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re: Best way to build credit?
Posted on 11/28/15 at 6:57 am to pwejr88
Posted on 11/28/15 at 6:57 am to pwejr88
quote:
My 20's ruined my credit and it's hobo low. What's the best way to build it quick. I know "quick" is a reach
You're rebuilding your credit so long as you're paying back borrowed money on time. Phone bills, electric bill, hospital bills are not borrowed money and won't help you but sure as hell will hurt you if you're late. In banking we call it servicing debt. If you have student loans, car, credit cards, mortgage, loans, then pay them back in time, no excuses. If you do not have any borrowed money then go apply for a retail card (target, wal mart, gas stations) and put $100 on there and pay it off in increments of $20 a month and do it over again. Your credit score is nothing but a giant computer that resets every 30 days. So, if you were to spend $100 on that credit card and pay all $100 off immediately, the credit score computer never saw that you borrowed and paid back in a timely manner. Banker here.
1
Posted on 11/28/15 at 8:28 am to Rhino5
He doesn't need to carry interest on a credit card to rebuild his credit. He just needs to use the card monthly and pay the bill off monthly. The statement balance is always going to report to the credit bureaus anyway. Paying interest on a credit card is always a dumb thing to do. Just wait until the statement is issued and then pay the balance.
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