Oh. My. Goodness. Definitely when I tried getting my first apartment! Straight out of college, I had no credit score whatsoever. Suddenly, I found myself struggling to co-sign a lease with other roommates because I was the only one without a credit score at the time. I quickly changed that by getting a credit card and paying it in full each month to build my score quickly and efficiently.
I can relate to that Danielle.
Currently trying to build up my credit score after letting it fall so low
Once I got perfect credit I will never let it go bad again
@Susan - do you have any tips on how to build credit? I've been working on my credit for a few years now, and it only goes up by a few points every so often.
Ok
@Danielle - In the beginning my credit union helped me. They offered me a 'secured' loan for $1000. The point was to make regular payments to show good history. I also used a consolidation company to pay the old cards off. My mistake was closing those accounts - that hurt my length of credit and my credit ceiling (total of credit available).
Now I use one card for most purchases and pay it at least once a week to keep the balance as near to $0 as possible. Since I use it daily that is nearly impossible. But that keeps the interest fees at bay. And it has 1.5% rewards on all purchases so that's free money.
I have another card that has higher rewards - 5% on a few categories each quarter. I use it only for those and also pay off weekly.
Bottom line - if I could not afford CASH for something I don't buy it. It has taken me a long time to get here though. I had a second job for many years to earn enough to pay them off.
Bottom line - if I could not afford CASH for something I don't buy it. It has taken me a long time to get here though. I had a second job for many years to earn enough to pay them off.
Definitely where I am trying to get to. One more card with a balance then just use rewards cards for everyday & pay as I use.
@Danielle - In the beginning my credit union helped me. They offered me a 'secured' loan for $1000. The point was to make regular payments to show good history. I also used a consolidation company to pay the old cards off. My mistake was closing those accounts - that hurt my length of credit and my credit ceiling (total of credit available).
Now I use one card for most purchases and pay it at least once a week to keep the balance as near to $0 as possible. Since I use it daily that is nearly impossible. But that keeps the interest fees at bay. And it has 1.5% rewards on all purchases so that's free money.
I have another card that has higher rewards - 5% on a few categories each quarter. I use it only for those and also pay off weekly.
Bottom line - if I could not afford CASH for something I don't buy it. It has taken me a long time to get here though. I had a second job for many years to earn enough to pay them off.
I love your strategy for this!! Yes, I'm very careful about what I allow myself to spend on my credit card. "Living money by the barrel" is how I like to think of it as. At this point, I've never been in credit card debt, and I can't imagine going down that road.
Has anyone used a debt repair company? I am debating on trying it. My credit is horrible due to a divorce and bankruptcy. The bankruptcy wasn't paid so it got discharged and all of the old debt fell back on MY credit. I am wondering if I should file for chapter 7 this time or use a debt repair. I keep hearing they can have a lot of stuff removed.
Has anyone used a debt repair company? I am debating on trying it. My credit is horrible due to a divorce and bankruptcy. The bankruptcy wasn't paid so it got discharged and all of the old debt fell back on MY credit. I am wondering if I should file for chapter 7 this time or use a debt repair. I keep hearing they can have a lot of stuff removed.
This article was a pretty helpful introduction to debt/credit repair: http://bit.ly/2s65X65
It really depends on the situation, so it's good to get in touch with a reputable organization before making any big financial decision like that.
why I tried getting my first bills ! Straight out of pay bad again,.I also used a consolidation company to pay the old cards bad bills . My mistake was closing those accounts ,.i cant have jobs,.i am deaf and i was upset but i want gift for my grandchildern want to walt dinesy kingdom in orland florida and my grandchildern never in walt dinesy kingdom,.i want to buy Walt Disney World Resort theme park tickets for my grandchildren and myself at Florida Resident prices,i'm not making enough money
Thanks for the post
Credit is very important. It's hiatal to repair areas that need improvement.
A good credit score is very important because lenders look at it to decide whether to approve you for a loan or credit card and to determine what interest rate to offer you.
Oanh Pham
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My mother is a real estate agent so she always impressed on me the importance of having a good credit score. When I turned 18 and moved out, I did a lot of research on my own on how to improve my credit score and facts vs myths.
In addition to being able to receive more competitive interest rates credit or loans, having a good credit score can mean lower insurance premiums for car and home insurance. There are quite a few insurance companies that factor in credit scores when setting insurance premiums for car and home policies.
credit score is a big part of our financial system.
Absolutely, credit score is needed to apply for credit cards, autos loans, house loans, and etc.
