how can i get good credit?

Question

im 20yrs old and im tryin to esablish credit at a young age i tried applyin to cards like a jc.penny wal mart stores like that but they turned me down. also i be gettin these credit cards in the mail. so wut can i do to get sum good credit i wanna buy a car and they tell me my intrest rate gonna be 15%. so wut can i do?

Answer 1

Here is a credit lesson for you we will call it credit 101:
First of all evertime you apply for credit points are detucted from your credit score andwhere from 1 point to 20 points.
If your denied credit you are aloowed to get a free credit report to see what exactly is on your credit. The three major companies for credit are Equifax, Experian, Trans-union.
There are compies that you can pay a fee to, and get a copy of your credit score from all of these companies.
So stop applying for credit cards first of all, usually it takes 6 months to remove all those off your credit reports.
Secondly get a copy of your credit report, and know your credit score!
Third: Building credit: Your bank can acually help you in this matter. Go talk to a loan officer and take a small loan out between $500.00 to $2000.00, even if you get a high rate take the loan and put the money in an intrest bearing account.
Don't spend the money!
Make your payments on time, even pay a little bit over each time for a least 6 months. It usually takes this time for compaies to report credit.
If you use the loan money to pay it back and over pay a little on each payment the higher rate of intrest will not affect you so much plus, you should be earning intrest on the money to offset the loan intrest.
During this time do not apply for any type of credit!
Another way to go about it if you don't want to do the loan is a secure credit card. Most banks offer them, works in the same principle as the loan you deposit $500.00 in an account and they issue you a credit card. If you use this card make sure you keep up your payments every month.
The best way to protect and keep good credit is don't go to much in debt. There is no fast solution to getting good credit!
The idea is to maintain your debt ratio to your income level.
Make an accounting of all your bills vs your income, this is also how banks and other loan companies base decsions on loans on.
Take a class at your local college!
Ask you parents for advice!

Answer 2

Save cash for the car then when you have enough finance it paying 70% down, pay 6 payments then pay it off. You will have good credit and the 15% will be on a much smaller amount if you finance $1,000 the interest will be about $10 a month. If they still don't want to finance you find a cosigner. Give them the 6 checks to mail for you so they know it is being paid on time not ruining their credit.

Answer 3

Try applying for a credit card at a major issuer like Chase. If you can't get approved for one of their cards then I recommend the Orchard bank card. It's for people who want to build their credit history and are easier to get. To see these credit cards go here http://www.ccvault.com/

Answer 4

Get someone to put you on a credit card they have, and only you use it. Make small charges and pay them off on the next statement. Within a few months you'll get offers for cards in your own name. Use them the same way. ~
Don't get cards you have to pay an annual fee for!

Answer 5

Try getting gas credit cards. They usually have low limits -which is good - and are easy to get.
Join a credit union & get a Visa overdraft card. Try to get your auto loan through them.

Answer 6

Starting out with no credit is very hard.. Most places wouldn't approve you. I got lucky with my first one. I had to call them up and b*tch at them literally. Afterwards they decided to approve me with a super high interest rate of 30%.

After a couple of on time payments the interest will go down. Buying a car with no credit, they will give you a high interest rate. you would always refinance it lower after 6 months.

good luck

Answer 7

Pay your bills on time . Join a credit union to get the best car loan.

Answer 8

Find very useful info and tips on getting and managing credit cards on http://creditcardmanager.credithelperhom

Answer 9

Find very useful info and tips on getting and managing credit cards on http://creditcardmanager.credithelperhom

Answer 10

gonna take time to build credit. you may want to get one of those cards that costs 39 buck annually to get and use it then pay it off, in a few monthes you will get more and more offers - dont get everything that comes in the mail because it lowers your credit score

get one and buy groceries, pay it off, gas, pay it off, etc

you eventually get a better and better score and will get approved for a loan and good interest rate