How to Build Your Credit in 60 Days

Video Transcript

"I'm Roger Groh and we're here today to talk about how in 60 days you can build your credit. Well really there are two parts to this. One is your credit history clean and do you not have any problems. And the second part would be do you have problems and do you need to fix them. So let's take the good stuff first. You really haven't borrowed money before and you don't have any credit, there's nothing so the key is to get your name into databases probably by borrowing money from your local bank or by taking a credit card out in very small amounts even using it, use a hundred dollars on the credit card and then pay off whatever the minimum amount is on that credit card on time every single month. You do that for a couple of months and that's how you start to build good credit. On the other hand, if you've had problems and you haven't made your loan payments on time, you haven't made your credit card payments on time, but you haven't defaulted, you've just been late. The question is how do you fix that? Well the first thing you need to do is to be sure that the data in the databases is right. And look at the very closely. If there is any discrepancy between what you believe in terms of when you've made your payments and what they report, immediately write a letter to them saying you're wrong because they are obligated to check that out and fix it if in fact it's wrong. That's step number one. Step number two is pretty simple, make your payments on time. Do that for a couple of months, your credit score will go back up and that is how you build your credit in 60 days. I'm Roger Groh."