How to build credit from scratch: step-by-step instructions

I come across people who simply  have no credit – they pay for everything with cash and have a debit card for everything else. Then all of a sudden they need a huge influx of cash and they have no credit to acquire said capital. Well, here is how we jump-start your credit to make you appealing to lenders.

Credit Repair

Most people who know nothing about credit are not aware that the simple act of applying for loans put “hard inquiries” on your credit. Of the 5 factors that affect your credit score, New Credit accounts for 10%. And New Credit is credit that you obtained or credit that you applied for (and failed to get).

So in some cases you may need a bit of credit clean up. The best service and price that I have found is with CreditRepairCo.

Primary Tradelines

A primary tradeline is what you get when you apply for funding and receive the funding. One (slow!) way to acquire primary tradelines is to get a secured credit card or pay something like Self Lender for 12 months. We get the job done in 2-3 weeks by buying primary tradelines. Each line will run you $1800 to $2000.

Authorized Users

In addition to primary tradelines, being added as an authorized user (AU) on someone else’s credit card, improves several of the 5 factors that affect credit score. They only cost about $500 per AU.

Next Steps

For less than $3500, your credit profile has been enhanced to look active and responsibile, you are off to funding. Bon voyage!

 

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Author: Terrence Brannon

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