Monday, December 12, 2011

How do I raise my credit score without a credit card?

I have student loans but I am still in school and I've got several more years to go. I don't want to get a credit card because I'm not sure I can trust myself with it. I have a car but it is in my dad's name because I don't think I have the credit to get one without a co-signer and no one is availible to cosign. Since I still live at home, how can I raise my credit score without a credit card?How do I raise my credit score without a credit card?
- get some assets (save money or buy the car from your dad) :

- pay everything on time : cell phone, Internet, etc.

- get a regular income (it's better to be regular than big)

The best is to get a credit card, spend a little on it every month (to pay your bills, for example) and to pay it back in full before the end of billing cycle - so you won't pay any interests.

Good luck !How do I raise my credit score without a credit card?
The question is what do you plan on buying in the next few years (a home? another car?) I just watched the film maxed-out (GREAT FILM and would recommend it to anyone living in the USA) and it explored our obssession with credit cards and debt- it also mentions how there are HEAVY inaccuracies with credit ratings and reports which are actually intentionally instituted by the creditcard companies (its a long story, but in essence credit card companies run this nation) so in reality a credit report shouldn't have any true bearing on a persons credit, but shamefully it does- I recommend alternative credit which is more like refrences from people in your past you have made consistent payments to, who can vouch for your loan viability such as a landlord. It is more challenging to find a lender who will accept this form of a 'credit history' but is much more realistic since your personal credit history is bought and sold daily by a variety of different customers and is very inaccurate.
Get yourself a prepaid credit card this way you can't spend more than you alreay have or contributed. Think of the prepaid an investment to build your credit and you can then build on your record.

sorry that's all I go for you
Your father could list you as an authorized user on his credit card (you don't have to use it...), but he'd better darn well be responsible with it! Other than that, installment loans are probably the way to go.

I'd suggest a secured credit card. The credit limit is equal to the deposit you send in to set it up. It's kind of like a debit card, except you need to pay your bill on time. Most student credit cards start off with a low limit. If you can learn to use a debit card, see if you can start using a secured credit card instead. There are also gas credit cards and store credit cards... if you live at home, make sure that your parents nag you to pay the cards off.

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