Question by KGB: How to construct or repair credit score?
I’m 19 and sort of have poor credit already b/c when I tried to get an apartment for college I was rejected so instead had to get 1 in my parents’ name. At times I would spend payments early, but other times I would just completely forget about it and not pay and then I be charged interest..this has been going off and on. So, I have a few concerns..
-In order to construct my credit score, is it feasible to just withdraw much less than 30% or so from my credit line from the ATM then when it gets close to the payment due date I can just pay off that entire withdrawal quantity then repeat?
-How lengthy does it take to repair negative credit?….like years? Would I have to pay off credit card payments consistently for many years in order to repair my credit rating?
-What’s the fastest and most effective way to repair/create credit?…And how lengthy would it take?…Would cutting my credit card up right now and just cease employing it until I graduate from college and get a job repair and/or construct my credit?
THanks!
Very best answer:
Answer by Brain(Do not call me Harold!)
Do not get any credit cards ever. Never take out an unsecured loan. Spend all your bills. Cut up your credit cards.
They are a scam.
Know far better? Leave your own answer in the comments!
{ 3 comments… read them below or add one }
On-time payment history and debt-to-credit ratio are the best ways to rebuild the credit.
There is no ethical way to quickly rebuild your credit; it is going to take some time. (between 18-24 months of on-time payments.) I would recommend you get rid of all your credit cards and just use your own cash to purchase what you need. If you can’t get it with your own money, then you really can’t afford it.
Do not use your credit card at an atm to rebuild your credit. Not only do you get a 3% or higher fee for doing so you also pay interest daily on a cash advance there is no grace period for a cash advance you only get that on purchases.
fast way~~by far
Many people out there believe that credit repair is a scam. And, to be honest, there are a lot of scam artists out there posing as credit repair specialists. However, it should be noted that most of the myths about credit repair are perpetuated by the credit reporting agencies. They don’t want you challenging what they do because it costs them money. So they will tell you that you don’t need to do credit repair or that you can do it yourself. While that is true, it is also true that you can repair your car yourself when it breaks down. However, you take it to a mechanic because you know the mechanic understands engines better than you do.
I KNOW its legitimate i went from a 502 credit score to a 767 in 6 months!!!!!!!!!!!! Best thing i ever did!!!!!
The company i used offered a money back guarantee.
The decision is ultimately yours. there credentials and reputation are unimpeachable. It comes down to, are you going to listen to people who only believe what they hear on TV or are you going to believe people who actually work in the field every day and know the truth?
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