I'm 19 and need to establish/rebuild credit...How?

Question

I'm going to be turning 19 in a couple weeks and I need to reestablish my credit. I have went negative on a coulpe of bank accounts. One is paid off and I closed it, the other is being paid off by March 7th....The question is how do I get good credit? I would like to start now. All of my negative activity is behind mne. Do you think a mobile phone account will help? Also I pay regularly on an Express Fasions bill...Thank you in advance...I hope someone could be of help.

Answer 1

First, please take about 6 months after you get the bank thing paid off in March to try anything more with credit. Keep you account current. Please, keep the regular payments up on your Express Fashions bills. In fact, it would be good if you could get that paid off too. Then, use it again, for a small purchase. A cell phone account? How many friends do you have that like to talk with you all the time? That would not be very wise. Unless yo get the phone for emergency only. And, to make VERY brief phone calls-not more than 5 min. at a time, and only as NEEDED. AND WATCH THE TIME LIMIT each month. Don't go over-or the bill will go really high real quick. And then you will lose the phone service, and have a high bill to pay off. Or, you could try a dept. store credit card. Like Macy's-small purchases, paid off each month. Please, do not max out any credit cards you may have/get. That does not help at all. In fact, if you get a major credit card, ie: Visa or Mastercard, please only keep those, after one small purchase paid off at the end of the month, or by the next month at the latest, please keep it only for emergencies. I wish you the best. Take care.

Answer 2

The mobile phone probably isn't going to go on your credit report unless you don't pay the bill. The ones that report regularly are credit cards, mortgage companies, pretty much anyone you have a loan from.

Get one credit card with a low limit. Use it for things you would buy anyway but PAY THE ENTIRE BALANCE WHEN THE BILL COMES. And always pay your bill on time. Late payments will kill you.

It will take a while to build your credit score back up but paying debt on time helps. And don't charge stuff you can't afford to pay for at the end of the month. You DO NOT want to go into debt. Besides, the interest rates on most credit cards is ridiculous. If you pay the bill when due, you aren't paying interest. Make sure you read the terms of any credit card you get. You do NOT want one that charges an annual fee. You do not want one that starts charging interest the minute you charge something. Get one that only charges on the unpaid balance.

Answer 3

In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:

OPEN A BANK ACCOUNT
Open a bank account and use it responsibly. This is the first step in establishing a financial history.

CO-SIGN
One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.

SECURED CREDIT CARD
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.

DEPARTMENT AND GASOLINE CREDIT CARDS
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.

This website can be very useful for you:
http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php?page=1&category=7

Answer 4

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Answer 5

Reestablishing your credit at 19? I have a feeling that your credit report has next to nothing on it. Take out a student loan, get a credit card and pay it on time and in full every month. Don't max out your credit cards, and you should be fine. Check your credit report at www.annualcreditreport.com (government site, not a free trial like freecreditreport.com)

Answer 6

Building a good credit can be done in various ways. If you are fed up of the collectors tirelessly chasing you to pay your debts or if you are disappointed at your loan application being turned down, because of absence of credit history, you should learn how to do build your credit. The most important thing to remember is not to buy unnecessary items. Do not convert your ‘want’ into ‘need’, as it can drag you deeper in debt. If you are looking to build credit and do not have any history, set your priorities properly.

Answer 7

get a credit card with a low limit on it. Buy something with it every now and then and pay it off. Use it only for purchases you know you can pay off right away. That will build your credit as long as you don't miss payments. Make sure to pay all of your bills that have revolving balances. Basically anytime you buy something that it finanaced (not payed with cash or check) pay it off.

Answer 8

Try applying for some credit cards. If you get one or two make small purchases and pay them off timley, and if they are low try to pay them off in full to show that you can pay it.