Question by : Am I in debt without knowing?
I have NEVER owned a credit card, and have decided to begin and build up my credit score. I applied for a Wal-mart credit card and was denied. Said that there’s a debt I didn’t pay.
Tracing my memory back, there was a bank I had about 4 years ago and even though the overdraft was small, it eventually racked up to 200 – 300 dollars. And yet I’ve never been called about paying a debt back.
I also have noted that I have never received any junk mail regarding “You’ve been pre-approved for a credit card!” I checked my credit score, and it’s about 540.
Where would I go and who would I call to pay them back? And when I pay back this debt of about 300 or so, would it immediately open me up for a credit card and build up my credit score? I also heard there’s ways to quickly build up your credit score with 3 credit cards? (probably 3 times harder, as well) Also, what would happen if I were to get a credit card, but never use it.
Best answer:
Answer by Calvin C
with that score you are not getting a CC even after you pay the bill. Best cheapest way to establish credit is a secured bank loan pay off over 7 months and repeat. Getting a CC to start your file is stupid never using the CC does nothing for you You are looking at about 3 years to get to a decent score
Know better? Leave your own answer in the comments!
Related posts:
- My Horrible Credit Card Debt / How far Are You In debt?
- Debt Questions And Answers
- Credit Counseling & Debt Management : How to Apply for a Credit Card With Bad Credit
- Q&A: Is a credit card or credit card debt considered a “line of credit”?