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Quick Credit Repair: A Personal Experience

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financeman45

Joined: 23 Oct 2007
financeman45's page
Posts: 1

322 Magic Points

Subject: Quick Credit Repair: A Personal Experience

Sat Nov 10, 2007 9:07 am

One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks.

http://fixingyourcredit(dot)blogspot(dot)com

goodnatured

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

10 Magic Points

Sat Nov 10, 2007 12:50 pm

Great suggestion to build credit, we had a similar post but it was discussing taking a loan out against and existing savings account.

SunDevilsFan

Joined: 09 Nov 2007
SunDevilsFan's page
Posts: 184
Location: Sunny Arizona

6612 Magic Points

Mon Nov 12, 2007 7:14 am

Yes, this is a good suggestion. But, BEWARE... Some of these type of cards come with a HEAFTY service charge....

So, as with anything else... Shop around for the best deal!!!

sdchargers_63

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

1356 Magic Points

Subject: credit cards

Mon Nov 12, 2007 12:21 pm

I have 2 credit cards..BOTH for 're-building credit'. Each one has a $300.00 limit on them. The % is a bit higher, but, they are on my credit as a 'positive thing'. Things like this DO help your credit. Thanks for the advice.

debtstinker

Joined: 03 Nov 2007
debtstinker's page
Posts: 285

16 Magic Points

Mon Nov 12, 2007 1:49 pm

Yes and thank you for the site as well! I know it doesn't take long to get offers from unsecured cards, trick is finding one that doesn't charge a huge annual fee and the other trick is to get accepted for them. but like all of you have said, taking little steps, making small purchases and making the minimum payment and above will help.

goodnatured

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

10 Magic Points

Mon Nov 12, 2007 8:54 pm

I will have to go on the site and check it out, once I get my financial life in order, I figure I should be straightened out about January or February, not too far away, I am getting there slowly but surely.

debtstinker

Joined: 03 Nov 2007
debtstinker's page
Posts: 285

16 Magic Points

Tue Nov 13, 2007 3:21 pm

Thats really neat that you have an end time approximation in sight, always helps and you're right, that time frame isn't far away at all!

SunDevilsFan

Joined: 09 Nov 2007
SunDevilsFan's page
Posts: 184
Location: Sunny Arizona

6612 Magic Points

Tue Nov 13, 2007 6:49 pm

Thats great goodnatured..... Seeing that your finances will balance out in the next couple of months!!! What a relief!!! eh? Couldn't ask anymore for the upcoming holidays....

desiree15

Joined: 10 Nov 2007
desiree15's page
Posts: 42

943 Magic Points

Wed Nov 14, 2007 12:33 am

no doubt that your determined to get your situation back on track and not only are you doing this for yourself, I've read some of your previous posts, you're determined to help other people too.

DOROTHYB

Joined: 19 Nov 2007
DOROTHYB's page
Posts: 1

34 Magic Points

Mon Nov 19, 2007 7:50 am

ireally need card to bill my credit up is there way you all can help me bill up my credit

Dadummy

Joined: 15 Nov 2007
Dadummy's page
Posts: 606

57 Magic Points

Tue Nov 20, 2007 2:52 am

Good, after you get caught up it will be really important to stay on track, if you can get current and stay that way for one year, don't apply for anything, have some negatives fall off as you mentioned in an earlier post, your credit score should really jump up. I think you are well on your way with your planning and sticking to the plan. Your ways of saving money, like coupons, building your own bed, doing your own car repairs can only accelerate this process, keep us updated. We will have Laura back you a celebration cake in February.

Laura

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

35466 Magic Points

Tue Nov 20, 2007 9:50 am

Count me in for sure Smile

_________________
Regards,
Laura.

goodnatured

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

10 Magic Points

Sun Apr 20, 2008 12:22 am

what????????????????????????????
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Apr 21, 2008 1:18 am

I think it says "if you can read this credit repair should be simple

sdchargers_63

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

1356 Magic Points

Subject: cc

Fri May 16, 2008 11:07 am

Aren't 'secured' cards a LESS % rate than 'non-secured'? I've had both....it just seemed like the % rate, on BOTH of them, were about the same. I think because they were both for 'low credit, high risk' type of thing.

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