or the best card to have?
2006-07-25 13:41:01 · 12 answers · asked by Nostradamus 3 in Business & Finance ➔ Credit
I would suggest getting a SMALL credit line with Visa or Mastercard, and putting something on it that you NEED to pay monthly, like your cell phone bill. Then, only charge that and pay it off every month, just like you normally do. This will help to build credit, and soon they will want to extend your credit line. Just remember: #1, you CAN ask for a small limit, if they wanna give you 500.00, you don't have to take it, start with only like 200.00, #2, NEVER charge more than you can afford to pay each month, #3, always pay on time. Also, if you can afford a car, (and car insurance!), there are lots of first time buyer programs out there, and paying your car note on time every month will definitely build your credit history. Good luck, you responsible kid! : )
2006-07-25 13:47:31 · answer #1 · answered by Favel_11 2 · 0⤊ 0⤋
Take out a "small" personal loan and put the money into a savings account and make the "low" payments on time until it is paid off. When that is accomplished, take out a little larger amount and do the same. Remember, don't go crazy with the money. Keep it in the bank and repay it when due. True, you will pay interest, but that will be the small cost of building your credit. Good Luck!
2006-07-25 13:46:12 · answer #2 · answered by My Answer For What Its Worth 2 · 0⤊ 0⤋
Ask your bank to give you overdraft protection. This is typically a small line of credit that is reported to the bureaus. Make sure to keep your balances under 50%. No need to carry a 0 balance. Carrying a balance with steady payments will help your score more than having a limit you never touch.
2006-07-25 17:47:45 · answer #3 · answered by unclejesse1 3 · 0⤊ 0⤋
i started off when i was young with a SEARS card. sears has alot of things you can buy. But you start of by only what you can pay off in a month. i heard it is alot harder now then, when i was young. Also, maybe try a target or wallmart card. WHATEVER KIND OF CARD YOU CAN UTILIZE THE MOST. JUST KEEP APPLYING!! GOOD LUCK! CREDIT IS THE MOST IMPORTANT THING. IF YOU START YOUNG,YOULL BE GOOD TO GO WHEN YOU GET OLDER. I HAVE THE UTMOST INCREDIBLE CREDIT.
2006-07-25 13:50:49 · answer #4 · answered by jan 3 · 0⤊ 0⤋
Start buy getting ONE card - i like my Citibank. Charge one thing to it, and pay it off, on time. My econ teacher told us, go to the store, buy a hammer, pay it off and put the card away. Not that you need a hammer - but you get the idea. Never buy more than you can pay off each month, and always pay off your balance every month. That way you wont get trapped in the debt cycle.
If you are in college - student loans are already helping you... just make sure you make all payments on time!
2006-07-25 14:42:57 · answer #5 · answered by L M C 1 · 0⤊ 0⤋
start with a credit card or a small loan. the best credit cards to use are those with no annual fee. and don't get too many cards or bills where you can't pay them, because it will mess up your credit.
2006-07-25 14:06:53 · answer #6 · answered by hotgurl 04 2 · 0⤊ 0⤋
Save up some money and open a cd secured loan, or get a secured credit card.
2006-07-25 13:45:21 · answer #7 · answered by ceprn 6 · 0⤊ 0⤋
Capital one credit card, with a $2500 limit should be fine to start.
2006-07-25 14:25:14 · answer #8 · answered by King Midas 6 · 0⤊ 0⤋
I started with a card from Filene's,not that you would want a Filene's card,less you want to buy me some clothes, but anyway that's where I started my credit.
2006-07-25 13:45:58 · answer #9 · answered by darlene793 3 · 0⤊ 0⤋
i think a debt card is good since it takes directly out of your bank account you pretty much know that you've paid it off once you swipe it. uhh food shopping maybe. my suggestion start doing it with things you need then move to things you want. o yeah get a capital one ;)
so what's in your wallet?
2006-07-25 13:45:26 · answer #10 · answered by gets flamed 5 · 0⤊ 0⤋