How can I easily build up credit?

Question

I am turning 18 in a few weeks and would like to build up a good credit score for after college when I will need to maybe take out loans and get lower interest credit cards.

Thaks

Answer 1

Apply for a store card like Macy's, it's not a visa or mastercard and they accept almost everybody (even with no credit). Buy something with that card, and pay the full balance. Wait a few weeks and then try applying for a real credit card. Always pay your cards ontime and try to pay the full balances. Good Luck!!!

Answer 2

What I did when I first started building my credit, is I got a secured credit card with Capital One. I sent them a check for $200 and received a card with a $200 limit. As I used the card, I built my credit up. I could ask them to raise the credit limit after a 6 month period without sending them additional funds. They reported that I had made timely payments, never went over limit and so on. I had offers from other creditors in no time. Just be careful with your spending. Know that you are paying extra just for the 'privilege' of getting that item now instead of waiting till you have the cash to purchase it outright.

Answer 3

If you have never financed a purchase on credit previously, applying for a credit card can be a little tricky, as the issuer will have no record of yours to judge whether or not you are a credit risk or safe to lend to. As such, before you apply for any of the major credit card issuers, you’ll likely need to apply to either a minor credit card issuer, such as store, or apply for some form of hire purchase, such as a car loan or to buy a television. Once you have done this, it is then very important that you make the repayments timely and in full.

Provided that you do pay your statement invoices on time and in full, you’ll start to create a good credit history. Obviously no lender will take one payment as evidence of your capabilities to repay your debt on time and in full. However, so long as you continue to this for a period of time, even a relatively short period of time, such as three or six months, you’ll then start to find that other lenders are willing to lend you money based on your good credit history.

If applying for a store card or hire purchase loan doesn’t seem an acceptable way for you to create a good history of credit, an alternative you can consider is a secured credit card. Essentially a secured credit card requires you to maintain your credit card from a bank account and the limit of your credit will be a percentage of your account holdings. While not strictly a credit arrangement, the issuer then gets to see that you have the capabilities to repay the credit.
Get more information about your credit card at:http://www.credit-card-forums.com/forum

Answer 4

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 5

I would get ONE credit card, what is your fave store, Aeropostale, old navy....You get a credit card there, make purchases and pay them off immediately, they Report to the credit beureaus regularly...Also Imagine credit card, and Reward 660 credit cards are GREAT for first time credit card holders...They will give you a card, they gave me one and I am older with BAD credit, they are helping me rebuild credit. Check them out. They report to all 3 agencies monthly, so you build good credit easily and quickly, just pay on time and things get better.
Hope that helped out a bit..

Answer 6

its hard to build up credit and having no credit makes it even harder! try to get ONE credit card if u are declined try going to a local bank and ask about there secured credit card, thats a credit card where u open a savings account for a certain amount usually $300-$500 and they give u a credit card with that limit.

Answer 7

A mastercard is between the least perplexing strategies to construct credit. Use the cardboard, watch for the assertion, and pay the steadiness in finished each and each month. This builds credit and avoids activity. to construct your credit you need to have credit enjoying cards or loans that checklist to the credit bureau. It takes years to construct stable credit. in case you opt to purchase a clean truck, you will choose an extremely super downpayment, stable activity history and earnings and in all probability a co-signer.

Answer 8

to raise my credit score?

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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