A great way to improve your credit is with loans. But what if you don't qualify? No problem if you or some one close to you has some cash.
Here is how it works. Many banks will loan you money, regardless of how bad your credit is, if you have an account with them that contains more than your loan. So let's say you or your parents have $1,000 or $5,000 or what ever amount. Take it to a bank, let them know you would like a loan for 90% of an amount of cash you are going to deposit to secure the loan. You are basically borrowing your own money and the bank gets to charge you interest, of course they will be interested in this deal. (I have done this twice with my son's credit in the last couple years).
By the way the interest rate if very good I think we paid 3-4%, since the bank has no risk. Make sure and ask if they report to the credit agencies, which most all do, but best to double check.
So you or your parents or whoever, gets 90% of their money back the same day you get the loan, so you will not have access to 10% of the amount you deposit for a year or until you pay off the loan. It will cost you about $30-40 per year / per 1,000 deposit/borrow, but that is cheap price to get good credit.
Cheers
