i turned 18 in june so i have no credit i have been working for about a year and now i wanna start establishing my credit what would be the best way?
2006-11-02 11:58:29 · 9 answers · asked by vickyd 1 in Business & Finance ➔ Credit
I started by getting a gas card and a department store card. Everything just flowed from there.
Try the steps in the article below titled, "How to Build Credit".
2006-11-02 12:40:45 · answer #1 · answered by perfectcreditclub 3 · 0⤊ 1⤋
Walk into the bank and ask to talk with the credit card department. Hopefully you have a savings account with say $300 in it. Offer to use this amount as collateral. This means that they can hold this money as insurance for your credit card purchases. Charge stuff, and pay off the balance before the first month. This will ensure that you are not charged interest. But, more importantly, you will establish a track record of paying off your bills.
Then, after 6 months, get a free credit report from one of the 3 credit bureaus, experian.com, transfax.com, or transunion.com and see what your credit rating is. Then, try to get a small loan from that bank citing your payments that have been on time.
2006-11-02 20:03:55 · answer #2 · answered by Morpheus 3 · 0⤊ 1⤋
You don't really need to establish credit. Why would you want to go in debt at 18?
Get a checking account with a debit card. Use both responsibly. Save as much money as possible.
2006-11-02 21:56:31 · answer #3 · answered by CCTCC 3 · 0⤊ 0⤋
Get a credit card and make very regular payments. It is best to have a low limit, sowhen it comes time that you are looking to get more credit you don't have too much unsecured debt.
Always remember with a credit card, the amount that your limit is, is the amount that your bank assumes you have spent. Even if you have spent $1 on your card, your limit is what they count as your debt. This is because you can spend it at any time.
Also, if you are having trouble getting a credit card keep your declared fixed expenses low. This means rent, food etc. The more disposible income you have the more attractive you look to a financial institution.
2006-11-02 20:02:05 · answer #4 · answered by Anonymous · 0⤊ 1⤋
One good way is to get a low interest rate credit card. Use this for making regular purchases, but make sure to pay off the balance each month. Don't let the balance get out of hand. What you want to do is establish a positive credit history with a creditor. It's important to keep your debt low so take great care in making sure you pay off your balances.
2006-11-02 20:00:12 · answer #5 · answered by nljth123 3 · 0⤊ 1⤋
My younger brother is only 19. His credit rating is much higher than most adults. My advice is to do like he does he went to Capital One they gave him a $500 dollar limit. He spent his limit some every week basically living off the card and paid whatever he spent eith his pay check every week. His credit limit is $1000 a year later, and his rating is in the 700's.
2006-11-02 20:22:10 · answer #6 · answered by browoman21 1 · 0⤊ 1⤋
have any money in the bank? take out a loan against it and pay it off in 6 months, go to mervyns and ask for a credit card app and get a mervyns card ,probably 250 to 300 worth of credit, buy some stuff and pay it off every month.and the credit rating will go up and you can get more credit, WATCH OUT pay all your bills ontime
2006-11-02 20:02:55 · answer #7 · answered by bayareart1 6 · 0⤊ 1⤋
Get a department store card and pay it off every month.
2006-11-02 19:59:41 · answer #8 · answered by ndtaya 6 · 0⤊ 1⤋
piggy back off someone with good credit
2006-11-02 20:03:20 · answer #9 · answered by Luckys Charm 4 · 0⤊ 1⤋