Need Help With Credit?

Question

People told me to get a credit card. I tried and they all rejected me. What can I do? If you read my last question. I did what I was told and I don't even know what to do. I really want to build credit.

Answer 1

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

Answer 2

Bank of America used to have a 99/500 card where you put down $99 and they give you a $500 limit card.

If you can't get approved for that, the only other way to get a credit card is to get what's called a "secured card".  This means you go to a credit union (or bank) and give them $500.  In turn, they give you a credit card with a $500 limit.

Answer 3

1. Order your credit reports from the 3 bureaus

www.equifax.com

www.experian.com

www.transunion.com

If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.

2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info

3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.

4. If they will not remove something that is not yours or too old (> 7 years) as them for a debt validation. This may take an additional 30 days.

5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.

6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.

7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.

8. Problem with just letting them 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.

For the 2 collection items...pay them but get a 'pay for delete' from the collectin agency in WRITING...they'll delete it after you pay and it will help your credit score

Answer 4

Sorry dear you are SOL.  Being uneducated and only 18 I suggest you live off of mommy and daddy until you grow up and face facts.  You can't do anything in life short of prostitution or drug dealer without an education!