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Re: Are these included on credit reports?


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Posted by Linda on March 05, 2002 at 02:08:10:

In Reply to: Are these included on credit reports? posted by Tom on March 04, 2002 at 17:52:54:

Some utility companies and phone companies report, some don't. They don't where I live. I wouldn't count on it for building credit.

As far as cards to rebuild with, depends on what's on your report, and who you defaulted on. Usually, if your credit is really bad, you have to start with a secured card, and pay it on time for a while, the get your limit raised without another deposit. After a year or so, they will usually unsecure the card, and you go on from there.

Capital One will usually be the first decent company to send you a solicitation. Orchard has a secured card. Bank of Marin.


A good way to get ready is to go talk to your bank or credit union, and tell them what you are trying to do, make sure they will report to the CRA's. Open a savings account, deposit $1,000, and then get a $1,000 loan, secured by the account. Take that $1,000 to another bank or credut union and open another account, borrow the same $1,000, secured by the account - you can do this several times. Then make the payments on time. All it will really cost you is interest and the use of your $1,000. You will have several good refernces in a short period of time, and will start getting card offers after that.

The key is to make sure they report. If they do not agree to report this loan, it won't help you, it will just be a nuisance you have to keep track of.

If you don't have $1,000, open a savings account and save it up. If you can't do that, you don't need any credit.

Linda


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