Best way to build credit?

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  • Ohm
    So Fucking Banned
    • Jun 2006
    • 128
    #1

    Best way to build credit?

    I don't have bad credit but my problem is that I have no credit. My credit beacon score is 580 which is extremely high risk. I can't get approved for a credit card and am stuck trying to get a secured Mastercard. I've heard that secured cards like that actually hurt your credit.

    Is there any other ways I can establish some credit? This shit seems impossible!
    Tags: None
    • 2HousePlague
      CURATOR
      • Jul 2004
      • 14572
      #2
      borrow >> repay



      2hp
      tada!

        Comment

        • Tom_PM
          Porn Meister
          • Feb 2005
          • 16443
          #3
          nah I dont think that ONE secured card hurts. Get one, use it once a month, pay it PROMPTLY and perfectly on time, every single time. Not only will they let you get your deposit back in a year or so (check terms for that info), but it helps you establish credit worthiness. Plus pay every bill on time, every time.
          43-922-863 Shut up and play your guitar.

            Comment

            • Vendzilla
              Biker Gnome
              • Mar 2004
              • 23200
              #4
              with a 580, it will be hard to buy anything, look for a place with revolving credit to buy something and then pay it off fast, make sure they report, secured cards are ok, but only for 2 years, after that dump them
              Carbon is not the problem, it makes up 0.041% of our atmosphere , 95% of that is from Volcanos and decomposing plants and stuff. So people in the US are responsible for 13% of the carbon in the atmosphere which 95% is not from Humans, like cars and trucks and stuff and they want to spend trillions to fix it while Solar Panel plants are powered by coal plants
              think about that

                Comment

                • butterflybucks
                  Butterfly Bucks
                  • Sep 2005
                  • 1422
                  #5
                  Small loan, repay it
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                    • LilBro
                      #6
                      very easy to get store cards to Macys, Express, JCrew, etc...go where u usually buy clothes and always use your card when u buy clothes.

                        Comment

                        • Ohm
                          So Fucking Banned
                          • Jun 2006
                          • 128
                          #7
                          My girlfriend has great credit. If she applies for a credit card and puts my name on the account do I get credit as well?

                            Comment

                            • Martina Warren
                              Confirmed User
                              • Mar 2004
                              • 1206
                              #8
                              My friend had a similar problem and built up her credit with store cards
                              MARTINA WARREN : FORMER PENTHOUSE PET OF THE YEAR FOR 2005

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                                • Validus
                                  Confirmed User
                                  • Jul 2001
                                  • 4012
                                  #9
                                  Get 3K, go to the bank, take out a loan for 1500, use the other 1500 as a security and reply the 1500. Do this a few time sand you should be good to go.

                                    Comment

                                    • MaddCaz
                                      Confirmed User
                                      • Mar 2006
                                      • 9483
                                      #10
                                      credit cards are the devil's tool!

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                                        • OG LennyT
                                          Wall Street Pimp
                                          • Jun 2003
                                          • 14345
                                          #11
                                          Originally posted by PR_Tom
                                          nah I dont think that ONE secured card hurts. Get one, use it once a month, pay it PROMPTLY and perfectly on time, every single time. Not only will they let you get your deposit back in a year or so (check terms for that info), but it helps you establish credit worthiness. Plus pay every bill on time, every time.
                                          exactly right.

                                          Very important tip also: My mortgage broker advised me to keep all credit cards at below 50% of their balance - very underrated credit tip
                                          Tradeking - my online broker | 4.95 a trade | make real $$

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                                            • OG LennyT
                                              Wall Street Pimp
                                              • Jun 2003
                                              • 14345
                                              #12
                                              Originally posted by Ohm
                                              My girlfriend has great credit. If she applies for a credit card and puts my name on the account do I get credit as well?
                                              No, its still her acct... but I hope she thinks twice about doing this for you
                                              Tradeking - my online broker | 4.95 a trade | make real $$

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                                                • Phoenix
                                                  BACON BACON BACON
                                                  • Nov 2002
                                                  • 35475
                                                  #13
                                                  Originally posted by Validus
                                                  Get 3K, go to the bank, take out a loan for 1500, use the other 1500 as a security and reply the 1500. Do this a few time sand you should be good to go.

                                                  if they let me do this..i shall try
                                                  Telegram PhoenixBrad
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                                                    • zigx
                                                      Confirmed User
                                                      • Sep 2003
                                                      • 1430
                                                      #14
                                                      Originally posted by Validus
                                                      Get 3K, go to the bank, take out a loan for 1500, use the other 1500 as a security and reply the 1500. Do this a few time sand you should be good to go.
                                                      this is a Very good comment...

                                                      my mom did this for me RIGHT when i turned 18 and wow it helped a LOT.... im 23 and thats the only credit i have besides cingular cell phone and 1 macys card...... i was able to get a home loan and buy a condo 1 year ago with a credit score the lenders told me was very good for my age.

                                                      The loan she set up was for around 30k if i remember right... so the total amount of the loan might have helped but as this was really the only 'credit' on my credit report i think it helped a Lot. good luck man.
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                                                        • dissipate
                                                          The Dirty Frenchman
                                                          • Nov 2005
                                                          • 8904
                                                          #15
                                                          Originally posted by dvd316
                                                          exactly right.

                                                          Very important tip also: My mortgage broker advised me to keep all credit cards at below 50% of their balance - very underrated credit tip
                                                          You're better off at 20% actually

                                                            Comment

                                                            • Validus
                                                              Confirmed User
                                                              • Jul 2001
                                                              • 4012
                                                              #16
                                                              Originally posted by zigx
                                                              this is a Very good comment...

                                                              my mom did this for me RIGHT when i turned 18 and wow it helped a LOT.... im 23 and thats the only credit i have besides cingular cell phone and 1 macys card...... i was able to get a home loan and buy a condo 1 year ago with a credit score the lenders told me was very good for my age.

                                                              The loan she set up was for around 30k if i remember right... so the total amount of the loan might have helped but as this was really the only 'credit' on my credit report i think it helped a Lot. good luck man.
                                                              Yea, the higher the amount the better it is. So, yea.

                                                                Comment

                                                                • crockett
                                                                  in a van by the river
                                                                  • May 2003
                                                                  • 76818
                                                                  #17
                                                                  worst case get a high interest auto loan if you have too. You can get a car loan with shit credit just because they have something they can repo. Of course only get it if you can afford it, nothing could be worse than buying something and not being able to make the payments on time.

                                                                  Even if it's 20%+ interest take it, then grin and bare it for a year then refinance it if it's not paid off by that time. I just went through the same kinda issues over the last few years and buying my Tacoma truck help my credit out a hell of a lot. To the point I can buy a house now with no real issues.

                                                                  Nothing you can do will solve the issue fast, it's a long term process. I wouldn't take a secured card but to start if you have to take one with a yearly fee.
                                                                  In November, you can vote for America's next president or its first dictator.

                                                                    Comment

                                                                    • avalanche
                                                                      Confirmed User
                                                                      • Feb 2005
                                                                      • 1922
                                                                      #18
                                                                      Go to Capital One. They'll give almost anyone a card....
                                                                      Avalanche

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                                                                        • OG LennyT
                                                                          Wall Street Pimp
                                                                          • Jun 2003
                                                                          • 14345
                                                                          #19
                                                                          Originally posted by dissipate
                                                                          You're better off at 20% actually
                                                                          depends on your credit line. If you only have a 300 dollar secured Visa (which is what we were referring to), than 20% will give you 60 bucks.
                                                                          Tradeking - my online broker | 4.95 a trade | make real $$

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                                                                            • scottybuzz
                                                                              Too lazy to set a custom title
                                                                              • May 2006
                                                                              • 14799
                                                                              #20
                                                                              owwwwwwwwwwwwwwwww pay back 90% loan // hahaha rofl
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