How to Get Credit With a Score of 470

Build your credit score with a credit card.

FICO credit scores range from 300 to 850. If you have a low score, it is extremely difficult to obtain a loan for anything from a mortgage to a cell phone. The solution is to improve your rating with a bad-credit credit card. These cards are for individuals with low credit scores or no credit record. They help establish and build your rating so that over time you can obtain loans more easily and with lower interest rates.

Step 1

Sign up for a bad-credit credit card (see Resources). Most of these cards charge an annual fee.

Step 2

Use your credit card every month for purchases such as gas and food. Make sure you have enough money each month to pay off the balance.

Step 3

Pay your monthly statement on time and in full. This keeps interest from adding to your debt and helps build your score.

Step 4

Continue using your card every month for a year or more. Over this time, your credit score will improve. The exact amount of improvement will vary, but after a year you may qualify for additional loans and lines of credit.

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