My sister has just turned 18 and would like to start building credit.?

Question

Since she is still in high school, does anyone know of a good visa or mastercard program to start with.

She works and makes her own money, and she is not yet in college, but would like to start building credit to purchase a car.

Any ideas?

Answer 1

tell your sister to apply for a loan or credit card. my bank agent, told me when i turned 18 to just get a loan dont pay it off when i hve the money, just pay the monthly payments on time and in full, even if it isnt a lot of money. i'm 21 now and that same bank agent is helping me get a house in the ~125000-ish range in january. the same agent who helped me get my 05 lancer. just get a few low interest, no annual fee, and low balance like 500 max, credit cards and a loan for a few thousand dollars over the next year or two, just pay on them like normal, and i guarantee she wont regret it. just remember, things like applying for credit cards, cell phones, etc. does hurt your credit a little bit. so dont seem desperate, let them come to you.

Answer 2

It's best to get a check card from the bank where she cashes her check first then after having a good banking history she should apply for a credit card there. She should be careful not to get more than 2 of those types of cards because they cover most if not all credit needs and she won't get into the out of control debt problems faced by people with four or more cards. The more you have the more you get so she should set a limit. Use cash when she can to cut credit debts too.

Answer 3

Start with a student ID like Amazon. These cards offer a low limit and you don't need a job. Its a good way to start. The next best way is a gas card. They take anyone. Make sure she knows how they operate and how the interest builds up if not paid off each month. Too many kids spend and spend and get in debt.

Answer 4

Open a savings account. Use the money as collateral to get a loan.Put the money in another bank, in a savings account. Use that savings account as colateral on another loan. Put it back in the first account. So far you haven't spent any money. Pay the loans off, by the month, not in a lump sum, even though you still have the money (let it sit in the banks and collect interest) and you have good credit at 2 banks.

Answer 5

If she works, she should set some money aside and buy a car with cash. She's not going to get the fanciest car on the lot, but who cares?

Credit is bad. Car loans are the worst form of credit. The asset devalues so quickly, it's easy to owe more on a car than it's worth.

Answer 6

Apply for credit card(s), Pay them off monthly and your will build a great credit history fast. Do the same for store credit cards and she will be on her way fast.

Answer 7

Try getting a target or sears card, or one of those store department store cards, they are usually easier.

Right on yahoo finances you can look for credit cards too.