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how should i build credit

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Clapton
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Subject: how should i build credit
 
Posted on Tue Apr 13, 2010 4:39 am  

I have been living abroad for years. However, I returned a year ago and have been trying to build credit. Recently I got a secured loan. I have had a checking account with this same bank for past 3 years in good standing. I had also applied for a bloomingdales card because I had read that it can be helpful. Initially i got rejected, as they could not verify my address. I mailed them a copy of my bank statement and was told i would be approved shortly. I also have a family plan under my name with At&t and have kept this account in good standing. I plan to do some other things in the coming weeks. Open another checking account at another bank and get another secured loan. Apply for other store cards, perhaps bestbuy or something. Apply for another secured card. The bank told me that after 12 months of good standing it will become a regular credit card. My question is, does the card start reporting while it is still secured, gradually building credit, or is there no effect until 12 months pass? Is there any credit building method i am missing? If so please help.

Thanks in advance
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: how to build credit
 
Posted on Tue Apr 13, 2010 6:19 am  

Hi Clapton,

What you have done so far is going to build a good credit score for you. However, don't go on taking new loans and cards. This may lower your score as the issuers and lenders will do a hard inquiry on your credit report to check your credit worthiness. This can ding your score.

Just maintain the payments on those which you already have. Payment history helps you the most in building and maintaining your credit score.

As for the secured credit card, check if your bank is going to report about this to the credit bureau. If not, you yourself can report this to the credit bureau. Secured card helps you the most in building good credit.

Hope this helps.

Regards,

Aaron
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


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Posted on Tue Apr 13, 2010 10:28 pm  

Some secured cards report and some down, you need to ask your bank if they are one that does report, also you can ask them if after a period of time you can be upgraded to unsecured installment loan.

Installment loans are the best way to build credit, you should keep opening and paying as agreed, not early - you want to build payment history right now. But as soon as you pay one off, open another one. These build towards being able to get auto and mortgage loans later.

Credit Cards - you want to be careful, don't apply for more than 3 a year. The inquiries will hurt your new credit score, if you have one yet. Usually after establishing new credit it can take up to 6 months to generate a score on your file.

Sounds like you are doing good otherwise. Smile
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