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)
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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