I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you!
I would take out no more than 2. I would start out with a secured card. Granted you would have to put a deposit upfront to secure a line of credit, but the deposit would also garner interest while you're proving your creditworthiness. You could start out small, like $200-300 or larger like $1000-2000. Either way, I strongly suggest you to continue to use your debit card and pay cash like you've been doing, and make small purchases that you can pay off in full every month (around $20-50). I would only use the credit card in dire emergencies. After the secured card becomes unsecured, then you could receive offers for other cards, but chances are just the one card could work just as well. Be sure to dispute anything that was involved in the identity theft and make sure that you have a POLICE REPORT. Your "good accounts" (rental, club, cable, cell, etc.) CAN be reported through this reporting agency called PRBC. (http://prbc.com/default.php?) This is for REAL. You can have your good credit reported and complied in a scored report that can be considered with your traditional credit reports. It's become increasingly popular and I'm certain that it will help you out immensely.
- What happens to credit cards debts when your parent dies?
- What credit cards will my business be able to accept?
- I have several inquiries on my credit report due to fraudulent information. Is it possible to get them removed?
- Is there really such thing as a "free" credit repair services or they are just scam?
- Union workers credit services credit card?
- Did adding a free credit score site in a resource link is a violation of yahoo answers policy?
- What should I know about credit cards and are there fees i have to pay for having a credit card?
- How do balance transfer credit cards work?
- Do I have to pay a creditor if I have an account with Ovation credit services?
- I’m looking for companies that use WOTC credit (Form 8850) in their Human Resources Dept?