“The system is rigged against average people”
This is not true, not even a little bit. It is true that there are errors in approximately 2/3 of all credit reports, but there is no evidence the errors effect any one group more than another. The errors are spread out over all credit reports.
It is also true that banks and credit companies like doing business with wealthy people, because they have a lot of money. However, there are A LOT MORE middle income people than upper income, and the combined wealth of middle income people is huge. Banks need to do business with middle income. Finally, there are large numbers of people who are now lower income, but will transition to the middle class. Think of the large numbers of people who graduate high school and college each year. Most of them start out with very little income, but they are young, ambitious, and hard working. In a rather short time, many of them will increase their income, save some money, and get established.
The system is rigged to give everyone a chance, because businesses like everyone’s money. If you look closer you will find that there are credit, finance, and leasing services to suit almost everyone
If you are just starting out or starting over try getting credit with a store like AddvantageUSA.com. After you’ve done that, add a secured. a secured bank card to that so you have a card to use for travel and so forth,
The most important thing to remember is this:
- Set your expectations correctly
- Use your credit wisely, buy smart, and don’t spend too much
- Pay your bills on time, every time
Credit histories and credit reputations are not built in a day. They are created one month at a time. Except for the lottery, fortunes are not made in a day; they are earned a little at a time. It does not help to pay off your credit account all at once, because this does not create a history. Use your credit accounts to make reasonable purchases. Pay the amount due each month. Instead of paying it off sooner, put the any extra in savings. Then, when you have an emergency, you still have money to pay the bills.
Simple stuff, but you’d be surprised by the numbers of people who don’t get it and won’t do it right.