Im 21 and have NO credit.
Im also a college student and have no job (hence no money, lol). I graduate next year (May) and will need an apt and car, but right now I dont have any credit. What can I do?
Thanks
2006-07-01 16:36:23 · 13 answers · asked by Mixed♥Beauty 4 in Business & Finance ➔ Credit
Be sure you make all your bill payments ON time EVERY time. Apply for a credit card and be sure to pay that bill on time every time. If you fear spending out of control, get a department store credit card - they'll start you off with a $100 limit and it will increase in time. A gas card would be good right now if they offer money back on gas (with gas prices going on right now that might help!!) bp is partnering with chase manhatten right now and they offer a certain %age back. Good luck!
2006-07-01 16:43:14 · answer #1 · answered by wondering in michigan 4 · 3⤊ 0⤋
There are two easy ways to start building your credit. You must have a checking and savings account. 2. If you have a little money, 750-1000 you can put it in a 12 month C.D. at your bank, and take out a personal loan secured by your savings. This is a good way to buil credit at very little cost to you. Make the payments for 7-9 months, then pay it off with your savings if you like. Better yet, leave your savings alone and make the payment on your loan until you can pay it off. Then you will have a good credit rating, and your original savings. Or you can take a few hundred, and go to your bank and get a secured visa.It is limited by the amount in your savings. Either of these ways will build credit in about a year. Or get Mom or dad to cosign for a student Visa or Master card at their bank. Now you just need to pay it off every month. Either way will build credit. Also there are first time buyers plans at most new car financing institutions. Good luck.
2006-07-01 23:51:21 · answer #2 · answered by stevensings20032001 3 · 0⤊ 0⤋
DON'T GET A CREDIT CARD!!!!!
Do you have student loans? These show up on your credit report and (as long as you make the payments) will improve your score.
WHEN you get a job, make a budget and put aside some money in savings every time you get paid (10-20%). Use cash only for purchases (or a check card attached to your checking account).
When you go to apply for a home loan (the ONLY thing you should borrow money for), if you have over $10,000 in the bank, the lender won't care what your credit score is. All the credit score tells them is how well you manage your finances and having money in the bank speaks just as loudly.
2006-07-02 19:01:44 · answer #3 · answered by homeschoolmom 5 · 0⤊ 0⤋
Do the credit card companies stake out your campus like they did mine? They offer king size candy bars to students who fill out the applications. It doesn't matter if you have a job or not.
If you get the card, be careful...it's not free money.
The easiest way, to establish credit is to get a gas or department store card. You'll get rejected the first time for having no credit. Apply again.
Regardless of which type of card you get, since you don't have a job, only use it to make a small purchase. Pay that purchase off over two months.
Again, remember that it's NOT free money! Credit cards are a quick and easy way to dig yourself into a serious hole.
2006-07-01 23:59:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
first thing is first get a job, even if its just a part time job, then get what they call a secured credit card, what it is is you give them money, like 200 or 500 bucks and then they give you 200 or 500 dollars worth of credit, usually these have annual fee's but you gotta do what you gotta do to build up your credit, then after like a year or 2 you'll be getting all kinds of credit card offers from better places, look for the best offer or offers, and then cancel the secured card. also if you get a job and have a job for a few months you might be able to get a store credit card, i know sear's used to have a easy to get card, and kohls is an easy card to get as well, just always pay on time.
2006-07-01 23:50:51 · answer #5 · answered by n4il_p0lish2000 5 · 0⤊ 0⤋
if your a student go to any bank I prefer citibank and ask them for a student credit card application. if you have no credit then you will get the job. The credit card companies know students don't have credit HENCE student credit cards. Don't mess up your credit it's almost impossible to fix it.
2006-07-02 00:29:18 · answer #6 · answered by MARIA F 1 · 0⤊ 0⤋
A secured card is a good bet, secured meaning you've secureing your balance by paying before you charge, also the stores at the mall don't always run a credit check to approve a card, but as was previously said, ALWAYS pay in full, and NEVER EVER EVER be late.
2006-07-01 23:53:13 · answer #7 · answered by voyagerdude 1 · 0⤊ 0⤋
Get a credit card, you may need to use your parents for security. Use your credit card to make daily purchases but make sure you pay off the balance in full every month.
If you have absolutely no money then i guess you are stuck.
2006-07-01 23:40:46 · answer #8 · answered by kiwijunglist 2 · 0⤊ 0⤋
wait until you get a job...then you will get lots of offers as you near graduation..pick one and charge a few things here and there. DO NOT run up a lot of bills on it...it can get out of control easily because it doesn't feel like real money. no one has credit at your age and if they do, it's bad credit!
2006-07-01 23:43:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Don't even worry about it. Read below. Pay your rent early or on time and that's it.
http://www.cbsnews.com/stories/2005/10/18/earlyshow/living/money/main951008.shtml
2006-07-01 23:41:21 · answer #10 · answered by James 3 · 0⤊ 0⤋