Is this a good idea to get credit up?

ok i have really bad credit, fico score is a 558. I%26#039;ve had trouble with paying bills when i was younger. If i got a credit card specialized for bad credit people and just made like a $5 purchase every month and paid it off, would that be a smart idea based off the fact it would be a easy monthly payment, and even with just a $200 card it would be a low debt to available credit ratio that is looked at by creditors? Also to reduce temptation of spending my parents or other trustworthy person will hold onto this card till i make that $5 purchase a month.

Is this a good idea to get credit up?

that would be a very smart idea. that will build your credit back. i did that ,and so has my husband. just by him calling the company%26#039;s that he owed, gave a few payments, got a dell account, got 3 credit cards, and a home depot account, his score went from 523 to 678. start small like you said. it always is a good idea. if your going to be late, make sure you always call them. most of the companies waive the late fee due to you being on top of things.

Is this a good idea to get credit up?

i think you should spend a little bit more beyond $5. If you have a $200 limit then I would think $50 is sufficient. Yes, pay that off in a timely fashion.

Is this a good idea to get credit up?

You need more than one thing.

You need:

(a) Cable Bill

(b) Credit Card

(c) Telephone Bill

(d) Cellphone Bill

(e) Car Payment Bill

(f) Car Insurance Payment Bill

You need to pay every single one of these on time for 7 years straight at a minimum.

You need to call the credit companies and make sure every single one of these is reporting to them every single month like clockwork.

You need to make sure you NEVER pay off the full amount on any of them - leave a hanging balance.

For the Credit Card, you need to be pusing around about $50 to $100 a month for it to work at full efficiency.

Also - buy a Whole Life Insurance Policy and keep paying into it. When you have equity built into that, you can use that policy to get a 0% loan to use as your down-payment on a house.

Once you have the house, reduce or get rid of whatever you can on the other credit items, and keep the house as the one major payment every month - keep paying that one for at least 7 years straight, and then your credit will go even higher still.

Is this a good idea to get credit up?

it is ok, but you do not need to use it each mouth. try use it 2 times a year.