Please HELP!
2006-12-06 08:13:41 · 11 answers · asked by cali_gurl96003 1 in Business & Finance ➔ Credit
Credit = debt and debt is bad. The one thing I've learned is to live off what you make. It's much simpler. Buying things with money you don't have(ie. credit cards,loans) gets you in a lot of trouble. Where you are now is best. No credit. There are ways around not having credit. Especially when buying a home. Save up for what you want, and you will appreciate it more.
2006-12-06 08:37:55 · answer #1 · answered by bassman 1 · 0⤊ 0⤋
You will need to do some searching for stores that will open small accounts for you. Some clothing stores might open an account where you can buy a few things, put it on the account the pay off the account before it even due. Work at it very slowly because buying on credit can create lots of problems if you abuse it. You might be able to get a credit card if you have a co-signer. That will help some on establishing a credit history. Good Luck
2006-12-06 08:24:18 · answer #2 · answered by BlkJac 3 · 0⤊ 0⤋
Ah yes, the usual crop of answers. Poor.
I strongly suggest to young people to establish some sort of credit. The sooner the better. One of the biggest portions of your credit score relates to history, and if you don't have credit you can't establish any history.
Keeping in mind that people under the age of 18 can not legally enter into a financial contract. Therefore you will need to find someone who will co-sign for your card. I do not recommend being added as an "authorized user" as it doesn't help your credit much (if at all).
See if you parents would be interested in co-signing on a card with very low credit limit ($200), and as you show that you can handle it responsibly increase the limit.
2006-12-06 13:24:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Maintain a savings account and wait until you are 18. No institution is going to extend you credit until you reach this age, because they would have to engage in a contractual agreement with a minor. Contracts with minors are potentially voidable(by the minor), and so an instituion is not going to take that risk.
When you come of age, you will be inundated with credit applications. Be smart, only seek credit cards with fixed rates and no annual fees. Unfortunately, to prove your credit worthiness, is to take on credit risk. This means you will need charge and take on loans. This also means you will pay interest. Yes you are paying to earn credit. Make timely payments pay off as much as possible set a limit and stick to it.
The average person has about $17,000 in debt(excluding mortgages), I have never let my debt get over $5000. I have always made my payments on time. I have no more than two credit cards. My credit is awesome( I have the papers to back that up). I'm now 29.
2006-12-06 10:10:00 · answer #4 · answered by Ben B 3 · 0⤊ 0⤋
By opening a checking account believe it or not. Keeping a consistent account with no bad or bounced checks actually places nice marks on your credit report. Also see if a small loan from your institution is available. This way you can pay it back in a timely fashion over a few months and THIS will look good on your report as well.
2006-12-06 08:23:48 · answer #5 · answered by cajunpalomino 3 · 0⤊ 0⤋
You can open a savings account at banks that will give you a secured credit card equal to the savings account which is then held as security.
Here is some additional info. Hope this helps.
2006-12-06 08:46:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
the 1st poster is right different than for the section approximately being a authorized person. authorized consumers at the instant are not accountable for the debt, however the fee history doe's teach on your credit and could result your score till September while the way that rankings are calculated via FICO is going to alter so as that authorized consumers not get any further factors. this transformation is going to be retroactive so any factors you're able to earn next month you will lose come September.
2016-12-11 03:33:57 · answer #7 · answered by declue 4 · 0⤊ 0⤋
Yor parents would need to add you as an extra cardholder on one of their cards. Being under 18, you signing a contract is not legally binding, so that is the only route you can go.
2006-12-06 08:26:44 · answer #8 · answered by dougzinboston 4 · 0⤊ 0⤋
I believe being a second cardholder on someone elses account can help you build credit history.
2006-12-06 08:21:52 · answer #9 · answered by Jordan K 3 · 0⤊ 0⤋
trust me on this one. STAY AWAY FROM CREDIT CARDS! I just turned 18 last may and my credit is shot already. Pay with cash. It's your best bet.
2006-12-07 11:15:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋