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Buying on credit question
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<blockquote data-quote="keista" data-source="post: 528030" data-attributes="member: 11965"><p>Ditto Witzend.</p><p></p><p>To directly answer your question - NO those rent to own places to NOT help improve your credit score. They will tell you they do, but they don't. HOWEVER if you miss a payment and they do a repo on you, they will report that negative info to the credit bureaus.</p><p></p><p>Like Witz said, even if the credit card you get has outrageous interest rate, it will still be cheaper than the rent-to-own places.</p><p></p><p>Best place to try and get a card to start off is the store you're gonna buy at - Sear, Home Depot, Lowes. Most do a zero interest promo for 6-12 months on larger purchases, so if you pay it off in that time, the interest rate doesn't matter at all. Next stop is a credit union. If your credit is really bad or nonexistant, you might have to do a secured card. Just make sure it's a real secured card. I saw a commercial today for those prepaid visas (the ones you can get at WalMart) and they were calling it a secured visa NOT NOT NOT. those won't help you build credit either.</p></blockquote><p></p>
[QUOTE="keista, post: 528030, member: 11965"] Ditto Witzend. To directly answer your question - NO those rent to own places to NOT help improve your credit score. They will tell you they do, but they don't. HOWEVER if you miss a payment and they do a repo on you, they will report that negative info to the credit bureaus. Like Witz said, even if the credit card you get has outrageous interest rate, it will still be cheaper than the rent-to-own places. Best place to try and get a card to start off is the store you're gonna buy at - Sear, Home Depot, Lowes. Most do a zero interest promo for 6-12 months on larger purchases, so if you pay it off in that time, the interest rate doesn't matter at all. Next stop is a credit union. If your credit is really bad or nonexistant, you might have to do a secured card. Just make sure it's a real secured card. I saw a commercial today for those prepaid visas (the ones you can get at WalMart) and they were calling it a secured visa NOT NOT NOT. those won't help you build credit either. [/QUOTE]
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