2006-06-19 06:55:14 · 12 answers · asked by unknown11233 1 in Business & Finance ➔ Credit
Take out a bank loan for about $1000. Then don't spend the money! Just repay the loan over the course of the year.
It's best if you can use your parents' banker.
2006-06-19 06:57:27 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Go to your current (or local) bank and ask for a secured credit card. If you put $1000 down, you get a credit limit for the same amount. Then you MUST carry a balance on it. You do nothing to build your credit if you don't show that you can responsibly carry a debt. Therefore take that card and go buy something! Think of it as a gift for you for starting your credit history. Then pay the minimum monthly payment ON-TIME!!! If you make payments beyond 30 days past due you are doing more harm to your credit than good.
The other suggestions of financing a car or getting a mortgage are good, but not for you. Because you need to already have a good credit history established in order to get the larger item purchases.
Furthermore if you get a store credit card you will be paying very high interest (18-28%) and are limited to shopping only in that store. If you get a Mastercard or Visa you can buy stuff anywhere and have a safety net so that if you should not have cash you can use your credit card anywhere, anytime.
One thing you should definitely not do is to start digging a credit hole. By that I mean spending more than you have. Be responsible and you will have good credit history which will help you for the rest of your life. Start out poorly and you will regret is for years to come!
2006-06-19 14:08:03 · answer #2 · answered by youreblessed15 1 · 0⤊ 0⤋
Get a credit card through the mail and use it for normal stuff you would buy.... At the end of each month, pay the whole card off.
The key is to gain credit but not get yourself into dept or trouble!
Taking out loans is not a good idea because you'll spend the money and it's hard to pay back. Buying what you normally buy on credit and paying it back will slowly build your credit and keep you out of trouble. Also save your money and build up your bank account so when you need to buy a large item like a car- you have a clean credit history and a nice bank account to support your purchase. When you have cash, it's easy to get the loans/credit you need.
2006-06-19 14:29:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Getting a Credit Card that is for people with no credit or bad credit. They have some fees but that is because you are considered a risk. They give you a very low limit. Get that and only spend when you have the cash.
That is one way!
2006-06-19 13:59:21 · answer #4 · answered by jessigirl00781 5 · 0⤊ 0⤋
Obtain a credit card (secured or unsecured) and use it. ALWAYS make the minimum monthly payment, or more. Credit card companies faithfully post your payment history to your credit file on a monthly basis.
Another way is to get an auto loan, a mortgage for a house, or credit lines with places such as Home Depot, or other large 'box stores'.
2006-06-19 13:58:32 · answer #5 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Sign up for one of those credit card offers that come in the mail. Or go online and search for credit cards and apply for one. If you dont make much money you have to lie and say you make more to get the credit card. Usually you have to make 15,000 or more a year to get a credit card. Capital one is a good credit card, discover too. You want a credit card that has NO annual fee. That is key. You dont want to pay money to have the credit card. If it says that the there is an annual fee dont get that credit card, look for another.
2006-06-19 13:59:09 · answer #6 · answered by Educated 7 · 0⤊ 0⤋
To have "good" credit, you need at least 2 open and revolving accounts that are in good standing. Get a proper cell phone, not a pre-pay. you might have to put up a deposit, but it will be refunded back to the balance of your bill.
You could also apply for a small, un-secured credit card. $100/100GBP... Make sure you pay monthly bills on time and more than the minimum amount due. It looks better to creditors!
Good luck!
2006-06-19 14:06:04 · answer #7 · answered by Shream278 2 · 0⤊ 0⤋
i would say the best way to get credit, that is easy, is go get a walmart card, and spend like, 20 dollars a month. always pay back the card.
or do the same thing with another place, like target. take out a card from some store or place, spend a certain amount of money each month, pay it back, and youre developing credit :)
2006-06-19 13:59:25 · answer #8 · answered by girl 7 · 0⤊ 0⤋
The smallest personal loan you can get is $1500.00 at least where I live. But you can start with a secured credit card, the amount of money you put on it is all the limit you have, you pay it back in monthly installments and that will build credit.
dp
2006-06-19 13:59:44 · answer #9 · answered by mikemadie 4 · 0⤊ 0⤋
Get a secured credit card. Basically, you send this credit card company $200 and they give you a credit line ususally double that amount. Just pay it on time
2006-06-19 13:59:33 · answer #10 · answered by lifeofpain67 1 · 0⤊ 0⤋
Have someone add you as an authorized user on their cards. Just "be sure" that the cards they add you to have an excellent history.
After the cards start reporting on your reports, then apply for your own credit cards.
If you cannot find anyone that will add you as an AU, apply for secured cards from good credit card companies.
Stay away from cards that require huge fees, monthly fees etc.
2006-06-19 23:31:55 · answer #11 · answered by echo 7 · 1⤊ 0⤋