how do u get a credit rating if u cant get credit?

Question

e.g an 18 year old. living at home, therefore no bills etc

Answer 1

You don't need credit. If you can't pay for it with cash, you don't need it.

Answer 2

start with a secured credit card. You dont need credit to get one (as far as I know from personal experience),because you are forking over the money for it in the beginning. You give the bank, $300,$1000, whatever is their minimum amount,and they put that amount away where you can't touch it. Then your credit limit is the same amount as what you gave them. As long as you make payments on time every month,and keep your balance(amount that you've spent) below 20% of the total limit, your score should go up within the next two months,provided you dont already have too much negative history. I have some negative history and my credit was so bad that I could not get eany credit. I got secured card,and my score has gone up alomst 100points within the past 4months. I can now buy a house,when before this I couldn't even buy a house and people say its easy to buy a house. Also do as much research on credit as possibly in the mean time,just as the previous poster said. Tske that advice. But you need to be establishing some kind of pos credit in the mean time. They will report your pos feedback to all three credit places as long as you follow the rules,pay on time,and keep the spending to a minimum. If you go over 20% of your limit,you may ruin your credit,thats why I say stay below that. If your limit is 500,try not to spend more than $100a month. also dont go aplying for cards everywhere,or credit. Go do it at a bank. and keep it at a minimum. Everytime someone checks your credit by you applying for it, it lowers your score.

Answer 3

you need to get a pre-paid credit card, like the one capitalone do.

low credit limit and something (if not all) up front, but you use it for 6-9 months, pay it off regilously and you get a credit history.

a good history is about paying on time, so perversly the more credit you have that you pay on time, the better your rating will be.

no credit = no rating, lots of credit = lots of rating.

they key is to build it for these few months, then the credit card companies will be offering you everyone under the sun

Answer 4

"Eg if you are 18 years old"

- if you are going to college, you will soon get student credit cards offers from major credit card issuers. Being a college student is the best way to build credit because most student cards have no annual fee.

- go to your bank and ask your bank officer to help you get a secured credit card. You need to put a security with the bank, which earns interest, and your credit limit will be determined by our deposit. Make sure the card reports to the three major credit bureaus.

Answer 5

Get a credit card from either your own bank or from Capital One, Vanquis, Aqua etc. Don't revolve any balances on it because the interest rate is huge. Keep the card(s) for 6 months then shut them down. You now have a history of clean, well managed and settled credit accounts. Away you go!

Answer 6

Get a copy of your credit report. Apply for a credit card. Let us know what happens.

Answer 7

Can ask your parent to co-sign for a very limited credit card. Purchase an item every month and pay it off every month. Soon you will have a great start.

Answer 8

It's hard to establish credit but not impossible. There ar tips for building credit from scratch here http://creditwisdom.blogspot.com/2006/09/building-credit-from-scratch.html

Answer 9

Also it can work negatively. If you have bad credit - u dont pay loans, bills on time. You get bad credit.

Answer 10

Prepaid credit card.