Saturday, May 22nd, 2010

Can I build my credit by borrowing from amscot?

borrow build credit
J.F.T.B. asked:


My friend told me that is what he did but I wanted a second opinion.

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2 Responses to “Can I build my credit by borrowing from amscot?”

CatDad Says:

No….payday loans will not help to build a credit history. Payday loans only get reported to the credit bureaus if you default and the account goes to collections. If anything, you might unintentionally damage your credit rating if you fall into a payday loan trap where your account ends up in collections.

If you have bad credit and you want to build your credit history, then get a secured credit card…the kind where your credit limit is equal to your security deposit. Use this to build a history of timely payments that get reported to the credit bureaus just like regular credit cards.

FYI: Cell phone accounts, utility, health club memberships and rent also will not build your credit rating.

Bruce A Says:

actually it does build credit cause youre burrowing money I use paydayloans just to start out small so I can build it up to a reasonable start, check out this place Get E Cash small loans where you can pay it back so good luck I like using them for my credit score which was at 625 now its at 724 so yeah it was good for me.

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