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What are the best credit builders

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August

Joined: 09 Jan 2008
August's page
Posts: 134

30 Magic Points

Subject: What are the best credit builders

Tue Feb 05, 2008 11:39 pm

What are the best credit builders, credit cards or a consumer loan from a financial institution, does one weigh out more than the other as long as you make your payments on time and regularly? I would rather get a consumer loan from a bank or financial institution than I would deal with a credit card who could raise my rates on a whim by checking my activity on my credit report.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3927

10 Magic Points

Wed Feb 06, 2008 1:22 am

Get an additional loan or line of credit from a trusted, safe lender. It is best to also diversify the type of credit. If you have underwritten an auto loan, then adding a line of credit or revolving credit such as a secured credit card is suggested.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa

MCasper

Joined: 31 Dec 2007
MCasper's page
Posts: 25
Location: Pennsylvania

1239 Magic Points

Wed Feb 06, 2008 1:47 pm

Mortgages->Auto Loans->Term Loans/Student Loans->Revolving Accounts (Credit Cards).
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Michael Casper
Senior Debt Advisor
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coffeebean

Joined: 03 Jan 2008
coffeebean's page
Posts: 34

0 Magic Points

Thu Feb 07, 2008 12:30 am

When I tried to improve my credit I signed up for a credit card and would buy a piece of gum then pay it off immediately. You can also go online and get a free credit report but it never gives you the score unless you pay. So if you have the money to pay for the score monthly then I would do so but if not just check your credit report and call any outstanding credit defaults. Hope this helps xoxoxo:)

erb1953

Joined: 31 Dec 2007
erb1953's page
Posts: 573

-53 Magic Points

Thu Feb 07, 2008 2:01 am

I think anything that establishes a payment history would be a good way to build or repair credit history.
I would do the loan option instead of a credit card, cards have fees and reprocutions if you pay late, which could lead into more problems down the road.

coffeebean

Joined: 03 Jan 2008
coffeebean's page
Posts: 34

0 Magic Points

Thu Feb 07, 2008 2:25 am

Well, if you do not have credit chances are you will not get improved for loans so basically our economy is manipulating us. If you overdraw your bank 25 cents you (in my case) owe 32.25! If you can not pay 25 cent you obviously can not pay 32.25. Things happen and the lower class folks are the ones suffering.

cbass1017

Joined: 01 Feb 2008
cbass1017's page
Posts: 143
Location: PA

1528 Magic Points

Thu Feb 07, 2008 3:35 am

I don't know if I agree coffeebean's advice on paying for your credit score each month. You have to be very careful that you are actually paying for your FICO score and not some made up score by a credit monitoring service. If it doesn't say FICO score it means nothing to lenders. There are a lot of decieving companies out there that are trying to scam you of your hard earned money so just please be cautious.
_________________
Scott McKay
FreeOnlineCreditGuide.com

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Thu Feb 07, 2008 4:38 am

Scott I really appreciate your concern.

I think if you are trying to mend your credit the best way to go is with credit cards and keep them at a low balance say 10%. Secured cards are a better option.
_________________
Regards,
Laura.

Joey
Guest

Thu Feb 07, 2008 11:16 pm

A friend of mine recommended this site to me. She seemed very happy with it Smile

Smile

Take a look TOS violation removed--Morningstar

August

Joined: 09 Jan 2008
August's page
Posts: 134

30 Magic Points

Thu Feb 07, 2008 11:28 pm

Thank you for a great link joey, I went there to check it out, there is a wealth of great advice there. I think that people here will find it very useful, looks like this thread is going in the right direction, thank you for keeping it headed north.

cbass1017

Joined: 01 Feb 2008
cbass1017's page
Posts: 143
Location: PA

1528 Magic Points

Fri Feb 08, 2008 2:47 am

I'm sorry to be the center around so much controversy but the reason I started my site was to keep people from signing up to "free credit report" scams and these credit repair companies out there. Although your advice is good people could just go to my site and learn how to correct and repair their own credit for free. I actually just posted a link to a very informative article published by the FTC regarding credit repair companies. I would advise everyone to atleast check it out. Repairing your own credit is not that hard. There is also some great advice right here in this forum as to how to repair your own credit. I just don't know about paying someone else to do it for me?
_________________
Scott McKay
FreeOnlineCreditGuide.com

Trade Capital
Guest

Subject: Deposit Loans

Mon Feb 11, 2008 7:54 pm

TOS VIOLATION-Richard

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3927

10 Magic Points

Tue Feb 12, 2008 2:46 am

What type of firm is this? Is this some sort of a scam? I can't imagine how much it costs a person to do this.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Tue Feb 12, 2008 7:12 am

I think its just an advertisement. Needs to be treated by some moderator here.
_________________
Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Wed Feb 13, 2008 5:06 am

I've asked this on another hread, I think. Can someone please explain to me the difference between a Credit Score and a Fico Score? IS there a difference?

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