Getting back on my financial feet

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This topic contains 1 reply, has 2 voices, and was last updated by  marco_salinas 3 months, 1 week ago.

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  • January 31, 2013 at 4:22 am #2187

    Almond21
    Participant

    Hey everyone!

    I’m 27yrs old and I have a very bad credit history. When I turned 18 I went on a credit card binge on top of that I had a car loan and student loans. I eventually defaulted on my credit cards which I ended up settling my credit cards but I religiously paid my car loan and my student loans (Thank God they didn’t accrue interest). Since my car has been paid off and I pay for my classes cash, I haven’t have the need nor the desire to get a credit card HOWEVER since I’m getting older I understand I’ll need some sort of credit history in order to buy the white picked fence house some day…. So like any regular person I applied to my banking institution to get a credit car through them and surprise! my credit is crap…

    So I decided to apply for the Capital One Secured Credit Card, I got approved and I paid my deposit now I’m waiting on the card to get here. I plan to only use the card for gas since I spend about $30.00 weekly on gas and once I get my statement pay off my balance and so on. I don’t plan to get a bunch of credit cards again but I certainly want a non-secured credit card and maybe an American Express I don’t know.

    In any case, I was talking to personal banker at my banking entity and he said that in order for me to build my credit again, I had to pay interest on the card and use it often (That’s why I figured to use it for gas) is that a good strategy? Also, should I get a credit monitoring program? I don’t know what’s my credit score (I’ve been too chicken to check)

    Please help!

    February 12, 2013 at 6:56 am #3071

    marco_salinas
    Participant

    Yes, keep up using your credit card more often not only on gas but everything that in your need. Using your credit card more often is a good idea wherein it can help you to have a credit history but you should use it wisely and pay on time.

    For your credit monitoring program, you can always check online on some websites who offers a free consultation just like on credit 360 consulting. They are credit repair services who offers free consultation.

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