Im 18 and dont have a credit card, nor do i plan on getting one since i already have a debit card for buying things online and the idea of spending money i dont have in cash freaks me out lol. So how else would i establish good credit or does it all depend on credit card payments?
As far as i am aware now i have no credit.
2007-03-17 00:58:18 · 9 answers · asked by Chyme 6 in Business & Finance ➔ Credit
You can get credit. Try saving your money and putting it into your savings account. Once you have a decent amount, talk to your bank about getting a small loan and use the money in your account to pay the loan. That will help you build credit since it will give you an installment loan. Make your payments on time, and you'll be fine.
2007-03-17 01:03:42 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
If you want credit without the hastles of application fees. Here is what you do . There are many banks such as the bank of Hoven. They will give you a guarenteed credit card. You do not have to show a job or anything. You have to make a deposit in thier bank. This is your credit limit. After a year or two you will recieve other cards without having to make a deposit first. This will help build a credit rating. Just make sure pay your bills on time. Many people do not know but some hospitals and doctors report non payment to the local credit agencies.
2007-03-17 08:11:16 · answer #2 · answered by thebulktiny 3 · 0⤊ 1⤋
Don't worry about it. You don't have a bad credit history, so that is a good thing. You are smart enough to avoid using credit cards. That is also a good thing.
You can plan ahead to when you may need to borrow money. Probably you will want to buy a car. Open a checking or savings account at a bank of your choice. Put some money in the bank. Either you will save up enough to buy that first car or will establish credit with that bank if you want to borrow.
2007-03-17 08:05:44 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
"Get a Credit card as you are 18 years old. Reward credit cards reward you when you spend on the credit card. Normally, you can collect rewards through 3 ways.
* It involves earning cash back on the card, it depends on the amount you spend.
* Next one involves giving points to the customers. They can be redeemed for gifts like cosmetics, shoes, water heater, mobiles and other goodies which the credit card company offers.
* The last method of reward is providing airmiles. Airmiles are highly popular reward, as many customers like to redeem them for free flights or flight upgrades. Whatever type of reward credit card you opt for, carefully note the amount or rate at which rewards will accrue and also read carefully other terms and conditions.
"
2007-03-19 05:28:23 · answer #4 · answered by stone m 2 · 0⤊ 0⤋
Why do you want credit if "the idea of spending money i dont have in cash freaks me out".
That is the whole point of credit, you borrow money.
You can get abank loan etc... but I doubt they would give you much if you are 18 wiht no job.
2007-03-17 08:01:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you have no loans you have no credit. If you are eager to get debt you could try getting a line of credit from your bank. Also, student loans are a good way to start building credit history.
2007-03-17 09:01:24 · answer #6 · answered by Joel S 3 · 0⤊ 0⤋
you will automatically build a good credit rating if you stay the way you are and dont end up with allsorts of outstanding debts (like me lol) if you end up with ccj's etc that would lessen your good credit rating which would stop you from being able to do things like getting a mortgage or a car on hire purchase. hope this helps.
2007-03-17 08:07:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yeah you an but you have to show a healthy savings record that would be more than enough proof to prove that you can pay back credit should you need it.
2007-03-17 08:00:54 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Hp agreements or lones will give you a credit rating !
2007-03-17 08:02:54 · answer #9 · answered by ? 7 · 0⤊ 0⤋