Advices on how to establish the credit history for beginner will be appreciated. Thanks in advance!
The Answer : Note that in order for it to help your credit history, they have to report it! Therefore, utility, phone, and many other monthly bills are not reported and do not help you in any way to establish a credit history (unless you fail to pay the bills).
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You sound like you are in a hurry, so you need to do some research and make sure you do everything right. It's going to take about 6 months to establish a decent history. Many people have been turned down simply because they have not established a long enough history of payments.Start by applying for credit cards. You will probably have to get secured cards, then after a while they will allow you to change to to unsecured, with a larger credit limit.Apply for some gas or store cards, and use them! But be sure that you pay them off on time.
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If you have a job, and have an established history and income, then apply for a small loan from a credit union or bank. You may need to talk to the loan officer and show that you are able to pay it back. Their first impression will be that without a credit history, or no collateral, you are a poor risk. But if you talk to the officer, show him your proof of income, and what your expenses are, you can usually convince them to give a small loan.You may need to get someone to co-sign for your loans in order to get them approved. Start looking for someone who trusts you enough to do that.Go to the site listed below.
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This is a site dedicated to people who have filed for bankruptcy, and are in great need of advice to improve their credit scores. Yes, this is a commercial site that sells you their services, but they had a tremendous amount of FREE information, especially their newsletters. You will find this site usefill. This is not spam...check them out.
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