it, and pay it in full every time.  This will show up on your credit reports as positive!

Other wise, you might try to get a secured credit card.  The fees are very high, but they do report to the credit bureaus.