how should i build credit?

[IamDeMan 5,000+ posts]

several diff options,
get a small credit card for say gas purchases and pay it off each month,

get a small loan from a bank and pay it off early or pay it each month

those are the 2 quickest ways to build up pos. credit. also paying off all old debt is a good thing also

This is really the only way. Staying away from credit won't get you a good score. Showing you can manage it will bring it up in a hurry. I had collections settlements when I was young as well. Over 7k worth. A year later I got a high percentage walmart card. Made weekly grocery shopping with it and paid it off each month. Eventually got approved for a visa starting at $500 and did what goddy is saying. You have to buy gas anyway. Every pump takes cards now a days so it's also convenient. Then pay that off routinely. Before you know approvals for car loans won't bee too hard.

 

[squeak9798 5,000+ posts]

That is strange, when I traded my cavalier in, the dealership paid off my car, well put 6000 towards it and added 600 bucks of negetive equity on my new loan. My credit score was in the low 600s and just was told by my cc company that I am over 700 now. So I think it helps to pay things off early sometimes.

That likely not due to you paying off that loan early, but due to other factors.

That and I didn't say it was never beneficial to pay off a debt. If you have 3 open installment loans and you pay 2 of them off (and not replace them with new debt)....sure, your score will likely go up some.

But that paying a loan off early is a bad idea if you are trying to build or rebuild your credit.

 

[dkguitarist 5,000+ posts]

i had my dad co-sign on a best buy credit card a few years ago. i got accpeted. i made my payments on time each month (6 month interest free payment plan) i paid it off and had great credit. now i have offers for platinum cards and whatnot. but right now, i'm paying on my best buy card again (bought xbox 360 and interest free til 08) so i'm building up my credit more. this is the second time i've used it in 3 years or so. i also got a copy of my credit scores (there's some sites you can get a free copy of your credit score like once a year) and there was nothing negative about it.

just my opinion.

 

[bigbangtheory 5,000+ posts]

That likely not due to you paying off that loan early, but due to other factors.
That and I didn't say it was never beneficial to pay off a debt. If you have 3 open installment loans and you pay 2 of them off (and not replace them with new debt)....sure, your score will likely go up some.

But that paying a loan off early is a bad idea if you are trying to build or rebuild your credit.

Couldnt say really. I do know I didnt pay off anything else and I have 2 cc's, one is maxed out and the other is half way there.//content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif I will have to try and call someone about it, cause I am wondering why it went up so much.

 

[Eugenics 5,000+ posts]

uhh im not gay.. but you must be insinuating that's the route you took to establish credit.. again, you're a fag

i've never had bad credit. im just telling you what i know from your blog at meatspin.com

 

[Good*Bad*Ugly 10+ year member]

Get a secured credit card through your bank.

 

[Eugenics 5,000+ posts]

chase platnum ftw?

 

[noob with an RS 10+ year member]

i've never had bad credit. im just telling you what i know from your blog at meatspin.com

you'd know what meaatspin is you fuccing queeer folk.

 

[Eugenics 5,000+ posts]

you'd know what meaatspin is you fuccing queeer folk.

what is your favorite mode of transportation

 

[psych0ticnemes1 5,000+ posts]

i just buy gas with it once a month and pay it off, works for me