Re: Only have one account on CR..a negative item..how to establish credit?..

Posted by scott (65.25.99.145) on February 18, 2003 at 17:54:29:

In Reply to: Only have one account on CR..a negative item..how to establish credit?.. posted by CS on February 18, 2003 at 17:31:06:

5 years ago we had horrible credit. We got a car but with something like 25% interest. Over the last 5 years the interest rate steadily shrunk and now we have a 2002 windstar that is leased at 3.25%. Most of them require steady work and maybe a down payment. IF you have these then you can probably get a car although be prepared to get bent over. You could always start out with a secured card. Someone mentioned calling around to credit unions you may qualify for and taking out a secured $500 loan by placing $500 in an account there. Make sure they do not report it as secured though. Then you take that $500 and go secure another loan. Then you repeat one more time. Use the $500 cash you have to make payments for about 6 months then go in and close out the accounts with the money you used to secure it with. interest on a CU secured loan is not high and the little extra it costs you may well be worth it in the end. Of course this will take time to research but it is worth a try.

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