im 22 years old is there anything i can do to build my credit?
2007-01-12 09:08:52 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Well I work for a mortgage lender....
You should get some credit cards like American Express or even start w/ the easy one from famous stores like Sears, Lowes, Target, Etc....
You need to use them and pay them on time in order to start building a nice paying history... After some months you can upgrade your credit cards to have a higher limit....
In my bank we need people two have two trade-lines for 24 months and two others w/ one month... one of the 24 month tradeline has to have at least a 3000 high limit....
Then to have a opportunity to buy a house without downpayment and maybe a low interest rate, you should at least open three credit cards and/or buy a car, etc.... and wait 18 to 24 months to have a awesome credit history...
Don't spend more than you have.... and always always pay on time....
2007-01-12 09:23:39 · answer #1 · answered by CRA 3 · 0⤊ 0⤋
Do you have a credit score now? If not you need to have at least one credit account. It could be a major credit card, a department store card or even a gas credit card.
You can also build your credit through your utility companies.
Pay all your bills on time all the time and use ony a portion of your credit.
Your credit score will be fine.
2007-01-12 17:14:20 · answer #2 · answered by jbowler 3 · 0⤊ 0⤋
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc...) is the best mix for revolving credit.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
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2007-01-12 18:20:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Its all in making payments on time. Credit cards, loan payments, mortgage payments, any kind of payments really. Having a couple bank accounts help also. Checking and savings.
2007-01-12 17:14:43 · answer #4 · answered by joolybean28 3 · 0⤊ 0⤋