How to build or repair credit score?
I'm 19 and sort of have bad credit already b/c when I tried to get an apartment for college I was rejected so instead had to get one in my parents' name. Sometimes I would pay payments early, but other times I would just totally forget about it and not pay and then I be charged interest..this has been going off and on. So, I have a few questions.. -In order to build my credit score, is it possible to just withdraw less than 30% or so from my credit line from the ATM then when it gets near the payment due date I can just pay off that entire withdrawal amount then repeat? -How long does it take to repair bad credit?....like years? Would I have to pay off credit card payments consistently for many years in order to repair my credit rating? -What's the fastest and most efficient way to repair/build credit?...And how long would it take?...Would cutting my credit card up right now and just stop using it until I graduate from college and get a job repair and/or build my credit? THanks!
Public Comments
- Do not get any credit cards ever. Never take out an unsecured loan. Pay all your bills. Cut up your credit cards. They are a scam.
- On-time payment history and debt-to-credit ratio are the best ways to rebuild the credit. There is no ethical way to quickly rebuild your credit; it is going to take some time. (between 18-24 months of on-time payments.) I would recommend you get rid of all your credit cards and just use your own cash to purchase what you need. If you can't get it with your own money, then you really can't afford it.
- I have been to "many" different credit repair sites on the web. Some were pretty good and some were pretty bad. I refuse to use a website<!--that requires a fee to get their credit repair info when there is great free sites on the web.. I'm listing the best site that I've ever been to. http://badcredits.awardspace.com/repaircredit.htm It is a "free" do it yourself credit repair site. I have learned so much by reading and asking questions on that site. And, I have seen "significant" improvement on my credit reports after learning-->my rights and using them.Don't pay for information that you can find for free.
- Do not use your credit card at an atm to rebuild your credit. Not only do you get a 3% or higher fee for doing so you also pay interest daily on a cash advance there is no grace period for a cash advance you only get that on purchases.
