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I'd like to know some ways in which I can build a good credit rating. I've never had a cc or taken out a loan.
I've never needed a cc and don't think I'll ever need one. I just want to get a good credit rating so that I can start doing the
App-O-Rama. I'm intrigued by anything that involves legally making money without working.
I've done some searching, and people recommend getting a cc where you deposit like $500 and then that's your credit limit. I'd rather not do that because I don't want to tie up $500 unnecessarily. I hope there's another way.
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Ron,
You need pretty good credit to do an app-o-rama that is worth the effort. Check out your credit score on one of the sites. If it is good, apply for one credit card and begin charging and paying off the balance each month. Talking to your present bank was a great idea. They might be able to get you setup with a non-secured credit card right off the bat depending on your credit score.
Everyone who is responsible with money should have a credit card. You are basically losing 1-2% on every transaction by paying cash or using a debit card.
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Your credit score gets cripled if you have more than 3 "applications" on your record within 12 months and goes down for every additional credit card you have over 4. Your method might work but its very short sided and likely to dry up with the ongoing credit crunch.