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Credit Score/Credit Reports Credit Report Articles Four Ways to Add Positive Credit to Your Credit Report
Credit Score/Credit Reports Credit Report Articles Four Ways to Add Positive Credit to Your Credit Report
| Four Ways to Add Positive Credit to Your Credit Report |
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| Written by Administrator | |||
| Saturday, 19 July 2008 10:49 | |||
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1. PIGGYBACK ON A FRIEND If you have a friend or parent who has good credit, you can “use” that person’s good credit listings. This person must have credit card(s) and must allow you to become a “co-signer” on his card(s). Have this friend/family member call the credit card company and ask that you be placed on his card as co-signer. A copy of the card will be sent to you, but you should never use it. Just return it to your friend.) Your credit file will soon show the positive history that your friend has created over the years from that credit card. 2. OBTAIN A SECURED CREDIT CARD Many national banks offer secured credit cards. You can get these cards even if you still have bad credit or no credit on your credit file. By putting $500 into a the credit cards savings account, you will be allowed to charge up to $500 on the card. Some credit card companies may give you a credit line that is 2-3 times the amount of your secured deposit. 3. FIND EASY CREDIT SOURCES Stores give credit without much regard for the credit standing of the applicant. Here is a list of store types that extend easy credit: • Jewelry stores • Furniture stores • Tire stores • Appliance stores • Gas companies • Easy credit auto dealerships 4. KEEP YOUR ACCOUNTS ACTIVE It’s is important to have activity on your new cards each month. Maintain a balance of $50 dollars or so. Pay the minimum when the bill arrives even though it will cost you interest charges. And pay it on time. This is what future loan officers and other creditors want to see. You need to have at least one year of positive credit behaviour to be taken seriously. Credit That Doesn’t Help You Some forms of “debt” that won’t help you build or restore your Credit: • Private loans from a relative or friend. • Loans for cars from small car lots. Your loan should be through a banking institution so that your timely payments will be reported. If you pay cash monthly to an office or individual, it willnever be reported to the bureaus. • Rent. Most apartment rental agencies do not have the time or money to report payments. • Utility payments. Utility payments generally are not reported to the credit bureaus and are basically useless as a form of credit.
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| Last Updated ( Tuesday, 14 October 2008 10:25 ) |