What’s a good effective way to establish good credit without hurting your report?
Question by Mike D: What’s a good effective way to establish good credit without hurting your report?
with inquiries? I got a new car, but even though it’s under my name, my father co-signed since I have “limited credit”. I have my student loans and now my car loan to help establish credit, I know that will be big once it’s paid off……but I won’t to establish more WITHOUT having to worry about bringing my score down?
Will my score go down for a while or just temporarily?
Best answer:
Answer by Akbar B
Your score goes primarily by how promptly you make payments on your loans. If you are late your score will plummet like a rock, and if you pay on time it will keep shooting up. Good luck.
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Turning Bad Into Good With Credit
An ideal world is filled with good paying people. But in the real setting we currently have in this planet, not everyone is capable of doing so because of many different reasons. For people who unfortunately have invested on bad credit instead of a good one, getting themselves another thing to spend money on is some kind of a bad idea. Tough life you have there. To acquire a loan would seem questionable in that situation. The good news is that there is still light at the end of that dark tunnel. You can still obtain one as long as you know where to look for it.
If you want to revive that dying credit of yours then you need to start from scratch. Let go of the past and set aside the others. Learn to focus and set your goals straight. Because of an already dirty history with credit card, it will be hazy to get another one. So you will be better off with a loan. In order to do so, here are points to ponder on.
Do not anticipate to get the best rate. In fact, do not expect ever to get the lowest rate. In spite of the events that may have happened in the past, the blame is placed all on you. If you have had a bad credit then paying high interest is just one way to compromise for the misbehavior before.
Do not go for the big guns. And by big guns it means the major banks and lenders. Because of the reputation and name, they may seem to be the best choice in the beginning. But if your name is well associated with your poor paying habits then they will remain protective of their status and will most likely not lend even a centavo to you. But do not fret. You just have to find lenders that centers their services with those who have bad credit.
The key here is to keep on going and going. Be optimistic in the search by asking people who have experienced these lenders or you can go over the internet and look for yourself. If worst comes to worst, then take a temporary pause. Give it some time for things to calm down and try your luck again.
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Among the many numbers that accompany us throughout life, our credit scores are one of the most important. The usual range of credit score varies from 350-800 while some model range up to 900. People with higher than 750 are able to attain best interest deals and insurance premiums while consequently, people having low scores get higher interests and higher premiums. In order to have your credit score improved, one must be able to understand what makes up the rating as a whole.
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College is where many of us get to enjoy our first taste of freedom and living pretty much in the manner that we desire. It is also the time where we get our first taste of the power of credit cards. Being new to financial freedom and its responsibilities, college kids are easily vulnerable to the enticements of credit card advertisements and decide to apply and begin using college credit cards for all the wrong reasons. Unwise spending and incorrect payment methods of course lead to accumulated interest charges that can end up being very costly. Misuse of student credit cards can seriously damage credit rating. Later on in life, you may be turned down for employment or be denied a loan to buy a new car or home. More seriously, your debts can add up that by the time you finish college you’re way in too deep in debt without any means of paying it off. A college credit card can be beneficial, but only if the college student remembers to use it correctly at all times. Student credit cards work the same way as any other credit card; they are loans that need to be paid back so responsible use is key to success. This credit card book is a guide to the young college student as well as to parents who are thinking about getting student credit cards. There are valuable tips and info on how to choose the right student credit card and how to use it as a financial tool to build good credit history which is necessary for adult life and to handle money properly which is essential for budgeting and living a debt free life.
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