Cred
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From: Da Woods,USA
Cred
............i know this is probly a bad question for a bike forum but whats the best way to build credit? iam ready to make the move to the 1k but lacking the credit. ive had a card for bout 5 months but it doesnt seem like its doing much or its doing it really slow. opinions?
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Joined: Apr 2007
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RE: Cred
5 months isnt going to give you a huge gain. remember, they want to see that you're responsible and capable of paying on something over TIME and can be on time w/ the payments. 5 months wont prove anything to them, and i doubt even one year will. are they saying you'll need a co-signer?
Joined: Sep 2006
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From:
RE: Cred
agree with the rest of the guys, time is the only way, but there are things you can do to make the process more efective. Get a student credit card Nd use it for everyting, but make Shure to pay it off completely at the end of the month every month. If you don't they will rape you on the charges. Every couple of months ask for a credit raise. Now remember this method will take some time and caries the risk that if you aren't disciplined enogh you might end up hurting your credit instead.
Joined: Jun 2007
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From:
RE: Cred
You need more then one card and you have to carry a balance on them. Say a card has $500.00 keep $150-175 on it. Paying off every month doesn't make them money. After you have built credit then pay them off. Like it was said above it takes time to build credit and you can never be late.
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RE: Cred
ORIGINAL: cowboy from hell
............i know this is probly a bad question for a bike forum but whats the best way to build credit? iam ready to make the move to the 1k but lacking the credit. ive had a card for bout 5 months but it doesnt seem like its doing much or its doing it really slow. opinions?
............i know this is probly a bad question for a bike forum but whats the best way to build credit? iam ready to make the move to the 1k but lacking the credit. ive had a card for bout 5 months but it doesnt seem like its doing much or its doing it really slow. opinions?
Credit Ratings are a Catch22 , meaning the catch is that to get credit ratings moving , you have to take stuff on credit every where you can over time.. (buy and commit to a **** load of debt)
This create's somewhat of a delema, because if you need a credit rating fast , you need to spend money that you do not necessarily have, on credit type of purchase's...
Now if you are looking to by your ride using a credit payment system (a loan)
you have to watch out that you do have enough income to support all the credit that you take on board .. or they will still knock you back (say no) because of a lack of capacity to pay all your commitments....
The other crazy thing about this is that if you have a large income already , well then you would not need a very large credit rating in the first place .. A large income will get you a loan near anywhere with only a minimum credit rating ...
All this is enough to you a headache I know , but it is how the stupid credit system works...
If none of the above is within your means at this point or you are very young ...you only have one choice...
You have to get a close relative ...to help you with the Co-singing option as mentioned by WhiteDealershipRice ............it is is your only choice...
Senior Member
Joined: Jun 2007
Posts: 2,680
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From: PA
RE: Cred
Take out a short-term personal loan from a bank. As soon as you get your payment book. Pay the first 3 payments immediately and then make regular monthly payments there after. Your credit will reflect that you payed ahead of time and payed back in full. Rinse and repeat. Possibly do with 1 or 2 other banks. (DO NOT spend the money on anything else).
ALSO use your credit card(s) and maintain a balance (KEEP IT LOW DO NOT OVEREXTEND YOURSELF) oh and make sure you cancel cards you don't use or reduce yourself to one card. You don't want a lot of outstanding credit on your record.
ALSO use your credit card(s) and maintain a balance (KEEP IT LOW DO NOT OVEREXTEND YOURSELF) oh and make sure you cancel cards you don't use or reduce yourself to one card. You don't want a lot of outstanding credit on your record.
