One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks.
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Great suggestion to build credit, we had a similar post but it was discussing taking a loan out against and existing savings account.
Yes, this is a good suggestion. But, BEWARE... Some of these type of cards come with a HEAFTY service charge....
So, as with anything else... Shop around for the best deal!!!
credit cards
I have 2 credit cards..BOTH for 're-building credit'. Each one has a $300.00 limit on them. The % is a bit higher, but, they are on my credit as a 'positive thing'. Things like this DO help your credit. Thanks for the advice.
Yes and thank you for the site as well! I know it doesn't take long to get offers from unsecured cards, trick is finding one that doesn't charge a huge annual fee and the other trick is to get accepted for them. but like all of you have said, taking little steps, making small purchases and making the minimum payment and above will help.
I will have to go on the site and check it out, once I get my financial life in order, I figure I should be straightened out about January or February, not too far away, I am getting there slowly but surely.
Thats really neat that you have an end time approximation in sight, always helps and you're right, that time frame isn't far away at all!
Thats great goodnatured..... Seeing that your finances will balance out in the next couple of months!!! What a relief!!! eh? Couldn't ask anymore for the upcoming holidays....
no doubt that your determined to get your situation back on track and not only are you doing this for yourself, I've read some of your previous posts, you're determined to help other people too.
ireally need card to bill my credit up is there way you all can help me bill up my credit
Good, after you get caught up it will be really important to stay on track, if you can get current and stay that way for one year, don't apply for anything, have some negatives fall off as you mentioned in an earlier post, your credit score should really jump up. I think you are well on your way with your planning and sticking to the plan. Your ways of saving money, like coupons, building your own bed, doing your own car repairs can only accelerate this process, keep us updated. We will have Laura back you a celebration cake in February.
Count me in for sure :)
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I think it says "if you can read this credit repair should be simple
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Aren't 'secured' cards a LESS % rate than 'non-secured'? I've had both....it just seemed like the % rate, on BOTH of them, were about the same. I think because they were both for 'low credit, high risk' type of thing.
Hi sdchargers_63
A secured card requires you to maintain a savings account or other asset account in a bank as security for your credit and your credit will range from 50 to 100 percent of your deposit. The bank will pay interest on the deposit which is much higher than that on unsecured credit cards. The cost of borrowing is I think always less in case of secured credit cards as the savings account acts as a collateral in order to recoup any losses incurred due to non payment of the loan.
I believe anthony is correct about these cards. I am unsure though about how much the annual fees mught be.
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It depends if its a colnlctioes account. Collection account report on your credit for 7 years from the date of last activity. So if you have a colnlctioes with $10k and you did not make any type of payments to them, when your reach the 7 year mark it needs to come off of your credit. Now lets say you had it for 6 years and you make a payment to the collection company even for 1 dollar, your 7 years starts from the day you sent in the payment. I hope I made it clear for you.
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First of all, everyone who has ceidrt has some sort of ceidrt rating. If your accounts were paid off, it should actually raise your score, but not knowing the facts I can't really say. As to not having ceidrt rating for 6 years, I understand that bad ceidrt stays on for 7 years. You can try myfico.com to get a ceidrt rating. They give you 30 days free. For instance if your ceidrt report does not show much activity or if you are just starting out, myfico.com requires that you have at least six months of paying a few ceidrt cards in order to get a ceidrt score. It looks like you may need to re-establish new ceidrt if your ceidrt report was wiped clean or if your ceidrt score is low. I suggest you open secured ceidrt cards to re-establish ceidrt (Wells Fargo, Orchard, Bank of America) are just some examples. Once you make payments for six months, you should have a ceidrt score if you don't have one OR if you have a low score, it should raise your ceidrt score. However, that depends on establishing good habits of paying on time. Secured ceidrt cards are great because once you prove to them you are a good customer after one year, they convert your ceidrt cards to regular ceidrt cards and any balance from the secured ceidrt cards are returned to you, plus they report to all ceidrt bureaus you're great paying abilities on a monthly basis thus raising your ceidrt score, which is the ultimate financial goal for those trying to reestablish ceidrt. It IS doable. I did it! Now, I am enjoying Club 700 and all its perks but it took time, diligence and lots of patience.Good luck.P.S. I agree STAY AWAY from ceidrt repair agencies. They charge a lot for things you can do yourself and many times they don't help (see links below) Get copies of all your ceidrt reports and use a monitoring system like myfico.com to help you stay on track.P.P.S. Get your financial life back on track and raise your ceidrt score before you think of a mortgage. Having a low score will get you the HIGHEST interest rates, so have patience and RE-ESTABLISH your ceidrt before making such a big decision.