Posted by Dimpil on October 09, 2003 at 20:54:07:
Okay you don’t have too get a card or serveral cards you can ‘borrow’ someone elses by being an authorized user, just make sure that person is in good standing with the company, no lates, high credit limit and 30% balance.
Second thing is the FICO company lies. Yes it’s true you do need credit to get credit. It’s how you handle the credit determines your score. Getting too many credit pulls hurts and getting too many turn down hurts.
To see your score go to www.myfico.com and pay the 12.95 per agency to see your credit profile with score. This is the best way to know what your borrowing power is. The higher the score the more you can borrow. 680 is good 700 is better and 750/850 you are multi-platnium.
The CD thing is how they use to do it but now, few banks offer signature loans like that. Credit Unions are starting to phase them out also.
If folks don’t know it, being FICO compliant is a part of every major fortune 500 company and we are 80% there. I don’t not into conspieracy but I do belive this one as I’ve seen the scoring, FICO system change in major ways since I entered the mortgage business in 1997 to now.