i need credit!!! how would i go about that!!! i'm only 18??

Question

i apply and apply and keep getting NO NO!! i need help!!

Answer 1

You don't need credit until you are ready to buy a home, save cash for what you need now.
Then maybe you can finance a car paying 90% down to start to build credit.
My mom started that way she bought a 16,000 with 13,000 down and she didn't have any problem establishing credit.

Answer 2

I would have to say that if your getting turned down for regular credit cards I would follow these steps......

1.) Pull all 3 of your credit reports. You can do this through creditreport.com or you can get one free once a year at http://annualcreditreport.com - if you have any accounts that are in collections, etc. pay those off A.S.A.P. and ask them to report it paid or have it removed from your credit report in return for paying it off, some may accept a settlement if you offer one, dependint on the settlement usually about 75% of the original amount.

2.) Go and get a "Secured Credit Card" (most banks will have these)

3.) Use the secured credit card and pay for your gas, etc. - HOWEVER don't and I mean DON'T use all of the available balance on the secured credit card, only use 25 to 30% of what is avilable on the card.

4.) Pay 90% of the total balance charged to the card on time every time (every month) - as the bank reports this to your credit report as a credit card and not a secured credit card, so any missed or late payment will be a derogatory mark on your report and the bank will probably report this every month....

5.) After about 6 months, apply for a regular credit card, but don't continue to apply for credit over and over and over.... as this will also lower your credit score.

6.) Ask your parents, etc. if they will add you as an authorized user to their credit cards - but only do that if they have paid the bill on-time , every-time (this is also known as "piggy backing" - but do this soon as from what I have heard the laws on this will change in September of 07)


Hope this helps........ but some of it will take time.......

Answer 3

Be cautious with your credit. The more you apply and get turned down, the worse your credit. You don't want too many inquiries, it counts against you.

Stores like target may give you a card if you are a frequent shopper using a debit card. But make sure you pay one time. One late payment over 30 days and they will report against you.

Answer 4

Open a savings account and apply for a credit card, your credit will be built over a period of time. From http://www.acreditlibrary.com/buildcredit.html

Answer 5

get a credit card they will let you have one