I need to get more credit.?

Question

I just turned 18 and i need to get some more credit. I have a little bit of credit cuz I pay my cell phone bill so i was approved for a credit card for $250.(which I have yet to use) what ways can I gain more credit.

Answer 1

At 18 the credit card you have should be more than sufficient, if you want to establish a credit history, use the card you have now, and pay the bill on time, to establish a history of good credit. You DO NOT want to start obtaining a bunch of credit cards, you are only asking for financial ruin if you do this.

Answer 2

A cell phone bill is not an account that will report to the credit bureau and 'give you credit.' At your age I wouldn't worry about getting too much too quickly. It can actually adversely affect your score if you attempt to appy too often. Use the $250 credit card you have and pay on it every month. That card will begin to give you good payment history which will eventually bring your score up. Banks also, in your case, may require a co-signer for larger loans since you have only begun to establish your credit. You could also have a parent add you as an "authorized user" on one of their credit cards. Their payment history will start reporting under your name too thus giving you 'more credit.'

Answer 3

How
to
Season
Your
Credit


Opening and maintaining new accounts that report to the credit bureaus is key to building a solid credit rating. There are many different types of accounts that you can be approved for even if you have a poor credit rating. Typically, you will pay a higher interest rate, higher fees or you may have to secure the account with collateral such as money or assets in order to acquire accounts if your credit is less then perfect. You must understand that your credit history accounts for about 35% of your credit score; therefore you must open new accounts and pay the price if you ever want to increase your score. If you have bad credit, slow credit or no credit you may want to consider opening accounts that do not require established credit for approval.

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http://www.expert-credit-advice.com/building_credit.htm

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Answer 4

If you're a student you can try applying for student credit cards. Other options are to have someone add you as an authorized user to one of thier credit accounts. For tips on building credit from scratch see http://creditwisdom.blogspot.com/2006/09/building-credit-from-scratch.html

Answer 5

Get a secured credit card which will turn into an unsecured credit card a year later.

Answer 6

Don't believe the hype. You don't need a credit score for anything if you pay cash. How do you think banks stay in business?

The average American is $8,000 in debt. If you buy a car with a loan, you'll be making car payments for the rest of your life. If you can't afford, you don't need it.

Answer 7

Speak to your Relationship manager at the card issuing bank.
Typically, if you are timely payer without any default, they will increase the credit limit with ease. It helps to show earning capability and source..

Answer 8

have you tried asking banks with whom you have an account as you are more likely to be given credit if you have a relationsip with a finacial institution, although you shouldnt apply to to may as some may take that as a sign of desperation and decline you

Answer 9

your only 18, you don't need much credit. In time it will be build
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