So when I was 18, I was stupid and got a car that was a little too expensive for my price range. The payments were ridiculous because I had no co-signer, no credit, & only a $1500 down payment. I ended up losing my job and had to turn the car in after only having it for a couple of months, so my credit is HORRIBLE. I’ve been thinking about getting a secured credit card but my boyfriend says it’s a waste of time and not a good idea. But isn’t getting something like that, or a loan pretty much the only way to build your credit back up?
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i have one & my credit score has gone up alot in the past 8 months iv had it . i love it honestly & was one of the best ideas for me an my bf , because he has iffy credit and i have okay credit !
You can start with a secured cc. I would suggest discover just because after 8 months it can turn into an unsecured cc and it will definitely boost your score. If you have dings on your credit look at your state laws before you pay them. Creditors buy those debts for pennies on the dollar and then harass you for payment but the thing is you don’t have a contract with them, you have it with whoever you signed your forms with initially - so if they can make even a little money off of you they will try - that’s why they call non-stop. If there is a statute of limitations in your state for the debts then sometimes it better to leave them be and put your money towards something better. You can also do self lender which is another good way to build your credit. Basically your paying into a savings account that reports to the credit bureaus. Once you’ve completed your term then you get that money and a raised credit score - so a win win! Good luck though whichever way you decide to go - sorry so long
A credit card is a great way to improve credit. I started by using it just for gas each month and paid just the minimum the first month (intentionally) and then paid it in full each month after that. Now I use it for literally everything and pay it off in full each month. My credit score is consistently in the 800’s.
Why does he think it's a waste of time and a bad idea? That's really the only way you're going to be able to fix your credit. Either a secured credit card, which you can get ones with that are only $200. Or a regular credit card through some where like Capital One. But the interest rate will be high. I would stay away from loans because you're going to need a down payment and the interest will be ridiculous if you even able to get approved for one.
You can do that or find a place that specializes in bad credit if your looking for a car that will help too. Secured credit cards will have you pay 500 and that's all you'll be able to spend on it s it you don't pay them back they'll have that money still. Eventually you will get it back (i think) and you'll be able to get a credit card. Basically a credit card for beginners.
This is one way. There are others. I would talk to someone or thoroughly research and compare to find the best method. Is there any money you still owe for the car? Can you clear that up anymore? Do you have other unpaid debts?
Credit card is thw best way to build credit. Someone told me that you should only spend about 10% of "your max" and Always pay the minimum. It actually won't build your credit paying all at once.
I fixed my credit with a secured credit card def works I wouldn’t listen to him .. I got one with capital one sent them $500 security funds and it helped rebuild my credit.