Do I need to have an open credit card?

Many people who have bad credit have had bad experiences with credit cards in the past and understandably, they are afraid to open up a new credit card because they don't want to get into debt again. However, they are missing out on easy points to their credit score. The credit score is calculated using a debt-to-credit ratio. This means that if you have no open revolving credit (i.e. credit cards), your credit score is going to be very low because when you calculate anything

How do I build credit?

This is a great question because while removing or correcting negative accounts is most important, if there is nothing open and in good standing on your credit report, your scores will probably not be above 600. The two most effective ways to build credit are: 1. Open up a secured credit card where you give a $200+ security deposit as collateral. 2. Add an authorized user seasoned Tradeline, where you get the primary cardholders years of positive payment history as well as th