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There's absolutely no need to take out a penny in loans to build a credit score. That's a myth.
by saryant 10y ago
There's absolutely no need to take out a penny in loans to build a credit score. That's a myth.
- ThomPete 10y agoYet thats exactly what I had to do. I had to basically fund my own credit for some time and pay it off. All which cost money of course. As a foreigner thats how it's normally done. At least in a bank like Citibank.
- saryant 10y agoYou can open a secured credit card, never use it and after a year convert it to an unsecured credit card, getting your deposit back. And you would never have been in debt.
- FireBeyond 10y agoThat's not quite accurate, almost any secured or subprime credit card will have activity requirements. Most will close your account if there's insufficient transactions in the last three months.
- nommm-nommm 10y agoEven if they close the account it still "counts" on your credit score for 10 years.
- maxxxxx 10y agoI am foreigner. My first CC had a $49 yearly fee and something like 39% APR. I always paid it off and after a year other offers came. So the cost was $49 to get a credit history.
- nommm-nommm 10y ago1) Get credit card 2) Shred credit card 3) Now you have a credit history (They'll probably close your account in a year of inactivity if you don't use it but you'll still have credit history until the account falls off your report-10 years)