Q&A: How do I build credit when I don’t have much?
Question by Heather: How do I build credit when I don’t have much?
I am trying to build credit, but no one will give me a credit card. I have a car loan in both my husband and my name and we always pay early, but that doesn’t seem to be enough. When I apply for credit cards they always say “insufficient credit”. How do I go about building credit and getting a credit card?
Best answer:
Answer by Kath6
You might try joining a credit union, if you can, and open a checking or savings account. After you’ve been a good customer there for awhile, you may be able to take out a small personal loan for something. (When my son was 16, he got a loan for $ 400 to buy a drum set.)
Another way you can get credit is to get a secured credit card. First Premier Bank is one such card. You have to basically put an amount of money up front and then you use it for small amounts, say $ 20 or so and pay it off every month. You’re really using your own money, but it shows that you’re responsible and a good credit risk. The catch is, you must repay it on time every month. You don’t want it to grow and not be able to pay it off. Only charge a very small amount each month. After a few months of doing this, your credit will improve and they may offer you a better card. But, be careful. Credit cards are very dangerous to use. If you absolutely cannot pay off whatever you charge every month, do not use it! Remember that your credit score is very important. It is the key to getting good interest rates on car loans and mortgages. Safeguard it well. The sources below will help you more. Good luck.
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Categories: Credit Score Questions Tags: Best, build, Credit, credit card, Don't, month, much, think
Q&A: can i get my credit score up if its REALLY low?
Question by : can i get my credit score up if its REALLY low?
Like if I overdrafted my bank never payed them then would my credit score go down? im 16 my mother is also on the account would my credit get ruined before i was 18? if so how do i get it up like can you actually get your credit score up? is it hard?
Best answer:
Answer by Johnny A
Dude especially now it’s hard because the banks aren’t lending that much, but it’s possible to get a joint credit card with your mother as a co-signer, like a student visa credit card. Your mom is joint on your bank account so if you overdraft your card, she pays for it or it messes up her credit. Same goes if you get a co-sign credit card. You might be able to get a credit card if you have a part time job, it’s known sometimes as a signature line of credit. If you owe money under your name, your only credit will be bad credit. Bad credit doesn’t drop below a score of like 400 i think. Good credit is around 700. Very good is 800+. Right now if you did a credit report with nothing negative like money owed to banks, or have a credit card or car, or loans, you would have what they call a “thin record” or “no data or score” Hope that makes sense. There are also 3 major credit beaureus that banks and collections report payments to Transunion, Experion, and Equifax.
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Q&A: is there somewhere online that i can just check my credit score not my credit report?
Question by macgrl80: is there somewhere online that i can just check my credit score not my credit report?
i dont want to sign up for anything that is a free trial either i had problems with that before. i don’t mind paying for it but i want it to be a one time only charge
Best answer:
Answer by ESweetPea
No, not really.
They’ll give you the credit report for free, but what you’re looking for is a “beacon score” or FICO score or something like that.
For that, they generally charge, like, 8 bucks or something.
It’s kind of a scam, but whatever.
They know the score is what you really want to know, so they either make you sign up for something or pay them or do something so they get paid.
Free report, yes.
Free score, doubt it.
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Q&A: how are points determined on your credt report?
Question by Callie_Peach: how are points determined on your credt report?
I recently disputed and begin to settle and pay off things on my credit report how can i find out how much my score will go up?
Best answer:
Answer by savc_port
It will take is up to 6 months for your FICO score to go up if you just paid off all your bills. Now if you have been staying on top of your bills and paid them when you was suppose, then your score will go up in 3 months.
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Categories: Credit Score Questions Tags: answer, Best, Credt, determined, Points, question, Report
What happens when credit is used for a debit card?
Question by CGYN3: What happens when credit is used for a debit card?
Meaning, if I’m at a store and I’m using my debit card, and the cashier says “Debit or Credit?”
And I say/push credit even though I’m using my debit card what will happen?
Best answer:
Answer by HumptyMomma
Other than the obvious…you will sign the receipt instead of entering your pin number…
Specifying ‘credit’ is always more secure. I’m not 100% on the reason why that is, but I know that it is most often the truth.
Also…many banks offer extra ‘rewards’ when you swipe it as credit versus debit. You are encouraged to do so.
…yet, it is habit for me to always say ‘debit’. Unless I’m usin my husbands card…which I always forget the pin number to…so I say ‘credit’ and sign.
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When I got the score from one of those free services?
Question by Go with the flow: When I got the score from one of those free services?
It said this is a CE score used by lenders
What does the CE stand for?
I dug and found out that their (Quizzles) scoring model is completely different
They add Amount of Cash Flow to the formula
Which takes the amount of money you earn
The site asks you your salary, and I lied and put almost none and my score with them was disastrous.
They say they use a CE scoring model
Does the CE stand for the model used by mortgage lenders ?
What does it stand for?
Best answer:
Answer by timothy p
any score other than FICO is useless. The FICO name brand score is the one lenders use. It doesn’t include your income.
Your income will be considered in your ability to repay a loan but is irrelevant when considering how well you repaid loan is the past.
If you want your real score, go to myfico.com. They will charge for this score but it will be much more accurate. Keep in mind that some lenders give heavier weight to certain types of accounts so your score still may not match exactly. ex. My credit card company orders a custom FICO that gives heavier weight to how well I repay revolving accounts. A car loan may give heavier weight to how well you repay installment accounts… The only time I have had my FICO match exactly was at my credit union. The others were close though.
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Does it make sense that my lack of credit affects a car loan?
Question by redsxgal32: Does it make sense that my lack of credit affects a car loan?
I am 23 years old and I applied for a loan yesterday to buy a new car. My credit score is 749 and I was refused the loan becuase of my “lack of credit.” Most items on my report are less than 3 years old, but I thought that was taken into account on your credit score. I was just wondering if this makes sense.
Best answer:
Answer by Bharris44
Unfortunately, credit agencies only like to loan money to people with long, clean credit histories. Join a credit union and get a car loan through them. They are the most friendly for loans. You won’t get a great rate because of your short history, but you will most-likely get the loan, and the rate will be better than other agencies.
Keep your credit spotless, and once you’ve paid on it for a year or so, ask to refinance at a lower rate.
The other option is to get a co-signer who is older and has a good credit rating, but it’s best to get credit in your name only so that you won’t have this problem in the future.
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How can I get a credit card?
Question by antoniodab: How can I get a credit card?
I am 18 and a college student. I applied for a Chase student credit card but was denied becauseof my lack of credit history. My Chase bank told me I should get a gas card or a department store credit card. I applied for a Walmart credit card but was denied that also.
How can I build my credit history if they wont let me have a credit card?
Best answer:
Answer by StephenWeinstein
First, stop applying, immediately. Now, you have a history of applying, which is worse than having no history at all.
Second, get a “secured” credit card, which is the one type that you might be able to get when you are 18 and have no history, except for a history of applying.
After you have had the “secured” credit card long enough to have a credit history, and you have gone more than a year without applying for any cards, then you might be able to qualify for a credit card. (As long as you continue to apply as often as you are applying now, you will never qualify. You may also never qualify if you do not get a secured credit card first.)
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Categories: Credit Score Questions Tags: answer, Best, Card, Credit, credit card, question
what happens if you settle your debt will it affect credit score?
Question by h.p: what happens if you settle your debt will it affect credit score?
how bad it will be?
Best answer:
Answer by victor c
A debt settlement will actually improve your credit. Having a lot of debt typically hurts most people’s credit because it gives them an exceptionally high debt-to-income ratio and debt-to-credit ratio. Inversely, a debt settlement, which manifests in a debt elimination, lowers and brings both the debt-to-income ratio and debt-to-credit ratio to a positive standing.
According to Fair Isaac corporation, which created the FICO credit scoring model, the “debt-to-credit” ratio makes up roughly 30 percent of the consumer credit score. So, obviously a debt settlement (a.k.a. debt negotiation) will improve your credit.
In addition to being able to improve your physical credit score, hiring a debt negotiation specialist to settle your debt can give you added credit benefits. It also makes you look more creditworthy than previously showing a whopping sum of debt and high debt to credit balances. Keep in mind that creditors are more concerned about debtors that owe a lot and can’t seem to reasonably pay off their debts than if you’re presently debt-free, yet had a checkered credit history.
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Categories: Credit Score Questions Tags: affect, answer, Best, Credit, Debt, happens, Score, Settlement
Q&A: What is the best way to rebuild your credit?
Question by 1 Rocket: What is the best way to rebuild your credit?
I see those ” I can fix your credit” signs on phone polls and tv ads is it really that easy? What about if you don’t have ten or twenty thousand dollars worth of debt? Between myself and wife there is about six thousand, what do you pay first and what does not need immedate attention?
Best answer:
Answer by party planning, atlanta
If you get a credit card, keep it way below maximum credit line, pay regularly and never go over, then this helps your credit immensely. Also, any line of credit over 300 dollars that you do well with adds points after three months
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Categories: Credit Score Questions Tags: Best, Credit, rebuild