How to start a Good Credit history

How to start or re-start your credit history. Find out my TOP three credit cards to start your credit history in the 670-690 FICO range. The top three credit card to start your FICO credit score or improve your bad credit history, Why suffer with a bad FICO score or invest hundreds of dollars with a credit repair company. I cover the top three credit cards that I use to help people start out or rebuild their credit history and get the credit score they always dreamed off.

Hi everybody Dave Sullivan here with the Credit Guy TV

I had a loan officer call me who had a borrower new to the country with no credit history and no FICO Score.  He was wonder what would be the best way to build up a credit history so he could get a FICO score for his borrowers

I have always told people who are new to credit or new to the country or just coming out of bankruptcy the best way to establish a credit report and FICO score is through a secured credit card. A secured credit card works just like a regular credit card except that you have to open an account at the bank.

You deposit a certain amount of money into a savings account and then that becomes your high credit amount. Secured credit cards normally start at two hundred and can go to five thousand. You open the account and then you get the secured credit card based on your account.  These work great for establishing credit but what you want to watch out for is when you go to a local bank or credit union. They may not report to all three bureaus and that is kind of important if you are trying to build you FICO score and credit history.

I have three accounts that I used three bank secured credit card that I have used over the years that report quickly to all three bureaus. They normally have a higher percentage rate for interest and sometimes there is a fee associated an annual fee but after you get established.  After you are established you will start to get a lot of credit card offers and you can shop around after the initial establishment phase.

The number three best company I like to use is capital one. The capital one secured master card.  I like it because you get the benefit of working with a major bank or credit union up front because capital one is a major bank.  You get all the possible points as opposed to a nontraditional lender. There is an annual fee they do pull your credit file even though you don’t have one they report fairly quickly they report in 2 – 3 month so you can get your FICO score 6 months after that point you can get that account plus one more.

The second company, I like is orchard state bank. They have an Orchard state bank classic master card. The reason I like it, they report quickly they report in one month still an annual fee still high percentage rate. You open the account that is your high credit but it is a great way to quickly add an account to your credit report and whenever we have someone that needs to add an account we tell them orchard bank. They report quickly the problem with orchard bank is it is backed by a nontraditional lender so the back is not holding the account it is healed by a nontraditional lender you will not get the same type as you would with the capital one.

How to start a Good Credit history

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