Re: Credit and Credit Scores: A short lesson
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The best way to build credit, if you have none, is to get a CD and take out a loan against the CD, paying it off, establishing credit.
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huh?
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You deposit $5000 (arbitrary amount) into a 6 month Certificate of Deposit earning 6%. You go for a secured loan at a lower interest rate (may need a cosigner). You pay off the loan, and earn some small interest in the process, and increase your credit.
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