Getting in the Credit Game
Establish & Build Your Credit
If you score’s low because you don’t have enough credit history or long enough credit history, then you need to build credit. — How am I supposed to build credit if I’m turned down if I’m turned down because I don’t have credit?!!!
Here are Secrets for Building Credit
1. Start small with credit union, low limit cards, retail cards, jeweler accounts, new-credit auto lenders, etc..- stuff they will give to a person who’s a little new to the game.
2. Get TRUE secured credit cards from your bank or online. With these, you pay an amount (say $300) and they give you a $300 card. Not sexy, but it’ll do for now. Don’t go for oneof the dozens of high fee, unsecured cards that everyone’s pitching on the web. Your better off with a simple secured card.
3. Get someone with perfect credit to add you to a couple of their long history (four years is great), no late pay, high balance cards as a joint or authorized user. Shazam! You adopt your friend’s good credit account. You never even have to touch the card. (If your friends ever late paying the card, through, you’ll get the bad marks, too.
4. Get some trusting soul to co-sign on a loan in your name. This is a good way to start credit and ca be a fast way to burn an otherwise beautiful relationship. *Be careful with your friend’s good name if you do this, pay your bill on time!!!!
5. Don’t over do it. Don’t apply all over town. Four cards total is plenty. Add an auto loan and maybe a home someday and you’ll be on your way to credit nirvana.
6. Pay all your cards off first, then close your most useless cards until you have four cards left. Make sure to keep your oldest card open.