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sspap1215

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i am a student in college how do i create credit

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Credit Union

Join a local credit union and ask them about an INSTALLMENT LOAN to build credit. Most credit union require you to put $500.00 down. The process....the CU will take your 500.00 and write you a check and give the money back to you. What I would suggest is that you open up a checking account and put the 500 dollar check into that account with auto-debit your loan payment for each month. Seconly, call you Bank of America and ask them about their secured credit card to build credit. This type of credit is called REVOLVING CREDIT. Tell BOA you want the one in which they will refund your $300 deposit. Yes, you will need to deposit $300 dollars. I know this process works because I'm speaking from my son's experience. Its been almost 2 years because my son is currenly paying on his second installment loan with the credit union. His current FICO scores are between 720-705. FYI, he has never been late with any payments. I hope this helps!

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sspap 1215

Hey sspap 1215, Try joining a local credit union and open up an INSTALLMENT LOAN. Thats a loan where you will agree to pay a set amount of money over a period of time. Ask the loan officer about their building credit loans. Most Credit Unions will not allow your to open up an installment loan and a credit card at the same time. It's going to be either or. My second suggestion would be to contact Bank of America and ask them about their secured credit card for building credit. You will be required to put a minimum of $300 down to receive the credit card. The good thing about their card is that after 1 year of ON TIME PAYMENTS BOA will refund your $300 back to you and change your status from secured to unsecured. They will also change your limit to $500. I hope this helps

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