Lookin to get credit??

Question

i have no credit. i'm lookin to get some good credit. i'm really iffy about credit cards well the damn things scare me. Whats the best way to get credit?? thanx

i have no credit. i'm lookin to get some good credit. i'm really iffy about credit cards well the damn things scare me. Whats the best way to get credit?? thanx

p.s i want the credit to get a car.

i dont have any other loans out.

Answer 1

Go buy yourself a car I heard you can earn credit that way all the best Good luck

Answer 2

Mrs. Flutterbunny sorry to hear that you have no credit, and much more sorry am i to inform you that there is NO fast way to get credit since obtaining credit is actually about proving you are able to maintain a long time period of well managed payments. This basically means that you MUST first establish a payment or credit hystory to ontain such, CREDIT. But one of the safest ways is to finally apply for a credit card with as low interest as they can possibly offer you and make sure no annual fees apply. Use this card JUST TO build this credit, remember that DO NOT loose focus of why you have to use it. If you do use it then make sure the follwin, since they are very imporatant: do not use the entire credit amount stay away from the limit, DO NOT exceed the credit limit, and ALWAYS pay on time, please do not use it for everything and keep track of your spendages, try and pay the amounts in full rather then in halves. Good luck and hope this can help.

Answer 3

Hello, 1st - understand that building credit is a game with rules. Here are my rules:
1) Never use a credit card to float a loan. Save up then buy what you want. That way you'll pay only the purchase price plus tax.
2) Pay the bill in full every month, do not carry a balance.
3) Always pay on time.
4) The minimum payment is the minimum amount it takes to keep the creditor from calling. It is NOT designed to pay off the debt.
5) Use a credit card with a points program - get them to pay you not the other way around.
These are the "secrets" of the rich...
Good luck.

Answer 4

Get a credit card (capitol One is always willing to start one off) and buy little thing with it (like gas, pay a small bill) or max it out and pay it ALL off. This will help build your credit score.

You can also get a secured credit card. This will automatically boost your credit score. Once you get it, you must use it so that you have payment history.

Here are the things that effect your credit score when you have cc's.

35% - punctuality of payment in the past (only includes payments later than 30 days past due)
30% - the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% - length of credit history
10% - types of credit used (installment, revolving, consumer finance)
10% - recent search for credit and/or amount of credit obtained recently

So go get a cc, just have knowledge about it and be aware of how you use it.

Answer 5

You could get a secured credit card from your bank. It will show up on your credit report like a regular credit card, but it is actually attached to a savings account that you open. You deposit like $300 or $500. The bank just uses that as security and gives you a line of credit that is equal to what is in your account. The CC has a major logo on it and you are sent a bill every month - just like a normal CC. The account is there just in case you fail to pay. Then they can just take it from your account. After a while of good payments, they might even send you your deposit money back and extent you an actual line of credit.
Another easy way to establish credit is to apply for a card at a department store. They offer small credit limits and are pretty accepting of people who are new with credit.
The last way...and I don't really like suggesting this - is if you know someone with good credit, ask them to either co sign for you on a CC or ask if you can be an authorized user on their card. As soon as you are attached to their accounts, your credit rating will be good as long as theirs is. (with the authorized user option). With the cosigner option, it might help you get credit when you wouldn't normally be able to do so.
Good luck!!

Answer 6

Pay your bills on time and whatever it's on your name, all of the service providers reports periodically to the 3 mayor credit agencies like Equifax, Experian, etc. so, whenever you want to buy something your credit report is checked and it will show your credit score, between 350 and 850 it's OK, if doesn't show anything is "good" too, (it is better than showing a damaged credit) if your credit score is under 350 or nothing then it is up to the CAR DEALER to trust you and open a credit line for you.
If your credit is already damaged you can apply for a credit card @Orchard bank, they help people to built or repair their credit.

Answer 7

Open up a CD at a bank and borrow against it. Everybody qualifies for it because it is 100% secured. You can make monthly installment payments and it gets reported to the credit bureaus. Every bank has different parameters, but you can usually borrow 90% of the CD's value with a term the same as the length of the CD. Or open up a secured credit card or find a qualified co-signer.
SW

Answer 8

I'd apply for a car loan. Just about anyone can get approved now days. Even if you have bad credit. As long as you can provide a checking account and show you pay your personall bills ontime. Have a job. And lived at current address for what ever period of time the lenders ask for. The car companies work with alot of different lenders so there's really no correct answer to give you just go apply.

Answer 9

I would get a secured card or two with low/no fees. Use it a little every month, pay it off every month. After a year of good history, most companies will convert it to a regular credit card. Keep using and paying every month. Always on time! For a list of secured cards, see Bankrate.com http://bankrate.com/brm/rate/cc_ratehome.asp?web=brm&state=US&prodtype=cc&R1=1&card_type=Secured&card_class=All&max_recs=50

Time is your friend (or enemy) with credit. The longer you have a good credit history, the better.

If you want to learn more, the credit forum at CreditBoards is quite useful. http://www.creditboards.com/forums/

Good luck.

Answer 10

Did you have any loans? You could also get a credit card and have them set the limit real low, like 500 dollars. You purchase low and pay it back.