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Taking a small loan out and paying it back over time helps your credit alot, also secured credit cards and keep you balance low…Experian boost too…
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Taking a small loan out and paying it back over time helps your credit alot, also secured credit cards and keep you balance low…Experian boost too…
Great advice and info!!!!
Taking a small loan would help if u could get approved in the 1st place
I went to my local Credit Union where I have a checking and savings account and I was approved for a special loan where they loan me $500 but give me access to this money a small amount at a time, the monthly amount I pay off. Then they report this to the credit Bureaus and if I don't touch this money I'll have it saved by the end of the year in my savings account.
That's a positive way to build credit.
Yes this is the best way to bulit your own credit.
Best way is to Always make on time payments. Its credit but not actual money
Even a small loan may charge interest. We have to be careful about how much we're paying the bank to build credit.
Another option is to open a credit card. Credit cards only charge interest if you do not pay the full statement balance.
If you use it for one small purchase a month (buying a tank of gas), and pay off the purchase right away, then you're able to build credit without paying interest to the bank :)
I have found out the hard way bout using loans
Missing a payment is detrimental to your credit score. So you could make payments twice a month or every time you get paid.
I have bad credit due to student loans. I was doing good at first paying on them, but then I eventually just stopped all together. Its been especially hard with the pandemic and finding work. I also have two kids, and have to pay bills ect. I have applied for so many different loans online because I can not get approved from bank, and I still can't get approved. Are there any sites that anyone knows where I can get approved for a small loan?