2006-12-12 07:40:03 · 7 answers · asked by kk 1 in Business & Finance ➔ Personal Finance
forget those other answers i did all them 3 months ago (im 21) and none worked well. get a sears credit card (the one for just sears) and buy something small like for 100. next thing you know you'll get mail for normal credit cards (the ones that denied me prior to getting the sears card). and don't go crazy is the best advice. i had student loans, car loans (needed a co-signer), cell phone, rent every month for 3+ years but the problem is they don't turn it into the credit buero(sp?) you can't get credit without credit a.k.a. the system sucks!
2006-12-12 07:47:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm assuming you have a checking account. Next get a credit card.
Best place to get a credit card is a university. The minimum will be low, probably around $300-500, but it'll get you on your way. Make sure you create an online user account for your credit card, and link it to your bank account. You'll find out how to do this on your credit card's website, it's easy.
Then make payments on your credit card directly from your linked checking account. Use the card a few times a month within your own spending limit and pay it off in full each month.
Over time, you can ask for a credit line increase, also on the credit cards' website, and slowly but surely your score will rise, and your credit history will develop.
You could also get a cell phone under your name once you've established more credit, and put some of the utilities under your name like gas/electricity/cable and pay everything on time.
Keep the credit cards open even if you don't use them to keep the accounts active and to establish history, which is also important.
Learn more about mortgage, credit, and finance:
http://www.thetruthaboutmortgage.com
2006-12-12 15:53:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I started with a small loan from a bank which I had a savings account with. I borrowed $1000 and paid it off over the course of a year. Next I got a credit card and purchased things like clothing, etc. that I was going to buy anyways, then paid off the bill before interest accrued. Now I have decent credit, and am continuing with the credit card cycle to make my credit even better.
2006-12-12 15:45:16 · answer #3 · answered by Memnoch 4 · 0⤊ 1⤋
Use a credit card for things you CAN AFFORD, and be sure to pay it off in full each month, this will help build credit. Pay off expenses, always pay your bills on time. If you've had a credit card already request to increase your limit. The higher your limit with the less amount owed will increase your credit score.
Having loans (student loans, car loans) negatively effect your credit because they are a debt that must be paid each month.
2006-12-12 15:44:35 · answer #4 · answered by strtat2 5 · 0⤊ 0⤋
The best thing to do is, if you can, save up $1,000, then go to a reputable bank and apply for a secured credit card. They will invest the $1000 in a one year GIC and return the money to you, with interest, after one year. You then have established credit and savings at the same time.
2006-12-12 15:43:23 · answer #5 · answered by Michelle M 2 · 0⤊ 0⤋
Get a credit card if you can and start slowly. Be sure to make the payments on time and pay them off in full in the beginning. Do not take cash advance on credit cards. Too expensive to borrow.
2006-12-12 15:42:12 · answer #6 · answered by hirebookkeeper 6 · 0⤊ 0⤋
step one - open a bank account, and get your paycheck direct deposited there
step two - apply for a credit card from the same bank as your account. pay it off every month!!!!
step three - buy a used car, with a loan from the same bank. dont miss any payments!!!!!
2006-12-12 15:42:51 · answer #7 · answered by Kutekymmee 6 · 0⤊ 1⤋