i JUST TURNED 18. i WANT TO BUiLD MY OWN CREDiT BUT i DON'T KNOW WHERE TO START WiTH. WHERE SHOULD APPLY FOR A CREDiT CARD AND HOW MUCH DO YOU THiNK MY LiMiT WOULD BE???
2006-10-23 08:03:56 · 19 answers · asked by maureen a 2 in Business & Finance ➔ Personal Finance
I would start out in a local department store. They should give you 500.00 to start out at. Good luck.
2006-10-23 08:05:28 · answer #1 · answered by aimstir31 5 · 1⤊ 1⤋
The only way you should open a credit card account is if you're responsible enough to have one. They will give you a credit limit of probably $200. Only if you can afford it should you buy anything on it. Pay it off in the first cycle and the interest wont eat you up. In a year or so see if you qualify for a small loan at your local bank or Credit union. They will probably loan no less than $2000. But you may need collateral. You must have the job to pay it back though. You need to ignore the other credit card offers you will recieve. They will send you alot! I mean alot! I get about 3 a week. Ignore them.
As far as the best one. The best one is the one with no yearly payment due and the lowest interest rate.
I stress never buy something unless you can pay it off in full the first month! Dont let it build up. Credit is a very fickle thing. Sometimes its bad to have too much credit. Take it slow. Pay your bills you'll be fine.
2006-10-23 15:10:33 · answer #2 · answered by Theandysullivan 3 · 1⤊ 0⤋
Get a secured card and get a low credit line so you stay out of trouble. The fees are stiff, but they build credit. Make sure it can be converted to a NON secured card after a good history is established.
2006-10-23 15:12:12 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Most of my friends started with a gas card to start their credit. Since it would be your first card the credit limit will be low, probably $200-300. You can always co-sign, that's probably the most easiest way to get a card, just make payments on time so you dont mess up the co-signers credit then after a year of making on time payments you can try and just put the card in your name.
2006-10-23 15:07:57 · answer #4 · answered by 818 Papi 4 · 1⤊ 1⤋
Get an American Express card where you cannot carry a balance and have to pay it off in full every month. This gives you the credit card convenience without the credit card burden.
2006-10-23 15:05:49 · answer #5 · answered by kja63 7 · 1⤊ 1⤋
Discover. Cash Back. Pay it off each month without fail. No problems. You will build up your credit this way. No Annual Fee.The % rate Doesn't really matter if you pay it off each month and don't with draw cash from it. Use it for everything that you pay cash for now,but don't go over board. You know that you still have to pay for the things that you have bought.
2006-10-23 15:25:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Don't get a credit card, especially at 18. They will dog screw you. There aer other ways to establish credit besides that. Credit cards are a scam. Dont spend money you don't have. It's that simple. If you were to get one, with your credit history, you'd be luck to get a $300.00 limit.
2006-10-23 15:06:10 · answer #7 · answered by Anonymous · 1⤊ 1⤋
1000$ Get a Line of Credit as no fees and the interest ranges around 2% over prime.
2006-10-23 15:20:15 · answer #8 · answered by gauthier613 3 · 0⤊ 1⤋
Be cautious!!!
Check out the annual percentage rates (APR) and compare.
Also chose a card that allows you to accumulate points which you can later cash in
2006-10-23 15:12:43 · answer #9 · answered by TP 4 · 0⤊ 1⤋
Capital 1....not because I like them either, but they do give a good rating after 6 mths. You are going to be hard pressed to get anything greater than 500.00 starting out.....for atleast a year.
2006-10-23 15:07:57 · answer #10 · answered by clipsegsxwidsm 2 · 1⤊ 1⤋