Credit Cards?
Hello I got a big problem. I just finished paying off my bills and that have been delinquent for about 4 years, and I have been wanting to build up my credit. For some reason I cannot seem to be accepted for any credit cards or loans. How can I rebuild it again? :-(
Try Chevron first.
call and get a copy of all three bureaus. Make sure everything is paid off. Then call and get a secured credit card. use this card every month and pay it off every month. this will show you are responsible again.
Lori
[addsig]
Secured is gonna be the main way to go for now. It'll take about a year to get to unsecured status.
I would set up about 2-3 accounts.
Go to a bank, and get a CD or Savings account. Ask to get a loan secured by the CD or Savings. Use loan proceeds to pay loan payments for at least 6 months (usually accounts younger than 6 months dont get reported). Once you pay it off in say, a year..go back and see if you can get a loan UNSECURED, and then do the same thing. This is a fast way to build credit without actually getting into debt.
Also, you could get a secured card, and use it for things that you normally buy, like groceries and gas. Chevron has some good bonuses with their gas card. Then, keep the receipts and write a check for the amount and send it in THAT DAY. (or pay online if the card has the option). This way, (if it is paid within the grace period) you avoid finance charges.
These are some examples of how to build credit WITHOUT actually causing yourself additional debt.
Hope this helps!