Liberty Credit Repair

Act IV: Credit Crisis Timeline Part 2
&
The Rating Agencies

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I Need a Credit Card but Have No Credit History.How can I obtain a visa credit card if I live I Uganda?

Having worked in banking in Africa (the most beautiful and wonderful continent on our planet), I know very well how this works. You will not be able to obtain a visa credit card (or other credit card) with no credit history, unless you have large cash balances. You will need to start with a debit card, a prepaid credit card offered by most of the African banking institutions. Once you have proven an ability to function with this card and to handle it responsibly, you will be considered for a credit card. These debit cards are often referred to as W8 cards, due to a section of international banking law that deals with this type of card.

I just turned 18 and I wanna build my credit history right. What is the best and right way to do so?

1. Get a credit card, preferably a secured credit card (one where you give them some money, the money you give them is the amount of credit you have on that card. Give them 400, you then have 400 dollars credit. This is so you never go over the limit, and if for some reason you dont pay your montly balance, the money you gave them will be used to pay the balance for that month. This is so you dont hurt your credit score).
2. Always pay your bill on time or ahead of time.
3. Have 2 to 3 credit cards. No more, no less. Creditors like that you have multiple cards, but not alot. They also love to see the balance at "0". Dont keep your credit cards sitting at over 60 to 70% of the credit limit. If you have a 2000 dollar credit limit, dont let your balance sit too long at around 1400 or more. And never keep it too close to the limit!
4. Never ever close a credit card. When you do not want a credit card anymore, pay off the entire balance, keep your payment reciepts for future reference, and never use the card again. When creditors look at the card history, they will see a "0" and give you points. However, when they see "card closed" , they assume you had credit trouble. Stupid, but its true.
5. If you can, pay the entire balance off every month!! Credit card companies make billions of dollars off of those monthly interest charges. Think about it, if you only pay the minimum payment each month, they charge you money, could be 10 bucks, or could be 60 or 70 depending on your balance. This is basically throwing money out the window!

Since i have had 3 credit cards, i have always paid the entired balance off each month. I opened a store credit card (Dillards) and paid the minimum payment for a few months, until i realized they were charging me almost 25 bucks a month just for the interest. I realize i work way too hard for them to just take my money like that when i could have just paid the whole balance off and had not been charged that money. If you pay the entire balance off each month, a credit card can be your best friend!

Who is responsible for protecting your identity and credit history? Only you are responsible for making sure your personal information is safe. The best way to protect your credit is to check your credit regularly through AnnualCreditReport.com. If you discover any errors or mistakes, report the errors immediately so the banks and credit reporting bureaus can help resolve your credit disputes. If you do want to hire a credit monitoring service, make sure you use a service that will help prevent fraud, protect your personal information, and resolve any disputes.

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I made some errors with my credit when I was younger. I have been doing great at keeping a good credit history now that I’m more mature and understand the importance of credit (last 3 years). However, my old mistakes are still hunting me. I read somewhere that it can take 7 to 10 years for a bad entry in your credit report to be dropped. Is there a way I can remove those sooner?

Yes and no. You can attempt to remove negative items on your credit report by disputing them with the credit agency(i.e Transunion, Equifax, or Experian). They will contact the original creditor who has to prove in writing within 30 days that they have or had a valid claim. Its worth it to try this because sometimes the original creditor won’t have the records to prove your debt, especially after three years. Or the company might no longer be around to handle your dispute!

Beyond that, your best bets for improving your credit are doing the things that will improve your credit score right now. If you still have old unpaid debts, pay them off or work out an agreement to pay them off. Then these debts will at least show that you are in repayment instead of defaulting on them.

Keep a couple of credit cards, buy things like groceries, and pay them off every month. This will gradually show that you are being responsible with your payments. If you pay your cards off every month, you wont have to pay interest. Also, your credit score will improve with the more available credit that you have but aren’t using because you are paying your cards off every month.

A recent history of responsible credit use weighs much more on your credit than irresponsibility from several years ago. Keep chipping away at it.

When looking for a new vehicle, let the credit professionals http://www.imgcars.com help get you started on your way! Regardless of your credit situation, IMGCars.com has numerous programs to help get you driving a quality pre-owned vehicle. With competitive rates for all credit scores starting at 4.49% , and numerous lenders including Credit Acceptance , we can get you the finance package that suits your lifestyle. Call Our Guaranteed Credit Hotline at 1-888-925-DRIVE (3748) Let IMGCars smooth the road for you. Conveniently located on the Warwick / East Greenwich Rhode Island line, we are an easy drive from Mass, CT, NY, NH, ME and VT.

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I have Honda Accord 2007 financed by Honda and a 14K finance remaining on it. Does giving back(Voluntary Reposition) the car to Honda show up in my credit history or anyways pull down my good credit history? Thanks for your advice.

yes, it is the same as a involuntary repossesion

I recently tried to buy something on credit for the first time in my life but was refused. They couldn’t explain why but I can only see that its because I have no credit history.

I have no debts and never had a credit card.

How can I get accepted for credit requests?

capital one is an easy qualifier. go online, get the phone #, call them directly and apply for a credit card. done and done

FICO officials answers whether canceling a credit card hurt your credit score?

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I am 18 and a student, I have applied for student credit cards at seperate times and have been denied because of having no credit history. The cards I am applying for are student cards for limited to no history, I want to know what else I need to do to get a credit card when I have no history. I want to get the card just to use for gas, so I can pay it off each month and slowly build some credit. Please Help!

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – buildcredit.ifastnet.com