DFW Home Ownership: Establish Credit with Secured Credit Cards

The most effective way to use your credit to maximize your scores the fastest without building debt. is to use your credit on things you already buy anyway... make it a rule. Example: Groceries, Gas, Cell Phone Bill, etc. Keep your balance below 25% so your score will go up. If you go over 25% be sure and pay it before the bill date (bill date balance is what shows on your credit report), and not the due date. I personally hate credit all together, but we need it to buy houses and cars and get good interest rates. As far as Credit Cards go... I have 1, and it is frozen in a block of ice in my freezer in case of an emergency. So I hate to tell you that you might need to get a secured credit card (revolving trade line) to re-establish your credit. But the truth is... you need a revolving line of credit to prove your credit worthiness faster. There are other ways such as opening CD's and taking secured loans out against the CD, but that is an installment loan. An Installment Loan will help your credit as well, but as I mentioned you need a revolving line as well. I listed many ways to establish credit below.

CREDIT CARDS ---Usually you will be unable to get an unsecured credit card with damaged credit. The accounts you may be approved for will typically have higher rates and low limits. Save interest fees by repairing & establishing your credit