What Ways To Up My Credit Score

candie

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I want to avoid getting denied for care credit but how can I up my score? It doesn't make sense I have no bills and no idea on how I can get something for medical emergency needs

My cat has sucked me dry trying to put money up and living frugal and need a new cell soon but don't know how to bring it up
 

Kieka

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My old economics teacher once told us this one.... Get a low balance credit card and use it for all your purchases. Never spend a penny more then you have to spend; treat it like cash. Each month pay $5 less then the current balance (unless the balance is the minimum due then pay it all). Also get a Target red card that you use the same way. Then you get 5% off everyday purchases and build your credit.

The biggest thing is to pay it off every month. Otherwise you will very quickly get in a world of hurt. If you have to carry a balance to pay it off make sure you put it away so you don't spend more. I also never save credit card information for online sites; slows down my purchase so I don't buy mindlessly.

It isn't quick though. It takes a good solid year if you are starting from scratch. M
 
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candie

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No faster way ? I was hoping to get a low credit card for basic vet visits but hopefully I can talk to my banker this wed
 

Kieka

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Good credit takes time to build. CareCredit really is only good for emergency type situations. They have a minimum charge for the low interest or zero interest offers.

Hopefully your banker can help you out.
 
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candie

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Yeah I just don't know what to do if her bill exceed over 300 or 400
 

Kal_shadowsmom

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When I was trying to work on my credit score a few years ago, I got what's called a secure credit card through my bank. You basically choose an amount, pay that to start the balance on the card and use the card like a normal credit card and pay off the balance every month. I only had 250 dollars on mine, but it was a godsend when I was moving and had to pay for a u-haul.

I could have gone up to 500 dollars but 250 seemed reasonable.

Hopefully your bank can offer you something like that.

You could also check into a credit union. They are more likely to actually help people become financially healthy.
When I was trying to get a new car, I applied for a loan and was approved, when my bank wouldn't even approve me.
 
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candie

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When you had that much and paid 200 with it was there a monthly rate you could pay it off
 

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Way back when I was starting my credit history, everyone started with a Sears credit card. We made a large-ish ($200-300 then) purchase and paid it off over several months. Renting my apartment, paying utilities, and the Sears card were enough to get my first Visa card. Target might be easier to get than a non-store brand Visa or Mastercard.

Make all your payments on time or even a week early. Late payments on a short credit history really hurt your score.
 
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candie

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I don't have a target near me I have to count on my bank

Way back when I was starting my credit history, everyone started with a Sears credit card. We made a large-ish ($200-300 then) purchase and paid it off over several months. Renting my apartment, paying utilities, and the Sears card were enough to get my first Visa card. Target might be easier to get than a non-store brand Visa or Mastercard.

Make all your payments on time or even a week early. Late payments on a short credit history really hurt your score.
 

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Yep, get a credit card. If you have NO credit they might make you get a secured card (meaning that you have to have that amount in deposit), but you need to have a credit card. Use it at least once a month (with respect to the finance teacher, you don't have to use it for everything, but there must be something to report every month. Buy gas with it maybe). And pay it off every month, on time. Every now and then, carry a balance to the next month, but make the minimum payment on time. Always pay every bill on time; if you don't have the money call the company and make arrangements. Late payments really lower your score.

The best thing my mom did, financially, was to get us secured credit cards when we turned 16. That way we had fairly decently established credit by the time we were legal adults. But not all parents know that's a good thing to do so a lot of young adults don't have any credit, which is actually worse than having bad credit :/.
 
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candie

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I don't have alot of cash my cat drained my money that is why I am looking for a low ammunt credit card just in case I need to see a vet I had a cell phone I was going to get but spent 250 at the vet this month
 

Kal_shadowsmom

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Whatever I spent was what I paid off, less in fees that way. Also if you use about 30-40% of your total balance that reflects better on your score.
When you had that much and paid 200 with it was there a monthly rate you could pay it off
I can't recall if there was a minimum, it might have been 20 dollars.
I really only used mine for minimal things, gas in the car, small grocery trips, things I could pay off easily. This is the fastest way to boost your score.

If you use a big chunk of the money and only pay the minimum you get less effect on your score.
 

Willowy

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If they make you get a secured card, you can usually convert it to a regular card if you make your payments on time for 6 months. But do get the card even if they want a security. Even if the limit is $50 or $100. Just something to start your credit score.

Montgomery Wards still does payment plans, and that's one way to start credit off. But I think handling it through your bank is better. Talk to the banker about how to build credit; they should know your circumstances better and can suggest some of their bank's services. BUT, be careful if you bank with a large bank like Wells Fargo---they can be predatory :/. A credit union would be better.
 
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candie

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I don't know what is a credit union
 

Willowy

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It's a bank, but the customers are actually members of the union and can have a say at the member's meeting every year. Usually credit unions have requirements for membership, like living in a certain area or working at a certain place, but it's usually pretty inclusive, like including everyone who lives in that city or county. Do a google search for credit unions in your area. They usually have better rates and services and fewer fees than the big banks, who mostly just try to sell you services you don't need :/. Credit unions are not-for-profit so they can't charge ridiculous fees.

I'm a big fan of credit unions :D.

Here's a more detailed explanation: https://www.mycreditunion.gov/about...-is-a-credit-union-different-than-a-bank.aspx
 

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All info is good.

Get a credit card and buy same stuff as if you pay cash. Pay the entire balance at each billing due date. Treat it like a 19 day loan. Be careful with some cards are 19 day billing cycles. Make sure its a 30 day billing cycle.


You can take out a small loan but I find the interest rates are not compatible. I tried to get a personal loan at local credit union. 10% was the rate even with my excellent rating.

It took about 3 years to get from 720 to 825. But biggest is pay on time and watch your debt to income ratio. The trick is get a high balance credit card but only use like 200 to 500 a month. Pay it off every due date. You will see rate go up in 12 months if not sooner. The point is to show they give you a credit card balance of say 10k but you use less than 500 dollars will bump it up. The trick is to avoid the temptation to charge everything.

Make sure start small in the beginning untill 6 months of on time payments. Then slowly increase what you charge.
 

Willowy

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A small car loan is sometimes easier to get than a personal loan or credit card (because they can take the car if you don't pay). So if you need a different car, finance a few thousand of it, and that can really help your score, as long as you make payments on time of course.
 
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candie

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I don't really drive though it is kind of hard for me because I can't see well in one of my eye. But there is a 0% rate for 18 months on a 500 max one I found haven't gotten it yet
 
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