Building Credit! will paying for insurance and cable bill help?
by Cable-Bill / June 16th, 2010
Ive tried getting a credit card to start but i could not be approved for any. I applied with Discover, Mastercard, Visa, and through my bank for a student credit card but no luck. I was wondering if i can build my credit by paying for my car insurance and the cable, phone, and internet bill (all three through Time Warner)?
Tags: cable phone, car insurance, insurance, internet bill, mastercard visa, student credit card, time warner
Filed under: News
June 16th, 2010 at 6:12 pm
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
June 16th, 2010 at 6:12 pm
Sorry, no. They’re not extending you credit.
June 16th, 2010 at 6:12 pm
No. They are just bills, not credit. You have to have a line of credit with a card or by buying a car or furniture to establish a line of credit.
June 16th, 2010 at 6:12 pm
No. Utility and insurance bills do nothing to "build credit." You may have to start with a secured credit card.
June 16th, 2010 at 6:12 pm
Here’s the unfair thing.
Paying your utilities on time will not help improve your score, but not paying them can hurt your score.
To improve your score look into a prepaid Credit Card. It’s a good way to get started.
June 16th, 2010 at 6:12 pm
Be Careful. If you sign up for credit cards and get turned down that will also hurt your credit. Don’t sign up for anymore cards for awhile.
To establish credit just continue to make payments on time. This will look good if you ever need a loan from your local bank.
Really think about it before you get a credit card. Once you get in debt its very hard to climb out of it with such high interest rates. They have done studies and say that people will spend more money when they have plastic verses cash.
That is why my policy is cash. I save it up and I use cash. The borrower is servant to the lender. Payed cash for my car and everything. Like Dave Ramsey says "cash is king"
June 16th, 2010 at 6:12 pm
those things never get reported to your credit report – maybe if you stop paying, then thye might get reported as a negative item – but even then only if they have your soc sec #
June 16th, 2010 at 6:12 pm
Try a company like Capital One. You may have to pay a fee. Only take one card. Then pay down on it.
June 16th, 2010 at 6:12 pm
Insurance won’t, but utilities will.
June 16th, 2010 at 6:12 pm
Nope. I pay all of my utilities on time and my credit score is still low. Pay off all of your debt and get a secured credit card.