Getting my first credit card?

Question

I just turned 18 a month ago and in April my father is going to buy me my first car. I want to build up good credit so I can use it to buy my car and my father will give me the money to make the payments every month so I can build my credit with something MAJOR. Is this a good idea? I really want a PERFECT credit score, how can I achieve this?

Answer 1

Ok, being 21, I learn very quick, DONT ABUSE IT! It will haunt you, set your limit to $800 or $1000 limit and dont ever extend it. And pay more than the minimum. Don't buy worthless/useless things you will only use once, try to pay cash up front for everything-and the credit card is emergencies ONLY! best advice I can give to you. Shitty credit is not a good thing to have when you are young. :) Glad I could help you

Answer 2

First, hardly anyone has a perfect credit score.

Second, if you are buying a car on credit, even if your father is making the payments, the credit bureaus will look as you as having a large debt but not having the income to cover it. This would not be good for your credit score.

Here is my suggestion. Let your father buy the car. But you should get a credit card, make small purchases with it, and pay the bills in full on time evry month. That will give you a good score.

Answer 3

Hi, since you are only 18, you probably don't need a credit card right now. They are easily abused and can wind up hurting your credit score in the long run. Work hard, save money and buy a car yourself and making the car payments on time will help you get good credit and it will feel GREAT doing it by yourself and your Dad will be proud. Good luck.

Answer 4

First if you don't have the income to back it up it is very unlikely for you to get a car loan on your own. Most likey he would have to co-sign for you, this will still build your credit but it also puts him on the legal "hook", and his credit will be taken into account.

If you want to build credit get a Credit Card with a SMALL limit, no more than a few hundred dollars. Use this by charging occassionally and never more than 50% of the available credit.

Also, a perfect credit score is not possible to get. The highest score is 850, but if you get one above 700 you will be in very good shape.

Answer 5

It's a good idea! It is resonable to apply for credit card for no credit you can check http://www.yourcreditoptions.com/Bad-Credit-No-Credit-Card-Offers-870386-page.php to find appropriated credit card. But you should know that these credit cards aren't so attractive as credit cards ofr good credit history but they can help you improve you credit score. Certainly it is very important.
Several tips how to better manage you finance
1. pay your bills on time
2. it would be very good if you would pay more then minimum, pay as much as you can
3. think about your purchases. If you are not able to afford the purchase now, chances are you won't be able to afford it in a month when the credit card bill comes in!

Answer 6

my daughter just went thru that and you can do two things
1) try capital one first however she has a job and a savings and checking account that shows a sense of responsibility now if that does not work then
2) Have your parents issue you an additional family member credit card from their creditors as you show responsibility you'll get an invitation to apply for your own. Hope this helps you

Answer 7

Get a debit card w. an agreed overdraft and open a savings account as well. Always save x amount and forget it till you have enough to buy big things, aim to never pay interest on your overdraft. Credit cards are for people who spend their lives paying interest and never being free.

Answer 8

advice from someone who has bad credit.......NEVER BE LATE ON ANY CC PAYMENTS......NEVER GO OVER YOU LIMIT, AND NEVER BE LATE WITH YOUR CAR PAYMENT....

LATE CAR PAYMENTS ARE THE WORST FOR YOUR CREDIT.....(some big medical late payments are bad also)

YOU ALWAYS WANT YOUR CREDIT SCORE TO BE AROUND 700 TO 800 AND TRUST ME...IT'LL BE EASIER TO BUY A HOUSE LATER IN LIFE........

take advice from someone who's score is 550.....my interest rates on my cc's are very high and I had a really hard time buying my last car......I almost needed a co-signer)

Answer 9

u can buy me a new car and ill give you some good credit

Answer 10

credit cards are a trap. you dont need a credit card to have good credit. make a loan with the bank. i dont have a credit card and my score is 735. good luck to you.