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Posted in Paying Your Bills
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huntermck

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zero credit to getting financing
I had no credit. So i got a secured mastercard (capitol one) nd have been racking up my balance and paying it in full every month with the hope of building credit. I have amedium credit score now, 680, over 3 months. How much longer before ill be approved to get financing on a bed?? Car?? Lawn mower? A house!!? Please help if u can

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It appears you may have what's called a thin file. Basically new credit. Lenders want to see deeper credit for larger purchases. Building a solid credit profile takes years, not months. So, in general, you need to start slow and gradually work your way up. Now that you have your secured card, open up a retail card or two, such as a Macy's and Sears account. Then in time you will be able to buy a car without a consigner, then eventually a house. Patience and prudent credit behavior will payoff in the long run. I hope this helps.

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