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Thread: Building credit

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    #1

    Building credit

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    I hardly have any credit. DH and I have talked about getting me a credit card solely to build up my credit. For instance, only use it for purchasing gas and pay it off each month.

    Any other suggestions?
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    #2
    I think a credit card can be a good idea. Especially if you get a secured one, then there's that extra safety net but you can still build your credit.
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    I need to build some credit up badly too! One of my mom's friends suggested I get a small loan(like less than $1,000) and keep the money from the loan and pay it off that way,I thought that was a good idea.
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    #4
    Getting the credit card can help. Using it and paying it off every month is ideal but also remember that credit used vs. credit available is also used in calculating your score. Never let the amount you use on the card each month do over 20-30% of the credit available to you and you will see your score skyrocket.

    The two biggest things you can do to build your score will be consumer credit (a credit card) and certain types of loans (the loan is secured against something, a car loan or a mortgage). Having both types of things on your reports with good history will boost your score.
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    A credit card is a really good start. You will probably only get a small limit, but if you put a little bit on it, and pay it off immediately, your score will keep rising. A small loan is also a good idea, but a CC is probably the best place to start so you won't have an astronomical interest rate on a loan. Do you have a regular bank? If so, call them, or go into a branch and have a talk with them. Bankers are there to help you build your financial history, and will know which card is good for you.
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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    to all of the above!

    If you can't get a card from your bank, try a store CC like Macy's. That's how I started out.

    br33 is my professional deployment twin
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    #7
    At our bank I think with our secured credit cards there are limits as low as $200. We just started offering them so I'm learning more about them! I think the secured cards are an awesome idea.
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    #8
    Quote Originally Posted by Tojai View Post
    At our bank I think with our secured credit cards there are limits as low as $200. We just started offering them so I'm learning more about them! I think the secured cards are an awesome idea.
    What is a secured CC?
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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    #9
    Quote Originally Posted by azarmygf View Post
    What is a secured CC?
    It's basically a credit card with some kind of collateral. Like if I wanted a card with a $500 limit, I would make a deposit of $500 or more into an account or CD and that "secures" the line of credit. I would still make monthly payments on the card like any other credit card, but if I didn't make payments for whatever the reason, the bank could collect from that account to make sure they got their money. We recommend them to our customers who want to build credit but don't qualify for an unsecured card (or aren't able to get the interest rates they want), or some people are just averse to credit for whatever reason.

    I know some places offer secured cards that can use property as collateral too (like a house or a vehicle) but I don't know as much about those cards.
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    #10
    Quote Originally Posted by Tojai View Post
    It's basically a credit card with some kind of collateral. Like if I wanted a card with a $500 limit, I would make a deposit of $500 or more into an account or CD and that "secures" the line of credit. I would still make monthly payments on the card like any other credit card, but if I didn't make payments for whatever the reason, the bank could collect from that account to make sure they got their money. We recommend them to our customers who want to build credit but don't qualify for an unsecured card (or aren't able to get the interest rates they want), or some people are just averse to credit for whatever reason.

    I know some places offer secured cards that can use property as collateral too (like a house or a vehicle) but I don't know as much about those cards.
    Hmmm interesting. I'm thinking thats what the Chase Liquid card is? (Not sure if you're familiar with it though)
    R.I.P. My Love, Everyone was supposed to come home together, I'm sorry you had to come home early
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