Building credit with limited funds is not impossible but it will be challenging. Challenging because one of the primary principles of credit rebuilding is based upon paying down your current debt. The good news is…it’s not a deal-breaker.
If you are not in the position to plop down large amounts of cash to reduce your existing debt quickly, the next best thing to do is to continuously pay the bills that you currently have on time and never, ever again be late.
Now, after you’ve gotten into the mindset of never being late again, the next thing I want you to do is to go to Fingerhut and open an account. A lot of people will scoff at a Fingerhut credit account. Don’t listen to these people.
Fingerhut is responsible for improving more people’s credit profiles faster than any company that I’ve ever heard of. If you are too embarrassed to tell people that you have a Fingerhut account then don’t tell them, just open the account and watch your credit grow.
Next, I want you to make a small purchase of $20-$30. The amount is not important. The key is getting something that you can pay off in full within a few days of your bill arriving. Then repeat. Fingerhut will double if not triple your initial credit limit within the first 3 months.
If you follow these three simple steps, I promise you that within six months your credit score will show significant improvement, and within a year your score will have jumped by at least 100 points if not more.
A year might sound like a long time but trust me, it won’t feel like it because you will be receiving small rewards and a sense of accomplishment along the way.
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