http://cashmoneylife.com/using-credit-cards-to-rebuild-your-credit-score/ Money Management, Small Business, Career Wed, 23 May 2012 21:16:10 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://cashmoneylife.com/using-credit-cards-to-rebuild-your-credit-score/#comment-28857 Ryan Tue, 18 Jan 2011 02:25:11 +0000 http://cashmoneylife.com/?p=1700#comment-28857 Kevin, Congratulations for getting out of debt. That is a great accomplishment and one of the smartest financial moves you can ever make. You still have options for building credit history. For example, a <a href="http://cashmoneylife.com/pros-and-cons-of-secured-credit-cards/" rel="nofollow">secured credit card</a> is a good way to get a line of credit without risking additional debt. Basically, you send the credit card company a secured line, make charges, then pay off your card. For example, if you had a $500 line of credit, you would need to deposit $500 with the credit card company. That way they don't risk losing any money. As you make your payments, you build credit. There are some fees involved with these lines of credit, but they will allow you to build your credit history and build a credit score. After time, you can apply to have your secure card changed into an unsecured card, meaning you don't need to leave money on deposit. Kevin, Congratulations for getting out of debt. That is a great accomplishment and one of the smartest financial moves you can ever make. You still have options for building credit history. For example, a secured credit card is a good way to get a line of credit without risking additional debt. Basically, you send the credit card company a secured line, make charges, then pay off your card. For example, if you had a $500 line of credit, you would need to deposit $500 with the credit card company. That way they don’t risk losing any money. As you make your payments, you build credit. There are some fees involved with these lines of credit, but they will allow you to build your credit history and build a credit score. After time, you can apply to have your secure card changed into an unsecured card, meaning you don’t need to leave money on deposit.

]]> http://cashmoneylife.com/using-credit-cards-to-rebuild-your-credit-score/#comment-28699 Rob C Fri, 07 Jan 2011 13:49:17 +0000 http://cashmoneylife.com/?p=1700#comment-28699 Considering the credit card companies have almost instant access to your bank information as well as outstanding debt on every card you should focus on improving debt to income ratios. In this credit environment a high credit score with no money in the bank is just as easily a zero score. Considering the credit card companies have almost instant access to your bank information as well as outstanding debt on every card you should focus on improving debt to income ratios. In this credit environment a high credit score with no money in the bank is just as easily a zero score.

]]> http://cashmoneylife.com/using-credit-cards-to-rebuild-your-credit-score/#comment-28568 kevin Thu, 30 Dec 2010 18:46:30 +0000 http://cashmoneylife.com/?p=1700#comment-28568 Hi, I have a question.....I have spent the last few years paying ALL of my debt.............I have no debt right now........but also I have no credit history according to the credit companies.....so what am I supposed to do now? I cannot get a card to start showing on time payments...which is what I want......I am looking at these cards for bad credit and they look like a huge nightmare......I am on disability........I am 54..I live in a home that is payed for and all I do is help with the bills...but none of the bills are in my name.....so I basically have no way of trying to rebuild my score..at least that I know of? do you have any ideas that I can check on? Thanks Kevin Hi, I have a question…..I have spent the last few years paying ALL of my debt………….I have no debt right now……..but also I have no credit history according to the credit companies…..so what am I supposed to do now? I cannot get a card to start showing on time payments…which is what I want……I am looking at these cards for bad credit and they look like a huge nightmare……I am on disability……..I am 54..I live in a home that is payed for and all I do is help with the bills…but none of the bills are in my name…..so I basically have no way of trying to rebuild my score..at least that I know of? do you have any ideas that I can check on? Thanks Kevin

]]> http://cashmoneylife.com/using-credit-cards-to-rebuild-your-credit-score/#comment-23883 Mark Buckley Tue, 01 Jun 2010 17:16:46 +0000 http://cashmoneylife.com/?p=1700#comment-23883 Good article. There is no magic bullet .. . . just basic principles to live by. Spend less than you earn and work on building a 6 month cushion to cover living expenses should you lose your job. Everyone's focus should be on earning steady income and living within one's means. Too many, unfortunately, are trying to "trick" the system into artificially pumping up credit scores. Good article. There is no magic bullet .. . . just basic principles to live by. Spend less than you earn and work on building a 6 month cushion to cover living expenses should you lose your job. Everyone’s focus should be on earning steady income and living within one’s means. Too many, unfortunately, are trying to “trick” the system into artificially pumping up credit scores.

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