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harebrained7

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how do I build credit faster?

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Build credit faster

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The answer to this question depends entirely on your situation.  Do you have bad credit or no credit?

Bad credit - If you have bad credit, the first thing to do is check out your credit report to see what is bringing you down.  Do you have late payments?  High credit card usage? Short length of credit history?  Ifyou have late payments (like I did), the best thing to do is get them caught up and stay caught up.  Contact the creditor, tell them your situation and see what some of you options are.  I was 2 months behind on my credit card payment.  I called Capital One and immediately they enrolled me in a program to get back on track.  While on this program , Capital One did not charge me any interest.  Within 2 months, I was caught up and back under my credit limit.  Once all my accounts were caught up my score immediately jumped up 38 points.  If you have high credit card usage, try to pay a little extra each month.  Even $5 extra will help.  I know it doesn't sound like alot but it will help.  Another option (which is what I do), I set up automatic payments through my bank to be paid to my credit cards every 2 weeks.  You will be amazed how fast your debt will go down and you score will come up.  By doing these two small things, I have raised my score 100 points in 4 months.

No credit - If you have no credit, it will be hard to find someone to take a chance on you especially in this economy.  My advice to you is to get a secured credit card through Capital One or another reputable company.  Make you payments on time each month and add to your security deposit when possible.  The company will report this as positive acivity on your credit report which will increase your credit score.  Once you have credit established, lenders will be more apt to loan you money for automobiles, mortgages, etc.

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