when you don't have any history at the moment. What's a good way to start?
2006-08-08 04:55:35 · 10 answers · asked by chica™ 3 in Business & Finance ➔ Credit
Get a credit card. Many will offer you one w/ a high interest rate, even w/ no credit.
Use it BUT pay it off each month so you don't pay the high rate.
Buy furniture, stereo, tv, etc on credit. Try to get one of those "No interest for 1 year" type deals, then pay it off in 11 months. DON'T be late, or you'll wreck your credit rating, and if you don't pay it off completely in less than a year, you'll owe the interest, so pay it off w/ time to spare so there are no mistakes.
2006-08-08 05:00:09 · answer #1 · answered by Iridium190 5 · 0⤊ 0⤋
The best thing to do is to get a credit card. You do not want to abuse the card. Just use it to buy things you would normally buy everyday like gas, food, etc. and then pay the money that you would normally use.
Because you may not have any credit you would probably need to get a secured credit card. You send in like $200 and they put it aside in an account (security). You use the card just like any other credit card. This helped my husband go from no credit to like a 675 credit score in a few months.
And the upside to it is that the longer you keep the secured money in their account the more interest you will build on it. Once you close the account or transfer to an unsecured card with the same bank they will send you back your security plus interest.
Hope this helps!!!
2006-08-08 06:19:34 · answer #2 · answered by Cris 2 · 0⤊ 0⤋
You can start out by getting a checking account with overdraft protection and then apply for a credit card from your bank. If you get turned down, no worries. Apply at a large chain furniture store or somewhere such as Home Depot, Lowes or Sam's Club or a department store. If you have been on your job for at least six months, and your monthly expenses are less than 50% of your income, you have a good chance of being approved. Use your credit wisely though - only charge something if you can pay it back within 30 days or for major emergencies (try to pay them off in 90 days). Let's face it - credit cards encourage people to live beyond their means, and although it feels great to charge clothes, CD's, and dinner - if you don't pay off the balance in thirty days you end up paying several times more than each item is worth. If you carry a balance on a credit card and only pay the minimum on say $3,000 it takes up to 40 years to pay off items that you no longer have or which have no market value. I hope this helps and good luck!
2006-08-08 05:07:45 · answer #3 · answered by Mother Bear 3 · 0⤊ 0⤋
For the time being, just get any credit card with no annual fees. The APR is going to be high, but for now you will have to live with it. If you can get a card with no APR for so many months, then do it. Then, buy things with your card, but only buy things that you would get if you only had cash on you. Don't buy anything that you couldn't/wouldn't pay for out of your own pocket. I tried this method and I was on Platinum status in less than a year. Make sure that you ALWAYS pay your bills on time, and pay the whole amount. Also, try to get more things in your name (phone bill, Cable subscription, car payment) even if somebody else (your parents) pays for them.
2006-08-08 05:04:31 · answer #4 · answered by J-Rod 2 · 0⤊ 0⤋
By getting a credit card. Wait for one of those credit applications to come your way. Often as soon as you turn 18 you're getting all those pre-approved applications for credit cards. If that is not happening, ask your mom or dad to put you on one of their credit cards so you can build your credit. Start of slowly. Only charge one or two things so you can show that you are charging and making payments on top. Don't get carried way, it is so easy to do that and become in debt.
2006-08-08 04:59:56 · answer #5 · answered by Vero 3 · 0⤊ 0⤋
I were given ya: it gained't take lengthy to get a reliable credit status. the following is what you do. Say you bypass to objective and purchase an merchandise on your mastercard for $20. in case you pay off that finished $20 with the help of the top of the month, your credit status will bypass up. let's imagine you pay in straightforward words $10 and pay the different 1/2 next month, your credit status is going down. each month, make small purchases on your credit in order that that you'll purposely pay it off in finished each month. Your credit will commence to upward thrust promptly.
2016-11-23 16:01:55 · answer #6 · answered by heinemann 4 · 0⤊ 0⤋
Try this credit card. It is guaranteed acceptance with no credit check. The limit starts out low but gets bigger as you pay on time. It reports to all 3 credit agencies. Check it out.
http://creditoffernow.com/imaginecard
2006-08-08 07:42:45 · answer #7 · answered by Harvy S 2 · 0⤊ 0⤋
Maybe having a prepaid Visa or Mastercard can help
2006-08-08 05:34:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
get credit cards and use them wisely. i've found many good ones at http://www.MyBestAPR.com
articles about that topic at
http://www.debtsmart.com/cgi-pl/article.cgi?cmd=category&cat=Credit%20Reports&page=1
jack
2006-08-08 05:12:07 · answer #9 · answered by jackvanz 1 · 0⤊ 0⤋
Earn a lot of money
2006-08-08 04:58:41 · answer #10 · answered by Puppy Zwolle 7 · 0⤊ 0⤋