im 17 and want to be able to take out a loan on my own when im 18, if possible
2006-10-09 14:34:45 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
the best way we found was for my son [just turned 18] was for him to start two bank accounts.....one with a credit union and the other with a major bank close to you that you like / trust.
He would put into those accounts his wages however little was left over every week or pay day so that they could see money going in and NOT it all flying out asap...........
When he turned 18 he was more than able to get a decent car loan from both of them but he went with the credit union one as the repayments interest was much better...............they where very decent with it all and he did not require a co signer or anything................
In reply I feel you can not actually establish GOOD credit at this age as you are actually unable to sign for credit until you are 18, what you can do is establish some good practices that the bank can see.
Good luck
2006-10-09 14:46:49 · answer #1 · answered by candy g 7 · 1⤊ 0⤋
As a minor you can not have credit because you have to be at least 18 to sign a contract. You can perhaps open a savings acct at a local credit union and at 18 maybe try to get a secured loan against your savings and start building your credit from there
2006-10-09 22:32:50 · answer #2 · answered by da_red12 2 · 0⤊ 0⤋
you will probably have to have your parents co-sign depending on the loan amount and what it is for.. if you have a job and a bank you could check into a secure credit card to start a credit history.
This might help
https://www.wellsfargo.com/credit_cards/education/establish
2006-10-09 21:44:24 · answer #3 · answered by blu_raven_13 4 · 0⤊ 0⤋
What sort of loan are you talking about? A college loan?
2006-10-09 21:40:11 · answer #4 · answered by A Lady @ ALL Times 3 · 0⤊ 0⤋
Read some useful credit tips on this site to help you
2006-10-09 21:43:26 · answer #5 · answered by cutie 3 · 0⤊ 1⤋
piggy back off someone with good credit and a long credit history
2006-10-09 21:45:07 · answer #6 · answered by Luckys Charm 4 · 0⤊ 1⤋
Good luck.
2006-10-13 13:49:37 · answer #7 · answered by George K 6 · 0⤊ 0⤋