Now I Have No Credit :)

Why would you do something like that for that same money you could start you a secured credit card and eventually rebuild good credit.

 

Good point dacoldest. Don't revert to slick tactics at this point bsutton21. You've done most of the heavy lifting already.

We always suggest for people in your circumstance to start with either a secured card or an unsecured credit card with a low limit. Keep in mind, that both of these types of cards can have substantial fees associated with them so shop around and be wary of cards with steep fees.

For a secured card, make sure that the card reports to the major CRA's. Many of these secured cards offer a service that will report your credit history to the CRA's for a fee (yes it costs money). A secured card that doesn't report to the CRA's will do you little good.

Or you can try an unsecured credit card with a very low limit. First Premier Bank offers cards of this type and while there are most certainly exceptions, we have had good feedback from our users on these card offers in their efforts to rebuild their credit.

Happy hunting!

Bill H.
http://www.creditcardassist.com

 

For this to work they would have to place fake creditors on all 3 bureau's reports and that is not likely to happen. Don't waste your money. No credit is better than bad or slow credit. Use this to your advantage and apply for a secured card. Make sure the card reports to all 3 bureau's. Be careful because multiple inquiries can hurt your standing.

 

Realize who you are dealing with if you pay money to someone who claims they will put fabricated information on your credit reports. They might just take your money and do nothing, or make some token action to avoid claims of total fraud. The CRAs might just remove their entries.

What is your effective recourse, for the amount of money involved, in dealing with a company that has decided to be in that business? What court will direct them to post a fraudulent "history"? What would it cost you, in time and money, even to get them into court, to try to get your money back? More than you already lost?

In chess, the reason you generally decline a gambit is not that that path might not be winable, but that your opponent is attempting to lead you into a path they have studied more thoroughly than you.

For similar reasons, you only do business with legitimate companies, with sound reputations, selling legitimate products. No agreement or contract is worth more than the intent and ability of the parties behind it. Promises are cheap.

 

or, you could always get someone with good credit history to add you as an authorized user, that way you would gain their credit history.

 

Get a secured card from Orchard, National City, or Bank of America. With no other revolving accounts showing, even a single added account can add alot to your score.

First Premiere will give you an unsecured card, but will hit you with a couple hundred dollars in fees off the bat. Nothing like getting 60% utilization on a card that you haven't even used yet, plus the high monthly fee that they charge.

 

Even better, go to a local credit union or bank and apply for a secured loan." Usually you can do $500 up to $1000. The idea is to pay off the loan (automatic debit to yourself). After six months or so when you pay it off, your FICO will improve significantly. The installment loan seems to impact FICO more dramatically. Since you are resetablishing credit, you might want to try both. Regarding the credit union loan, I simply told them that I wanted to open a secured loan in order to establish credit with their bank. No problem.

Good luck.

 

will2win, do all credit unions offer this kind of secured loan? Or is this something specific to your region? I live in Southern California and all my local enquiries have proved to be futile :-(

 

have you thought of having someone put you on one of their good CC accounts as a JOINT holder ?

not just an AU as they will not report on your credit report.

make sure they are responsible if that is an option it will report their history on your report and establish a score.

next usually I have found jewelry and furniture stores will help start your credit.

BOA also offers secured cards that increase over time that lead to unsecured credit.

once you have one others will follow you need to get a score first.

 

if you are in the market for purchasing a home the last thing you want is to have debt to income ratios and alot of inquiries.

from what I have found each time your credit is pulled it shaves off 5 pts off your score which I think is stupid.

unless you are mortgage or car shopping in a certain block of time then I hear its only 2 pts.

be careful how much creidt you establish you may end up defeating your main purpose.

get advise from a lender first they may have options to assist you.