Quote:
Originally Posted by collegeboobies
FICO is changing things, after spring 2008, authorized users are no longer reported for on time payments.
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Correctamundo.
As for building credit, or rebuilding, you need to get a credit card. Even if secured.
Always make more than the monthly, do not go over the limit, request a credit increase twice a year (good companies will do this for you. shitty rebuilders will not always).
Once you get to the one year mark, call your company and ask them to raise your limit, drop any annual fees, whatever. Also looking for a larger limit card. Consolidate, and close out old ones.
A couple of tips.
Do not apply for every credit card offer you get in the mail. Once a year, apply for as many as you like in a 30 days period. It doesn't hit your credit score as hard if done in a short period of time. Some credit bureaus treat it softer.
Keep in mind that regardless of the card. Most are run by a handful of banks. Chase, HSBC, Capital One, Citibank, Discover, whatever. So even if it says GM, or something else. It could be the same company you just applied with. You will see who it is when you get to your submit screen, or read the TOS.
Also, if you can get a bank loan for a jetski, car, or something. It will give you a mix of installment loans, to go with your revolving. You want both. Make sure you go 18 months before paying it off though. Even if it's only for a $1k-2K.