How do I build my credit up after coming out of debt?
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TAS28 wants to know:
I had a severe illness and fell behind on bills. I still have a few medical bills left on my credit but those should be paid off in the next few months. What can I do build my credit back up without going in major debt. I can only get high interest rates and have no desire to go in debt. Would a credit card help my credit score even if I was to pay it off every month.
I had a severe illness and fell behind on bills. I still have a few medical bills left on my credit but those should be paid off in the next few months. What can I do build my credit back up without going in major debt. I can only get high interest rates and have no desire to go in debt. Would a credit card help my credit score even if I was to pay it off every month.
Tagged with: Build My Credit • Credit Help • High Interest Rates
Filed under: True Credit
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purchase something on a credit card (a hundred or so dollars) then pay it off over 2 or 3 months, then repeat. Or buy a car (but that can cost LOTS)
Just pay off all your bills on time and after about 6 months your credit will start to build up. If you apply for credit and get refused, it could hurt your credit score even more. The best way to do it is to play the credit card companies at their own game… Just use your credit card for small purchases, but make sure you pay off as much as you can afford when your payment date is approaching… Go to freecreditreport.com to keep track! Good luck!
If you plan on paying off a credit card every month, the percentage rate you are charged won’t matter. If you’ve done serious damage to your credit rating, it’ll take a few years to build it up again. Pay *all* your bills on time, keep a credit card, use it and pay it off every month, and within 3-4 years your credit rating will show significant improvement.
Good luck
yes any credit card will help you build up your credit. Unfortunately, you may only get a high interest card to start with but as long as you pay your bill ON TIME that is the main issue. Could credit cards for your situation are Premier First Bank, Orchard Bank. These two allow you to pay certain fees to start with but they will help you if no one else will give you a credit card. First try a store credit card like Mervyn’s or macy’s something like that and if they say no then try those two other ones. Good luck!! I hate debt copngratulations getting out of it. I am on my way!!
First thing in establishing or rebuilding good credit is to always, always pay your bills on time. Every thing from utility bills to rent or your mortgage.
Then get a credit card or two, the big ones, Master Card, Visa, Discover, American Express and when you use credit to buy something make sure you have the money in you bank account to pay your monthly credit card bill in full each and every month.
There are other factors involved in your credit score, but this is the big one.
For more information, as well as info on credit cards (Amex, Visa, MC, Prepaid cards, and cards for problem credit) go to…