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What is a great way to start good credit?
How well does your credit build while paying for auto insurance?

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Credit Card

Helpful to 27 out of 29 people

Get a Cedit Card and use it to pay for most of your everyday bills, (gas, groceries, cable bill...) AND pay it off in full each month!

DO NOT use it to buy items you don't have cash for or go out to eat when you can't afford it.

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Buildings Good Credit

Helpful to 11 out of 11 people

It's not easy but it can be done.  I started when was 19years old. no credit, and you can't get credit when you have no credit. I done it like this. I opened a credit account with a department store make it a lower scale store maybe Walmart, if approved they may give you a small balance of around $200 to start. use the card, find out the statement closing date and pay all but 10% of the $200 line if credit BEFORE THE CLOSING DATE. BE SURE THE PAYMENT HAS POSTED BEFORE THE CLOSING DATE,  then if you wish to avoid interest charges let the balance ride until near the due date THEN Pay the balance in full. after a few months of good credit utilization and paying on time, that should allow you to be eligible for a bank card Visa or MasterCard do the same. don't open more than two accounts in a year. opening too many accounts at once will lower your score. that has and still is working for me it's the quickest credit builder I've seen so far. Now if you have negative remarks on your credit report this will help but you have to get them removed. The aforementioned works in the same manner with a secured credit card but I think if your score is less than 530 you can't get a secured credit card either. i'm finding out very quickly the credit building is a waiting game also because with the score of less than 530 you have to get some of the negative marks removed before you can even begin to build good credit. through my 20's I built a credit score of 780, all ruined in my 30's, by misunderstanding, misuse, and mishaps, then I stopped using credit. Big Mistake. I paid cash for everything, even cars. and i'm a renter. so that made me a ghost AGAIN. BUT in 6 months I went from 540 to 667tu 674eq and 694exp. i'm waiting because I'm trying to purchase a nice used car and I want a nice low interest rate of about 4% and I plan on buying a home at some point soon. A good credit score will save me thousands of dollars it could be as much is $50 a month on my car loan.

The best advice I can give you is to seek professional assistance and educate yourself on building good credit. I make it a pass time now, learning and studying what helps your credit and hurts your credit.

GOD SPEED in your credit and all your endeavors.

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Building credit

Helpful to 7 out of 8 people

I was trying to use a secured credit card to help build credit,but had to close it because I found out the hard way that my payments on said card were being reversed back to me because I used prepaid debit card to make CC payments. The company does not except prepaid card payments unless it's from a bank card. This was very disappointing to learn.

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Nice Advice

Helpful to 2 out of 3 people

Very good advice, Eischman!

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rebuilding my credit

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I recentally got a credit card and a dept. store card to help me rebuild my credit. I have heard mix stories about paying it off early hurts me and just pay it down to a low low balance every month but I read a few comments up and they are telling them to pay it off monthly so im lost what is best?????

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Helpful to 3 out of 3 people

You definitely want to pay off your bill in full if you can. If you leave a balance each month, you get charged interest on that balance. Whereas if you pay off your balance, you're getting (interest) free credit. And if the card has cash rewards, you're essentially being paid to use the credit card for purchases you were going to make anyway.

When the new billing cycle starts, the previous balance carries over, and if you forget you left that small balance, the due date will pass and your account becomes delinquent. That severely hurts your score and stays on your report for 7 years!

You may not always be able to pay a more than the minimum payment, but if you can pay it off in full and not be put behind on other bills, you definitely should.

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