It’s best to have at least 2 revolving lines of credit (credit cards) and 1 installment line of credit (loan) in order for the credit scores to calculate correctly.
The quickest way to establish credit is to become an authorized user or “piggybacking” another person’s credit. If you have a family member, friend, or someone you know that has good credit you can have them add you as an authorized user to one of their credit cards. Now this doesn’t mean you would have to actually have access to that account, or have a card. It just means your name would be on the account so their good credit history would report onto your credit reports.
How it works:
You find a family member or friend that has a credit card with a good credit limit and the balance is less than 50% of that credit limit. You then ask that person to add you onto that account as an “authorized user”. They’ll need your name, address, birth date and social security number and that’s it. In 30-45 days that account will appear on your report as a line of credit in your name.
If this is not an option then you can go to our website www.crecreditservices.com and click the Secured Credit Card located on the bottom right side of the site. You’ll have different options to review and decide which card is best for your situation. Remember you need to have 2 credit cards reporting for your scores to calculate correctly.
These revolving lines of credit will report in 30-60 days.
Let me know if you have any questions. I can be reached at 877-477-9321 ext 737
Cliff
CRE Credit Services
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