Help.... I dont have Credit...
TIP 1 Â If you have been turned down for a regular credit card talk to your bank about a credit card where you can pay an amount upfront..usually $400 or so.Â This is now your credit limit.Â When using the card charge only 50% of the total amount.Â The credit bureau scoring is based on credit not on the type of card so a "pay upfront" credit cards look just like a regular credit card in scoring on credit report.
TIP 2 Do NOT get a charge or revolving credit card.Â I know these offers seem attractive to save 20% on your purchase at the timeÂ but these types of cards can do damage to your credit and if you have this type of credit keep balances at 50% and make all payments on time...one late payment and your credit score will take a big hit!
TIP 3 You can get 1 free credit report each year however the credit score on these reports are NOT your true credit score.Â To get your true credit score just like a mortgage company would... go to www.myfico.com There is a small fee involved.
TIP 4 If you co-sign on any loan or leaseÂ you are responsible for the repayment..many times I here buyers say.."thats not mine...I just signed to help out..."
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Hilary Johnson, Realtor
302 Westwood Office Park
Fredericksburg VA 22401
Licensed In The State Of Virginia