i need help with credit cards!!!!!?

Question

ok so i am 19 years old and planning on going and applying for a credit card through my bank. it will be my first time applying for one. i really need to build up a lot of credit in like 11 months if at all possible.is it? i dont understand how much your credit goes up every month or whatever. i do understand how it works as i deal with peoples credit in my job. i understand that all the beacon what effects it and everything ( i get people approved for vehicles) i make a lot of money and i will have no problem at all paying the bill in full every month. i dont know how much you have to spend on the card a month to actually see a good difference in my credit beacon. since i dont have any credit history what so ever i have been led to believe that it will be difficult for me to ge a card. i do bank with RBC and they are very good with stuff like this.thats basically all i can think of right now there is probably something i missed so if you can add it in your answersi would appreciate

i need my credit score very good for next march as i am going to buy the 2007 Dodge Charger SRT8 super bee and i would like to do it without a cosiger if possible

and how long should it take to see some real credit there if i keep my credit/debt ratio below like 30% and pay my bills off in full on time... i will not spend more then 34% of my available credit

Answer 1

The best thing to do is get the CC, make charges and pay the full balance off each month. Your score will go up.

Answer 2

It takes at least 6 months of history to even establish a credit score, and years to establish a very high score. SInce you have a relationship with a bank, I would try there first. If they turn you down, try getting a secured credit card by putting up some cash.

You don't have to charge much to get a good credit history. I usually recommend that people charge their gas purchases, then pay it off every month.

Answer 3

Credit cards through banks are not always the easiest to get if you don't have established credit. Gas credit cards and store credit cards (like for a department store) are the easiest to get approved for, but those also carry the lowest credit limits. If you don't get approved for the card at your bank, try to get one of those. After several months of paying off your balance on one of those, you may then get approved for a bank credit card. The idea is to get as high a limit as possible on the bank's credit card and keep your balance as low as possible. A very good debt-to-credit ratio will help you get approved for that car loan. Also, keep in mind that first time car buyers often get great finance deals. Good luck!

Answer 4

see if your mom or dad will let you be a "authorized user" on there cards if they have good credit and this will help getting credit because there credit rating on that card will now be applied to you as well. after a month or so it will start reporting after about three months you will be able to get your own card. when this happens if you want them to give you a good score then you should use only 30% of available credit to you. they like to see that you have access to credit but don't use it. do this with three trade lines (credit cards) and in 11 months you will have a good score. the only problem is that your "length of credit" might not be long enough and there isn't anything you can do about it unless you have a good score. so i suggest that you start asap.

Answer 5

Ok..be smart first of all. Your age will be you greatest enemy. But to establish some credit you need to only charge small amounts then pay them off right away. This will establish that you can be responsible for a loan. Don't go overboard..do like dinners or small purchases. Credit card debt is the number one debt killer.

Answer 6

Two things, you may do to establish credit is, become an authorized user, on an existing account, another, obtain a secured credit card. For example, your parents, or a friend, may add you as an authorized user, on one of their charge accounts. Provided, it is the practice of the creditor, to report authorized users, to the credit bureaus, that account, will then appear on your credit report. Please bear in mind, failure of the account holder, to maintain their account, may result in a negative entry, on your credit report. Another option, get a secured credit card, secured by a savings account, or other cash deposit. The creditor, eventually, may increase your credit line, beyond your deposit.

Answer 7

you don't want to get to much credit cards because that will drive your credit score to go down. just get one credit card though your bank or a credit union would be better. when you do get a card just maintain 50 % below your spending limit.

Answer 8

You should not try to cram your credit over such a small period of time I once too learned the hard lesson of burrowing too much and not having enouch to cover the usury of interest. and it cost me my family for a period of time and my ability to live life happily don't get a new car always wait until it is eleven years old or ten so the depreciating value is almost gone and you don't have to worry about losing to much of your investment money in personal transportation

Answer 9

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 10

just try to get one of your parents to put you as an Authoriazed user.. (especially if they have a good credti score) cuz it will just go to your name and social... but be carefull though.. and dont get to involved in Credit.. its good if u know how to use it... im also 19 but i have 20 Credit Cards.. and owe a good bit.. so be carefull