Need General Advice Please

TLM4590 · #1 (**permalink**) 06-13-2010, 06:48 PM

Hi, Im 20 years old and have never established credit BUT, out of my own stupidity let someone put a cable bill in my name (I know Im dumb) when I was 17. The account was closed and the equipment was never returned. I also have a couple of medical bills that I will soon begin paying on. To my question, how can I establish credit with that cable bill ($1690) on my report or will I need to take care of that before even trying. My intentions are to finance a motorcycle with low(er) monthly payments and hopefully have that on my record to show that I DO pay my bills on time. Any advice at all would be appreciated, Im 20 and kinda on my own with this.

sapphirecapital · #2 (**permalink**) 06-13-2010, 07:42 PM

not sure I should help you find money or credit for a motorcycle......anyway not sure your obligation on the cable bill is legal because you were a minor, depends a bit on the state, my first step would be to get a free copy of the existing credit report, if you really need to buy anything on a loan basis use a non-interest environment, with a motorcycle you will always be upside down but nevertheless you can make it to the end; start banking at a small community bank/credit union, keep a small savings account for 5 to 10$ a month you do not touch, get whatever free credit card you can get and use it only for minor things and always repay when the invoice comes in.

goodyphilips · #3 (**permalink**) 08-24-2010, 12:07 PM

Yes exactly you should not assume things and rather contact your credit bureau and get your credit report. to build a strong credit score the best way is to subscribe a credit card with lower limits, do some small purchases and pay for them promptly. after few months you will end up building a strong credit score.

With the new credit card reforms in force, you will not be charged any fee even if you do not make sufficient purchases.

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