Comments on: 5 Ways to Build Credit from Scratch http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/ Personal Finance Blog Wed, 09 May 2012 20:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Pamela Denning http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-9995 Pamela Denning Mon, 28 Nov 2011 00:42:11 +0000 http://blog.quizzle.com/?p=501#comment-9995 I enjoyed reading the comments: some good suggestions. I enjoyed reading the comments: some good suggestions.

]]> By: Anna http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-9566 Anna Wed, 07 Sep 2011 00:47:53 +0000 http://blog.quizzle.com/?p=501#comment-9566 People need to learn patience. Good Credit doesn't happen overnight. I had a charged-off credit card and tons of collections at 21. I paid things off, and I was patient and finally at age 30, I got an unsecured credit card. 6 months later, I got a store card for one of the places I know I spend money and will pay it off (because I'd spend my cash their anyways). Then I got a $12,000 car load from my credit union. I am paying minimum payments plus whatever I can afford so I can keep my credit growing and in the next few years I hope to get a mortgage. Realize your mistakes, get your yearly credit report, pay off old negative accounts,and be patient. Within 10 years - if your diligent, you can fix almost all credit flaws. People need to learn patience. Good Credit doesn’t happen overnight. I had a charged-off credit card and tons of collections at 21. I paid things off, and I was patient and finally at age 30, I got an unsecured credit card. 6 months later, I got a store card for one of the places I know I spend money and will pay it off (because I’d spend my cash their anyways). Then I got a $12,000 car load from my credit union. I am paying minimum payments plus whatever I can afford so I can keep my credit growing and in the next few years I hope to get a mortgage. Realize your mistakes, get your yearly credit report, pay off old negative accounts,and be patient. Within 10 years – if your diligent, you can fix almost all credit flaws.

]]> By: Jaime http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-9548 Jaime Sat, 03 Sep 2011 02:01:04 +0000 http://blog.quizzle.com/?p=501#comment-9548 I got sick and i felt behind on my bills. I have bills pending, It's going to be 7 years will the negative credit go away, or do i still have too pay my past bills, I got sick and i felt behind on my bills. I have bills pending, It’s going to be 7 years will the negative credit go away, or do i still have too pay my past bills,

]]> By: Buddy Blake Williams http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-9052 Buddy Blake Williams Fri, 17 Jun 2011 03:49:45 +0000 http://blog.quizzle.com/?p=501#comment-9052 why is one of my debts reporting twice, thats 11 points wasted why is one of my debts reporting twice, thats 11 points wasted

]]> By: Russell http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-7303 Russell Fri, 10 Sep 2010 22:05:53 +0000 http://blog.quizzle.com/?p=501#comment-7303 Yes, Rafael, if someone co-signs for you on any major credit card or large retailer credit, the card info is reported in your name AND ALSO the credit reports of the co-signer as well ( be sure that the card you carry actually has YOUR NAME on it as there are those out there that carry only the credit-worthy applicant and verify the 2nd via phone or network ) so, be thoughtful of your co-signer and never use more than 50% of the credit available. Store cards usually charge hefty interest and fees so it is wise to pay the entire balance monthly, but if you can't do that then try at least to pay the minimum payment due PLUS the interest charged to the account for that month. If at all possible, never purchase a major item the same day that you've shopped it. YOU WILL BE SURPRISED just how much your perception can change in only 24 hours and a week if possible. That little bit of advice has saved me a small fortune as I tend to change my mind at least two-thirds of the time! Also, I recently read somewhere, maybe TIME or USA TODAY that there is a way to get your utilities including cell phone bills reported monthly but sadly I cannot remember who it was just now but I am sure a broad search will pull something up....I will try and remember to do that and come back here to help you. Yes, Rafael, if someone co-signs for you on any major credit card or large retailer credit, the card info is reported in your name AND ALSO the credit reports of the co-signer as well ( be sure that the card you carry actually has YOUR NAME on it as there are those out there that carry only the credit-worthy applicant and verify the 2nd via phone or network ) so, be thoughtful of your co-signer and never use more than 50% of the credit available. Store cards usually charge hefty interest and fees so it is wise to pay the entire balance monthly, but if you can’t do that then try at least to pay the minimum payment due PLUS the interest charged to the account for that month. If at all possible, never purchase a major item the same day that you’ve shopped it. YOU WILL BE SURPRISED just how much your perception can change in only 24 hours and a week if possible. That little bit of advice has saved me a small fortune as I tend to change my mind at least two-thirds of the time!

Also, I recently read somewhere, maybe TIME or USA TODAY that there is a way to get your utilities including cell phone bills reported monthly but sadly I cannot remember who it was just now but I am sure a broad search will pull something up….I will try and remember to do that and come back here to help you.

]]> By: Rafael http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-6352 Rafael Fri, 16 Jul 2010 11:50:50 +0000 http://blog.quizzle.com/?p=501#comment-6352 Does anybody know if paying your cell phone bill builds up your credit? If you get someone to co- sign for you on a store credit card, does that help as well? Regards! Does anybody know if paying your cell phone bill builds up your credit? If you get someone to co- sign for you on a store credit card, does that help as well?
Regards!

]]> By: Cin http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-5650 Cin Fri, 14 May 2010 11:06:50 +0000 http://blog.quizzle.com/?p=501#comment-5650 I agree with lin above "I think that if you can’t buy it, don’t get it" BUT big BUT - What I do with my son is if he wants something he has to make payments into his savings account. Once the CASH is saved - I have a credit card that I got in his name - I give him his card and let him buy what he saved for and then the next week we write a check and pay off the credit card. This may sound a little weird but he learns to "make payments" into his savings account - I even go as far as say he wants a 500.00 stereo and he feels he can afford 50.00 a week, I take the deposit slips and make out "payment coupons" each check he tears one off and makes his payment. I am trying to teach him about making payments AND saving AND "I think that if you can’t buy it, don’t get it" Because now a days EVERYTHING is going off your credit score!!! When he got his car insurance - he didn't realize that "he had a credit score" so he told them NO & I have also told him to NEVER agree to let anyone check your score so he told them NO again. Well they quoted him a price for his car insurance & was 223.00 a month. After talking with me about his coverage and stuff he said that they wanted his credit score - we called them back up and told them he did have credit and a GOOD score - they checked his credit and now his insurance premium is 178.00 a month!!! ALL BECAUSE OF A CREDIT SCORE - he was also hired in at his job at .95 higher than his peer because of his credit score. PARENTS I encourage you to help your children GET & KEEP a good credit score. I started my sons at 16. I used 2 methods I put the cable bill in his name and had it put on auto deduction and SECOND I got a secured credit card in his name. i have very bad credit and a very bad score from relationships and health problems & KNOW the pitfalls of a bad score. Being that we ARE in poverty level income I work very close with him on money and credit. He realized for the FIRST time HOW it effected HIM with his insurance and being 19 Male and an Average GPA. Even though HE "knew" it effected US when we would go to get utilities and would have to use candles and the gas grill while we had to wait a couple weeks to get a HUGE deposit that they would MAKE us have for my credit being bad. Sorry didn't mean to write a book. Hope this helps someone out there. I agree with lin above
“I think that if you can’t buy it, don’t get it”
BUT big BUT –
What I do with my son is if he wants something he has to make payments into his savings account. Once the CASH is saved – I have a credit card that I got in his name – I give him his card and let him buy what he saved for and then the next week we write a check and pay off the credit card.
This may sound a little weird but he learns to “make payments” into his savings account – I even go as far as say he wants a 500.00 stereo and he feels he can afford 50.00 a week, I take the deposit slips and make out “payment coupons” each check he tears one off and makes his payment.
I am trying to teach him about making payments AND saving AND “I think that if you can’t buy it, don’t get it”

Because now a days EVERYTHING is going off your credit score!!! When he got his car insurance – he didn’t realize that “he had a credit score” so he told them NO & I have also told him to NEVER agree to let anyone check your score so he told them NO again. Well they quoted him a price for his car insurance & was 223.00 a month. After talking with me about his coverage and stuff he said that they wanted his credit score – we called them back up and told them he did have credit and a GOOD score – they checked his credit and now his insurance premium is 178.00 a month!!!
ALL BECAUSE OF A CREDIT SCORE – he was also hired in at his job at .95 higher than his peer because of his credit score.

PARENTS I encourage you to help your children GET & KEEP a good credit score. I started my sons at 16. I used 2 methods I put the cable bill in his name and had it put on auto deduction and SECOND I got a secured credit card in his name.

i have very bad credit and a very bad score from relationships and health problems & KNOW the pitfalls of a bad score. Being that we ARE in poverty level income I work very close with him on money and credit. He realized for the FIRST time HOW it effected HIM with his insurance and being 19 Male and an Average GPA. Even though HE “knew” it effected US when we would go to get utilities and would have to use candles and the gas grill while we had to wait a couple weeks to get a HUGE deposit that they would MAKE us have for my credit being bad.

Sorry didn’t mean to write a book.
Hope this helps someone out there.

]]> By: Kris http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-5504 Kris Tue, 04 May 2010 18:54:11 +0000 http://blog.quizzle.com/?p=501#comment-5504 There is nothing wrong with using credit for small purchases, or big purchases with 0% interest, as long as the purchases are paid in full when the bill comes. You cannot build up a credit history paying everything with cash. Paying with a credit card and then paying off the debt at least builds a credit history, but to each his own. I learned what my tolerance was and that was to pay little to no interest when making purchases, preferrably no interest; that has worked for me. There is nothing wrong with using credit for small purchases, or big purchases with 0% interest, as long as the purchases are paid in full when the bill comes. You cannot build up a credit history paying everything with cash. Paying with a credit card and then paying off the debt at least builds a credit history, but to each his own. I learned what my tolerance was and that was to pay little to no interest when making purchases, preferrably no interest; that has worked for me.

]]> By: lin http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-5481 lin Tue, 04 May 2010 08:17:35 +0000 http://blog.quizzle.com/?p=501#comment-5481 I think that if you can't buy it, don't get it. While it may seem unrealistic to most, I like paying cash for everything. Sure I drove a beat up looking car (which ran great), and yes it took a lot longer than most to buy up the house, in fact took years of saving and then investing in small loopty loop apartments to rent out, and then more saving, all while still paying rent, starting a family, got 7 kids now, and just pushing forward. I know it may seem dumb to some of you, but if there's anything I've learned it's that you can't trust credit card companies, banks, or any thing out there but what you earn and buy out right. Even then it's a gamble (government even worse to deal with). I hope this article helps those trying to establish credit, but for you hard working, no drama wanting, no credit card hunting folks out there, try it on your own in cash, its well worth it. Oh! and no I'm not rich, my entire family is just below what most call middle class. We're the working class, just a smidge above poverty. Wouldn't trade it for the world, literally. I think that if you can’t buy it, don’t get it. While it may seem unrealistic to most, I like paying cash for everything.

Sure I drove a beat up looking car (which ran great), and yes it took a lot longer than most to buy up the house, in fact took years of saving and then investing in small loopty loop apartments to rent out, and then more saving, all while still paying rent, starting a family, got 7 kids now, and just pushing forward.

I know it may seem dumb to some of you, but if there’s anything I’ve learned it’s that you can’t trust credit card companies, banks, or any thing out there but what you earn and buy out right. Even then it’s a gamble (government even worse to deal with).

I hope this article helps those trying to establish credit, but for you hard working, no drama wanting, no credit card hunting folks out there, try it on your own in cash, its well worth it.

Oh! and no I’m not rich, my entire family is just below what most call middle class. We’re the working class, just a smidge above poverty. Wouldn’t trade it for the world, literally.

]]> By: limpieza http://www.quizzle.com/blog/2009/08/5-ways-to-build-credit-from-scratch/#comment-4194 limpieza Tue, 06 Apr 2010 16:11:59 +0000 http://blog.quizzle.com/?p=501#comment-4194 your article is very useful your article is very useful

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