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I am 58 years old and I have no credit, its not bad credit its just that I have no credit history and I would like to start building some. What and or how would the fastest way of doing so?

5 Thoughts on How does a person build his credit score?
  1. Reply
    August 27, 2012 at 4:08 pm

    Get a secured credit card and use that to build a history of paying on time.
    This is where you put up a deposit and your credit limit is equal to that. In general, most people can get this type of card:

    It takes about 2 years of paying on time to establish a good credit history.

  2. Reply
    Steve D
    August 27, 2012 at 4:26 pm

    There is no fast way – what you need to do is apply for and get a credit card, use it for small purchases and pay the balance off each month – this builds your payment history and avoids finance charges.

  3. Reply
    Use Your Noodle
    August 27, 2012 at 4:57 pm

    You have never borrowed money in 58 years? Wow! That’s a first!

    Well, if you are still employed, you might be able to get an unsecured credit card. If you get declined for one, go to your bank and ask if they offer a secured credit card.

  4. Reply
    August 27, 2012 at 5:10 pm

    The only way to build credit is by not trying to build it fast. If you try to build it fast, then you will not be able to build it at all.

    The first step is to take some money to a bank that offers secured credit cards to depositors, deposit the money, and get a secured credit card. The secured credit card will slowly build your credit. After it has slowly built your credit enough, you can then try to get things that might help build it somewhat faster. If you try to get those things first, you will fail, because you cannot get those things when you have no credit.

  5. Reply
    Credit card Debt relief
    August 27, 2012 at 5:36 pm

    The secured credit card is a great method to develop credit for any youthful individual. When you are getting a guaranteed card, make a first deposit to an account which will fund the actual card.

    This particular takes out a lot of the risk for that financial institution and helps a person learn how to make use of your credit card responsibly without the risk of skipped payments or fees. In addition, it’ll begin a great credit record for you to move forward later on.

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