Building a credit rating quickly ????

ProPokerPlayer · Aug 25, 2013

I dont have bad credit i have no credit. Which apparently by default means the lender thinks you've been in Angola for the last 10 years or sumthin. Im in desperate need of about 20 g's in credit against a property which is valued at $50-65 G's but with no credit nobody will even talk about it. I was actually asked to leave 1 place ....i assume they thought i may go nuts when they tell me No.
Whats the best way to build a credit rating quickly?? Im in my early 50's, self employed without a huge amount of reportable income. I have no debts and the only thing on my credit report is a home i purchased in the early 2000's for $120K but sold in about 11 months.

I know there used to be a few guys in here who dealt with these types of things and im hoping ur still around. Thxxxx in advance for ANY help...

8ate · Aug 25, 2013

I think the classic way is to borrow small amounts and pay the loans off in time; and use credit cards; no slow pay...not any real help, but amazing how much gredit you can get if you are a crdit card junkie; just shopping with wife at Belk's; they sais 15 % off if I got a crdit card; accepted for 1.5 k line in 1 min; but 20 K that's real Bucks; hopw you get some real help; real estate is not fungible...gl

ProPokerPlayer · Aug 27, 2013

Yea i knew it would be a bitch. Biggest financial mistake i made in my life i guess was selling that house after 1 year. That was right at the beginning of the "free loans to broke people " program the Govt. started. Keep it 6 more months and i could have gotten 25-35% more for it. About a year or after was Katrina and selling it then would have been right next to hitting the powerball. Would have great credit as well and wouldnt need a loan...lol!!

But i was looking around tonight and found this story. Looks interesting..... http://money.cnn.com/2013/08/26/technology/social/facebook-credit-score/index.html

Suzie · Mar 21, 2014

I read long agao at some freebie site fast to get A+++++ Credit start with $1000 cash open a new account at any bank after it's cleared make a loan using that $1000 as collateral take that $1000 cash and do it again at another bank repeat that process ....... then one more time at a 3rd bank

now take that $1000 and pay off all 3 every month then of course the reamainder will be your own cash but if you pay off all 3 loans in say 8 months or 12 months YOUR credit score hits the tops at 800 +..... I never had credit problems i only worry about identity stolen.

BUT eacg credit burea is to call me when they see unuasual activity and my banks also call me if i have unusual activity on my debit card.

If i know i'm going out on large spending spree i call both banks to let them know about it.