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!

borrow >> repay

2hp

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.

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

Small loan, repay it

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.

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?

My friend had a similar problem and built up her credit with store cards

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.

credit cards are the devil's tool!

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

No, its still her acct... but I hope she thinks twice about doing this for you :Oh crap

if they let me do this..i shall try :)

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.

You're better off at 20% actually

Yea, the higher the amount the better it is. So, yea. :)

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.

Go to Capital One. They'll give almost anyone a card....

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.

owwwwwwwwwwwwwwwww pay back 90% loan // hahaha rofl