What is the "best" scenario to go from no credit history to the highest possible credit score?
(I have 1 year of making my auto loan payments on time.)
1)Take $500 to a bank and establish a security deposit account to obtain a secured credit card.
2) Repeat this at another bank.
3) Use both credit cards but never charge more than a maximum balance of 20% of the total credit card limit.
4) Pay more than the minimum credit card payment on a bi-weekly basis.
5) Go to my bank and take out a CD for $2,000 that pays interest.
6)Get a secured loan for $1,000 against the CD and pay it off in a year on time.
Answers:
It's a good plan, but if you want the highest possible credit score, you'll need more than 1 year of credit history.
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