What is the best way to establish credit ? - GoFuckYourself.com

mahoney · 06-16-2004, 02:53 PM

I am trying to help a friend of mine establish credit. She is new in the usa and is having a hard time. I gave her my 2 cents but any advice would be appreciated.

Semi-Retired-Dave · 06-16-2004, 03:54 PM

Buy something and pay the payments on time. Or be a co-signer on something with her.

sheldonjuan · 06-16-2004, 03:59 PM

get department store/service station or if she can credit cards and pay off the full amount each month.. even if its a pack of gum

good luck

detoxed · 06-16-2004, 04:01 PM

Get a secured credit card. Put down $1000 deposit for $1000 limit and they will report it to the credit bureaus. Easiest way to build credit from nothing.

StuartD · 06-16-2004, 04:01 PM

buy stuff, pay it off.

rinse, lather, repeat.

detoxed · 06-16-2004, 04:38 PM

Quote:

Originally posted by MaskedMan
buy stuff, pay it off.

rinse, lather, repeat.

have to have credit for that

StuartD · 06-16-2004, 04:39 PM

Quote:

Originally posted by detoxed
have to have credit for that

You can get credit cards without credit. Just not very good ones.

nojob · 06-16-2004, 04:41 PM

there are many secured credit cards that she can get that will help establish positive trade lines in her credit.

notjoe · 06-16-2004, 04:41 PM

Quote:

Originally posted by mahoney
I am trying to help a friend of mine establish credit. She is new in the usa and is having a hard time. I gave her my 2 cents but any advice would be appreciated.

*EDIT*
What detoxed said..

A few credit cards might help to speed things along quicker though since it shows she can handle multiple things instead of only one... better to have more positive info than none!

evl4fun · 06-16-2004, 04:59 PM

Secured cc's are an ok way to start, but you can get normal ones with high interest rates and service fees to start out. DO NOT pay off the full amount every month, cc companys frown on this because they dont make thier interest $$. Instead, get a small line cc (secured or otherwise) and make the min monthly payments for 3-6 months, check the fine print in the contract to see how often they review the accounts. DO NOT max it out anytime in the first year, keep balance roughly half of the available credit line.
If she needs a car, thier are tons of first time buyers credit programs. Stay away from the "buy here-pay here" places, as most of them do not report to credit agentcys,unless the account goes into the negative. I know most major car companies, Ford, GM,ect have good programs.
Store cc's from places like sears, J.C.Pennys ect are also fairly easy to get, just follow the same tips as normal cc's.
Following those tips, should result in at least an "A" credit rateing with in a year, and "AAA" in under five.
Hope that helps.

Nbritte · 06-16-2004, 05:04 PM

goto the bank get a 1k loan for 12 month term take the money put it in a CD for the bank for collateral. Wait 6 months do it a second time make all the payments on time. 18 months you should have decent credit at very little cost. I did that when I was 18 and purchased a 15k car with no co-signer and no money down when I was 20

WWC · 06-18-2004, 12:24 AM

Get credit cards....

06-16-2004, 02:53 PM	#1
mahoney Confirmed User Industry Role: Join Date: Nov 2003 Location: Las Vegas Nv Posts: 5,318	What is the best way to establish credit ? I am trying to help a friend of mine establish credit. She is new in the usa and is having a hard time. I gave her my 2 cents but any advice would be appreciated. __________________ Vegassexparty.com

06-16-2004, 03:54 PM	#2
Semi-Retired-Dave Too lazy to set a custom title Join Date: Apr 2004 Location: LA Posts: 11,190	Buy something and pay the payments on time. Or be a co-signer on something with her. __________________ Support a Good Cause

06-16-2004, 03:59 PM	#3
sheldonjuan Confirmed User Join Date: Sep 2003 Posts: 875	get department store/service station or if she can credit cards and pay off the full amount each month.. even if its a pack of gum good luck __________________ fuck it, I dont need a sig!

06-16-2004, 04:01 PM	#5
StuartD Sofa King Band Join Date: Jul 2002 Location: Outside the box Posts: 29,903	buy stuff, pay it off. rinse, lather, repeat. __________________ This is me on facebook This is me on twitter

06-16-2004, 04:59 PM	#10
evl4fun Confirmed User Join Date: Jul 2003 Location: hell,uhhh errr nebraska Posts: 372	Secured cc's are an ok way to start, but you can get normal ones with high interest rates and service fees to start out. DO NOT pay off the full amount every month, cc companys frown on this because they dont make thier interest $$. Instead, get a small line cc (secured or otherwise) and make the min monthly payments for 3-6 months, check the fine print in the contract to see how often they review the accounts. DO NOT max it out anytime in the first year, keep balance roughly half of the available credit line. If she needs a car, thier are tons of first time buyers credit programs. Stay away from the "buy here-pay here" places, as most of them do not report to credit agentcys,unless the account goes into the negative. I know most major car companies, Ford, GM,ect have good programs. Store cc's from places like sears, J.C.Pennys ect are also fairly easy to get, just follow the same tips as normal cc's. Following those tips, should result in at least an "A" credit rateing with in a year, and "AAA" in under five. Hope that helps. __________________ If you spend all day worrying about what happened yesterday.....then tommorow will suck too.

06-16-2004, 04:01 PM	#4
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Get a secured credit card. Put down $1000 deposit for $1000 limit and they will report it to the credit bureaus. Easiest way to build credit from nothing.

06-16-2004, 04:41 PM	#8
nojob The Original NoJob Join Date: Feb 2004 Location: Jerzzey Posts: 3,682	there are many secured credit cards that she can get that will help establish positive trade lines in her credit.

06-16-2004, 05:04 PM	#11
Nbritte Confirmed User Join Date: Sep 2001 Location: Kentucky USA Posts: 689	goto the bank get a 1k loan for 12 month term take the money put it in a CD for the bank for collateral. Wait 6 months do it a second time make all the payments on time. 18 months you should have decent credit at very little cost. I did that when I was 18 and purchased a 15k car with no co-signer and no money down when I was 20 __________________ SexyCityCash gets in Bed with PornoDan

06-18-2004, 12:24 AM	#12
WWC #1 Adult Content Provider Join Date: Jul 2003 Location: Glendale, Ca Posts: 11,577	Get credit cards.... __________________ [email protected] ICQ : 494-353-230 Follow WWC on Twitter CLICK HERE! " CONTENT PROVIDER OF THE YEAR! " ~ 2007 , 2008 & 2009 XBIZ AWARDS WINNER! .......www.WorldWideContent.com / www.WorldWideFeeds.com...... WWC Nominated " Content Licensor of The Year " 2010 XBiz Awards !!!