What Is the Fastest Way to Build Credit?

Video Transcript

"Hi my name is Bill Rae, I'm with Alumni Financial Services out of Seminole, Florida and I've been in the business in the finance world for well over twenty five years. Today the question is what's the fastest way to build my credit. When I hear of someone asking me that question, I kind of wonder why they are asking what's the fastest way. Sometimes trying to do things too fast can get you in a whole lot of trouble. In today's environment there isn't any miracle pill or any program you can get that's going to build credit any faster then taking an obligation up and paying it in a timely manner. Now some folks will tell you in the old days if you took out a loan and you paid it for six months or so it's going to give you good credit. Well today banks are not that foolish. And neither are other lending institutes. What they are looking for is longevity. So to build a good solid credit it's going to take you some time. The longer you are at paying off something the better your credit is going to be. So if I'm telling you straight I would tell you to build good solid credit is probably going to take you a year to two year at the earliest. Now there are somethings you can do such as getting someone to cosign for you that can help. But if I were that person I'd be Leary of cosigning. The other ways is to put money into a bank and what we call a secured card or a secured loan and borrow against that and again make payments. But again no matter what you do it's going to take some time. So don't get foolish and pay somebody money that can promise you to build your credit solid in six months or less. First of all, it's probably a illegal. Second of all it's not a wise thing to do. Wish I had a better answer for you but that's the way I see it. My name is Bill Rae, I'm with Alumni Financial services and as always we are here to help you build true wealth."