Stimmel1647545512 Posted November 4, 2011 Report Share Posted November 4, 2011 I am trying to rebuild my credit as of now it sucks its like a 500 somehting, I have a checking account and make ok money i own a home and have very minimal bills, I want to find a credit car that I can get approved for even if its an 100 dollar limit. any other ways to help rebuild credit. long story short my grandparents didnt pay for my student loans like they said and i didnt know until like last month, so now im paying them off only owe like a grand and some change more. I am just trying to find some help and i dont know where to turn? i always pay my bills insurance on time etc but i dont think that matters. Any auggestions? Quote Link to comment Share on other sites More sharing options...
Fiji ST Posted November 4, 2011 Report Share Posted November 4, 2011 I know Capital One has a card that helps build/rebuild credit. It's a high APR, but it's limited and if you pay it off, it may work for you. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted November 4, 2011 Report Share Posted November 4, 2011 I had a few issues when I was 18 with credit especially Dr. bills. I made each creditor agree in writing to immediatly make the corrections to the reporting agencies before paying them off, they were more than willing to do so to get payed. I think anyone paying off past debt should do this, it was way better than waiting years for it to drop off on its own. Quote Link to comment Share on other sites More sharing options...
CRed05 Posted November 4, 2011 Report Share Posted November 4, 2011 Credit cards will do it. I don't think it matters what type of credit card, but buy something for like $1000, and pay it off slowly, like $200/pm or something. I also use this to keep track of my credit, and it will give you advice on what to do. It's free. http://www.creditkarma.com/ Quote Link to comment Share on other sites More sharing options...
Not Brian Posted November 4, 2011 Report Share Posted November 4, 2011 I had the same happen with my student loans, except it was me who just said fuck it and ignored them. A few years later I came to my senses, called them, and worked out a payment arrangement. If you pay just the bare minimum for nine good months it's wiped from your credit. Quote Link to comment Share on other sites More sharing options...
KennyFKINPowerz Posted November 4, 2011 Report Share Posted November 4, 2011 Orchard Bank. Here is a list. http://www.nextadvisor.com/credit_cards/poor_credit.php?kw=gccbcx1+bad%20credit%20credit%20cards&gclid=CIHC7bftnawCFY3KKgodDwpW4A Quote Link to comment Share on other sites More sharing options...
CRed05 Posted November 4, 2011 Report Share Posted November 4, 2011 Don't feel bad, I just checked and I still owe $25K in student loans...christ. Quote Link to comment Share on other sites More sharing options...
Rustlestiltskin Posted November 4, 2011 Report Share Posted November 4, 2011 Taken voice on cellphone "Goodluck" Quote Link to comment Share on other sites More sharing options...
Draco-REX Posted November 4, 2011 Report Share Posted November 4, 2011 FreeCreditReport.com does a great job of pointing out issues and common ways to fix them. They also explain how things impact your score and ways to use them to your best advantage. Like credit cards. They're good to have, bad to max out. All credit cards will help if used responsibly. I started with Gas cards. They're easier to get into since they don't have huge limits, and you can't go wild with them since they're only good at gas stations. Use them then pay them off each month. Store credit cards work too. I have a Best Buy card and carry a balance that I pay down making at least double the minimum payment each month. And Best Buy usually has "Same as Cash" deals with their card where if you pay off before a certain date it's 0% interest. Just be SURE to pay off by that date, or they'll hit you with ALL the interest you skipped. If you think you can be faithful and not fall behind, get a car loan. Even if your credit is bad, most dealerships will be able to find SOMEONE to give you a loan. It'll be at a really poor rate, and you'll have trouble sitting down for a while, but next to a house loan it's one of the best things for your credit. My score is getting up there, but my report says I'm being hampered by my lack of big credit cards. So I picked up a card from my bank that I'm going to use like my Best Buy card. Once I start using that, I hope to get close to or crack 800. All of this advice is worthless if you don't keep on top of your payments, however. Good bill paying history is essential. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted November 4, 2011 Report Share Posted November 4, 2011 Go buy a $7-8k car and make 18 monthly payments and pay it off. Then go do it again. After that you should be good. Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted November 4, 2011 Report Share Posted November 4, 2011 put bills in your name... cell utilities cable ect. also there are many credit card companies that are out there where you give them x amount and they put it almost like a prepaid card but it builds you up. not sure if they do these much anymore. but the biggest thing ive done is ym car loan. i know you dont have a loan out on your poopstang but see if u cant get like a 3k loan out on that car and use that money to pay on it monthly (yea youll have to pay interest out of pocket but thats it) but it might be worth it to pay the interest so u can build a raport. just my 2 cents bud. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 4, 2011 Report Share Posted November 4, 2011 like stated, gas cards, small limit credit cards. i pay them off monthly...fuck paying interest. even though my speedway card is good to be used anywhere, i dont. i use cards for stuff i have cash for, to keep them active and my credit good, i set the cash aside, and pay them off each month. i dont think in 6-7 years of having CCs that i've payed a total of $50 in interest. when i bought my house, it was at the lowest rate anyone could get at the time. i haven't paid for my scores in about a year or so but last time i checked they were at mid 700s. im happy with that. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 4, 2011 Report Share Posted November 4, 2011 put bills in your name... cell utilities cable ect.. :dumb: utilities dont affect your credit until you don't pay them. Quote Link to comment Share on other sites More sharing options...
Skinner Posted November 5, 2011 Report Share Posted November 5, 2011 put bills in your name... cell utilities cable ect. also there are many credit card companies that are out there where you give them x amount and they put it almost like a prepaid card but it builds you up. not sure if they do these much anymore. but the biggest thing ive done is ym car loan. i know you dont have a loan out on your poopstang but see if u cant get like a 3k loan out on that car and use that money to pay on it monthly (yea youll have to pay interest out of pocket but thats it) but it might be worth it to pay the interest so u can build a raport. just my 2 cents bud. per paid cards do do shit for your credit. Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted November 5, 2011 Report Share Posted November 5, 2011 per paid cards do do shit for your credit. let me find the one that usbank offered as it did. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 5, 2011 Report Share Posted November 5, 2011 per paid cards do do shit for your credit. they do...they're from a bank, you give them $500 to hold onto, you get a $500 limit, you use it like a CC, pay it off, it reports to your CC...its not like a visa gift card you get at giant eagle. if you burn the bank they have your $ Quote Link to comment Share on other sites More sharing options...
Buckeye1647545503 Posted November 5, 2011 Report Share Posted November 5, 2011 Does any of your guys answers change for people that just never really had any credit at all other than sadly now medical bills? Quote Link to comment Share on other sites More sharing options...
evan9381 Posted November 5, 2011 Report Share Posted November 5, 2011 no...gotta show companies you're responsible with credit to build your scores. it's not a quick process either. Quote Link to comment Share on other sites More sharing options...
Scotty2Hotty Posted November 5, 2011 Report Share Posted November 5, 2011 Capitol One is awesome. I took a hit on my credit in my 20's and brought it back up. I used quizzle to check my setup out. I know it sounds stupid, but the $20 some dollar plan will help you. Start by paying off any debt you may have or outstanding debts. Those will help out to begin with. If you make multiple monthly payments with Capitol One, they'll keep increasing your line of credit as you continue to be up to date and pay on time. Within a year I think they jumped me up a few grand. Thanks to that, I got back in the 700's. Quote Link to comment Share on other sites More sharing options...
copperhead Posted November 5, 2011 Report Share Posted November 5, 2011 Freecreditreport.com is a scam, they make you sign up for their triple advantage which charges a monthly fee. First, pay down all your debts. When that's paid off, pull your credit report with one of the three reporting agencies. You can pay a couple bucks to do this or go through the free government (.gov) website once a year. Use that report to find any remaining negative marks and call whoever left them, explain the debt is paid and ask to have it removed. Once all your debt is gone and your report is clean, you can build credit. Easiest way is to get a credit card, and card so long as its a real one and not a debit card or something, but one designed to charge interest. Use it to buy all of your gas and nothing else, and pay it off in full every month. Making payments every month and, more importantly, not being late, is what builds credit the fastest. Just be sure to do the steps in order. You can't clear out bad records without the debt paid off, and its harder to get a new card if you don't already have one if you have negatives on your report. If you already have a card just use it. Don't cancel cards or bank accounts, length of accounts helps. Quote Link to comment Share on other sites More sharing options...
copperhead Posted November 5, 2011 Report Share Posted November 5, 2011 Does any of your guys answers change for people that just never really had any credit at all other than sadly now medical bills? Having no credit is worse than bad credit. Being an unknown factor means lending institutions have no idea what you will do with loaned money. At least with bad credit they have an idea, and will crank up your interest rate so they can make back their money in the beginning, assuming you will default. Do you have an established bank account anywhere? If you have been with one bank for a while, I would go talk to them about getting a credit card through them. If you have been with them long enough they may go ahead and get you approved for a card, or they may have some sort of program for people with no credit. Like I said in the previous post, the credit limit is irrelevant at this time, only use it to buy gas and pay it off in full, on time, every month. Give it a year like this without being late and you will have the credit to go out and buy a car you can't afford to make payments on, because thats how credit works :fuckyeah: Quote Link to comment Share on other sites More sharing options...
copperhead Posted November 5, 2011 Report Share Posted November 5, 2011 Here's a list of what I can remember off the top of my head that affect your credit score: Length of time for accounts, the longer the better Bankruptcy Divorce (i think, not positive on that) Foreclosure Late payments Missed payments Debt to income ratio Credit available to credit used ratio (credit cards, how deep you are on them) The average of your credit limits. The higher the credit limits on your cards, the better. Say you have $20,000 total limit between your credit cards. You are better off having that split between two $10,000 cards than twenty $1,000 cards. Making a payment to a line of credit that is through a real bank (not a utility company, or buy here pay here car lot, etc) means that every month they report to the credit reporting agencies your current standing. Student loans and medical bills also report. So long as you aren't late or missing payments, then every month it comes back saying you are in good standing. In reality, you don't actually have to be putting anything on to credit cards at all, or carrying a balance, or any of that like some people say. The key is using it once in a while, because it looks bad on banks to have cards not in use, so they have started closing accounts on people that don't use the cards at all. Using it for something that you buy on a regular basis like gas means that you don't forget to use it here and there, but also that you will be more likely to pay it off every month since the money is already budgeted. Once you have enough of a credit history, its easy these days to get cards with points or cash back or something like that, so you end up saving a little bit more money that way. After a couple of years of good credit, you will start to see 0% interest offers in the mail almost daily. These can have their uses, but if you might be tempted to use them to buy shit you don't need, just toss them. Really, the average person should only be using borrowed money for a house and car, and even the car is arguable. Credit cards are only a process to get to that point. Car loans certainly also work but require a larger commitment, which is why I'm not recommending them as part of the process. I will say though, buying a car at a buy here pay here and using them as the lender only keeps you stuck in the circle of no credit/bad credit, and should be altogether avoided unless you are buying the car outright. also, triple post Quote Link to comment Share on other sites More sharing options...
Draco-REX Posted November 5, 2011 Report Share Posted November 5, 2011 Does any of your guys answers change for people that just never really had any credit at all other than sadly now medical bills? I went from terrible credit to no credit then used the method I posted above to get to good credit. Started in 07 with no credit at all, but I haven't been working on my credit this whole time. I think you need to put in 3 good years to get a good score. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted November 6, 2011 Report Share Posted November 6, 2011 http://www.annualcreditreport.com is the place to go for a legit free report without signing up for anything. Many banks still offer secured credit cards, including the one I work for. Quote Link to comment Share on other sites More sharing options...
jeffro Posted November 6, 2011 Report Share Posted November 6, 2011 my score is 623. meh, according to creditkarma Quote Link to comment Share on other sites More sharing options...
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