What can I do to improve my credit score?
It is almost impossible to buy a home with extremely low credit. The easiest way to start establishing credit is to go to a local bank, and open a secured credit card, where you deposit the amount of the credit limit and the bank gives you a credit card of those funds, NOW the key is to use credit SMART.
Once you have any credit card use up to 30% if you credit line is $1,000.00, Use ONLY $300.00 make the small payments a month ON TIME, never be late.
Once you have one credit line, you want to go apply for 2 more, like a department store or hardware store.
You need a minimum of 3 OPEN credit lines, with favorable credit payment history.
One of the fastest way to establish credit, is to have someone you know that has had a credit card, perhaps your mom or a close relative, make sure is NOT a high credit card limit with a high balance (otherwise this will affect your income to ratio), and if they have perfect credit, and have always being on time with their payments. They can add your personal information as a user to it, and within 30 to 60 days, that credit history from that particular credit card, will attach to your social security; BEWARE if it is NOT GOOD credit, the bad credit will attach too.
Some lenders could also use alternative credit such as light power bill, water bill, cell phone bill, insurance bill, and so on.
Blog Archive2017-07-14 10:45:41
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