I want to build up my credit , is there any thing that i can get to start building my credit? Like a credit card or a gas card? I would love to hear your answers !!
2006-08-10 17:23:19 · 10 answers · asked by dandyrandy20042005 1 in Business & Finance ➔ Credit
I'm not quite sure if it'll contribute to your credit score but ... you can ask your parents to add you as an authorized user to one of their credit accounts. This is what I do too. If it doesn't start building your credit, at least you get the experience of having a credit card.
:)
2006-08-10 17:29:19 · answer #1 · answered by Tina Pee 2 · 0⤊ 0⤋
You need to be 18 years old in order to get a credit card. You also have to be able to show them you have an income.
What you can do now is start saving money. First, its always a wise idea to build a savings cushion. Second, when you get old enough and have the income needed for a credit card you'll also have a savings account as one more "good thing". Third, another way to show that you'll pay a loan back is to have a savings account, borrow an amount that is less than or equal to what is in your savings, and pay it back over a fairly short period of time. I'd recommend a loan that's less than your savings because that would still leave you some that you could use if necessary. You use the savings account as collateral until the loan is paid back. Until the loan is paid back you can't have access to your money, but once it is the money is free to use again.
2006-08-11 00:34:25 · answer #2 · answered by WhiteLilac1 6 · 0⤊ 0⤋
I opened a checking account when I was 16, had a J.C. Penney's card by 17 and bought a brand new car when I was 19. It can be done I am going to start next month doing the same for my daughter she will be 16 on the 27th of this month. Just realize it takes a short time to start building credit and one mistake to ruin it for a long time be very careful. Without a co-signer I bought the truck actually at 19 :)
2006-08-11 00:43:47 · answer #3 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
Exactly. Credit and gas cards. You already have the answer girl! Our financial guy said to charge only half the credit limit and pay it off each month to build credit.
2006-08-11 00:32:18 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I have been told that you do not actually have a credit history for public viewing until you are age 21. You might be able to get loan with co-signers or a credit card, but it should not affect your credit standing for some time.
2006-08-11 00:31:41 · answer #5 · answered by colemandieselrepair 2 · 0⤊ 0⤋
The only way you will get a credit card or credit is to have a co-signer.
You are too young to legally have credit and any lender or company who gave you credit would not be able to collect it if you chose not to pay.
YOu could get things on lay-away, and some future lenders may look at this record. for expample if you brought things on lay- away in walmarts and later aplied for their(expensive card) I am sure after you reached 18 you would qualifily.
2006-08-11 00:31:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You may be able to get a credit card if someone, like a parent, co-signs the agreement with you.
2006-08-11 00:29:01 · answer #7 · answered by Daphne 3 · 0⤊ 0⤋
First, you should start a job, then after 2-3 months, go to your local bank (a good bank) and ask them for a student credit card...
2006-08-11 00:29:49 · answer #8 · answered by ShaH 6 · 0⤊ 0⤋
If your parents co-sign for you, you can get almost any card you want. They will be liable if you default (fail to pay), but both your credit scores will go down then. But if you make your payments, this will help your credit score.
2006-08-11 00:28:42 · answer #9 · answered by kako 6 · 0⤊ 0⤋
Have your parents help you take out a loan. Pay it back right away.
2006-08-11 00:28:47 · answer #10 · answered by Sean H 2 · 0⤊ 0⤋