Wednesday, March 4, 2009

How to Build Credit--When You Have None!

This is just a note to let you have some incite into how I built my girlfriends credit score up. She is a bit younger than me and we have been together for four years. She did not have any credit at all at that point. When we got serious in our relationship and as things progressed with us, I decided to do something about her credit. She ,of course, could have eventually gotten credit on her own just be applying for it. However, I think I read somewhere about an easier way. I have had a decent credit score for some years now(not always, I learned somewhat-lol) and have been very faithful in paying them on time. I just had too, too much debt that accumulated over time! Anyway, I added her as an authorized credit user on one of the cards that I had for a long time and that had a high credit limit. She received her own card and everything, but she never used it. That action alone established her with some credit history, and eventually she took on two more cards. I then took her name off of my account as a user. By the way, I don't want her to go on the path as a "bad debt" accumulator , so I hope that she will stop there. Right now we cant afford the debt we have! Neither one of rarely use our cards right now, but we hold on to them because of me not having a job.One of her credit card companies gives her monthly credit scores and she is right at a score of 700. Also with this years tax refund, I paid an extra $200 to her two cards--that already have low credit lines. The plan was to pay them off, but we need some of the money just to pay bills.Last year I paid off a card and the rest of my car loan. It was still gratifying to pay off that much on her credit cards and hopefully her score will jump up alot more! I cant see any reason why we cant get her score up into the 800's! Well, that's how I established her credit! You just have to remember to not be like me and let your debt get out of control. A cash advance here and one there and paying utilities, and insurance, and groceries on your cards will certainly add up--Trust me!!!

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