how do you build up credit score if you have no credit?

Credit and mortgage advice Forums Consumer Credit Improving Your Credit Score how do you build up credit score if you have no credit?


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    • #425132

      FDIC screwed up. Even though people have more money today than before tax cuts. People don’t know how to spend and invest wisely. I guess that’s why so many depend on social security, they don’t know how to spend wisely

    • #425133

      No one forced banks to give loans to people that can’t afford to buy homes. The loans were made because banks wanted to maximize profits.

      There is also evidence of people forging income information when they got loans.

    • #425134

      I don’t think we can blame Lil” Bush for AHM’s problems.

      Greensan warned folks that the end to rising markets and realestate prices would come to an end soon.

      I’ll bet he’s surprised it went this long.

    • #425135

      This from a Forbes article linked below.

      American Home Mortgage (nyse: AHM – news – people ) makes loans to home buyers with less-than-sterling credit histories and/or little or no documentation. American Home sells bundles of these mortgages converted into securities. In the second quarter, the company reported a high number of defaults on loans, which forced it to repurchase some of the loans, leading to huge losses.

      Trying to spin the troubles of AHM into something evil brought on by the Bush administration is disingenuous. At best, its a stretch. AHM was taking advantage of loose cheap money loaning to people who probably were not sound candidates for mortgages.

    • #425136

      This entire lending scam has me flabbergasted. The central bank is responsible for regulating the mortgage industry. The central bank determines the requirements that borrowers muct meet in order for lending institutes to issue a loan.
      The federal government dropped federal loan programs aimed at low income families and 1st time buyers decades ago. Programs like Farmer’s Home Loan and FHA went out the window under Reagan, I believe. These federally backed loans were scrapped and replaced by the private subprime loans. The central bank eased requirements on private lending institutes so weak mortgages could be issued and relieve the federal government of low income loans.
      Today with the crash of subprime, everyone is blaming the people who took out loans they couldn’t afford. No one is pointing the finger at the central bank, the government, nor the lending institutes.
      Who is really to blame, the people who took out the loans, the people who gave the loans, or the people who made the rules for the loans?
      One must also look at the real reason for the loan defaults, the increased interest rates.
      Why did the interest rates increase?
      Why did we enter into an inflationary cycle?
      Federal deficit spending.
      Why do we have huge federal deficit spending?
      An expensive, prolonged war in the middle east.

      So, the why I see it, this subprime crash is another price Americans are paying for the war in Iraq. At whom can you point the finger for that debacle?

    • #202657

      i have no card and no bills?
      i do have a bank account.

      do i sign up for a phone line like verizon?
      i tried signing up for cable but they said i have no credit so i cannot.

      and how long does it take to build good credit fast?

    • #268163
    • #276774

      Getting a cell phone does not show up on your credit report – therefore it does not build credit.
      The only thing a cell phone might do is ding your credit report and therefore hurt your rating slightly.
      Why do so many kids believe this builds credit?

    • #283736

      getting a cell phone with a monthly plan is a great, easy way to start building credit.

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