no credit may be better than bad credit but how do you build it?
@Nrealitydenial (46)
United States
January 28, 2007 12:21pm CST
I posted a question on building credit and someone said no credit is better than bad credit but how do you build credit to be able to do things like buy cars or houses? Credit is still important. How does someone get started in building credit when they don't have any?
1 person likes this
2 responses
@rjbass (1422)
• United States
28 Jan 07
A few basic tips on how to build good credit is of course to make timely payments. You also can raise your credit score by revolving some credit which means by keeping a small balance on a credit card but never be delinquent. You should also not have too many crdit sourses at one time and even though in the long run cancelling some credit cards so you don't have too many is to your advantage, cancelling credit cards can hurt your credit.
1 person likes this
@Nrealitydenial (46)
• United States
28 Jan 07
Thank you for your comments. I don't even have any credit cards. I have applied for store cards even like Walmart store card and been turned down. I need to start somewhere very basic.
@Nrealitydenial (46)
• United States
28 Jan 07
That's good advice. Thank you, you were helpful.
1 person likes this
@tokyotiger4242 (82)
• United States
4 Mar 07
I was in your situation before, and getting credit is very hard. I don't know if you've had any luck yet (hopefully you have)... My suggestion would be to get a small loan from the bank (with a co-signer) and pay it back a few times. This will help to start to show a good credit history.
@Nrealitydenial (46)
• United States
4 Mar 07
That's good advice... thank you! I don't know who I could ask to co-sign for me right now. I'm thinking now about getting a secured credit card where I put money upfront and pay on it to start up my credit history slowly. MyLot has been a good source of information for me :-)
