Trying to build up some credit so that next year around this time I can purchase a car. I am in the National Guard and I will spend 7 months starting January 2008 doing training and when I come back I plan on buying a car?
2007-08-24 03:30:50 · 13 answers · asked by doc_brown17 1 in Business & Finance ➔ Credit
Try to rent to own some furniture! Or purchase some furniture. And make sure you ask if they report to the credit agencies. You pretty much do have to get a credit card to build credit though. It sucks I know. Good Luck
2007-08-24 03:34:22 · answer #1 · answered by HottShorty78 2 · 0⤊ 0⤋
Open a checking account and don't bounce any checks. Then ask your bank if they offer Student Credit Cards. That's how I got my first one. My second one was actually a credit card company that came to the community college I went to and set up a booth in the student union. Keep an eye out for them at your school. Just be careful. Don't go on a shopping spree. Don't spend more than you can afford to pay back right away. If you are in the Guard, you should be able to apply at an Exchange on the base for a Star Card.
2007-08-24 03:41:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, the operative word here is credit. So you're going to have to get a company to give you some i.e. get a car loan, order some encyclopedias from a book company, get a cell phone etc. Basically what you need to do is pay your monthly bills on time for whatever you owe. Dont let any of your bills get delinquent. After a while of doing this consistently, your credit score will rise.
2007-08-24 03:36:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, if you're in college, I'm assuming that you have college loans. That's a good start.
But, credit cards are the way to go... I'm curious why you don't want to use credit cards.
You don't have to use credit cards for everyday spending (where most people get in trouble). Get a credit card and use it for things like bills. Instead of using your debit card or checkbook to pay you gas bill, your electric bill, your water bill, your phone bill.... use your credit card. Then use your debit card or checkbook to pay your credit card.
It's one additional step, but it will help build your credit. Just don't use the credit card to buy a nice stereo, laptop, or dinner for your 10 best friends.
After 7 months of credit card usage (and the college loans) you should be ready to buy a car.
Good luck!
p.s. your utilities don't report to your credit bureaus unless you are delinquent, so that won't help. also, your checking and savings accounts won't report to the credit bureaus either. Don't listen to those guys.
2007-08-24 03:36:10 · answer #4 · answered by trigam41 4 · 0⤊ 0⤋
Several things build credit. Open a bank account or two, and a savings account. If you have student loans, keep them current. They report that to the credit agencies. If you rent a house or apartment, be sure they report that, and your job as well. The length of time you are at a job also effects your credit rating. Most importantly, stay up to date on your obligations.
2007-08-24 03:34:48 · answer #5 · answered by nita5267 6 · 0⤊ 0⤋
You can try to get a personal loan, but your parents may have to co-sign for one. Once you've paid it off in installments, you've earned a bit of credit. Also, you can try joining a credit union through church, state, area that you live in or if you have a relative that has a credit union & allows family members to join - you only have to establish a savings accounts and pending your credit history, can get an auto loan at a lower percentage than through a regular financial institution. Find one in your state/area.
Do a search: google.com or dogpile.com
2007-08-24 03:41:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Rent, cell phones, bank accounts, utilities do not report to the credit bureau unless you are delinquent. Get a department store card or something....or a credit card with a small amount. only those kinda things will show up on your credit report.
2007-08-24 04:05:16 · answer #7 · answered by Fun N Sun 4 · 0⤊ 0⤋
Don't rent to own, if you are not going to be spending that
much time at home. Start with Department Credit
Cards, one or two, or talk to your Bank, if you have been
steadily using your debit card, tell them you are establishing
credit and can you use it as a credit card instead of debit
card. Then set a limit and pay one time.
2007-08-24 04:24:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
well they say that buying a car will help you build your credit tremendously fast all you have to do is ontime or before the due date and you credit will sky roof to the top...
2007-08-24 03:36:00 · answer #9 · answered by BOSSY J 1 · 0⤊ 0⤋
Finance something, or join a gym. Anything that requires monthly payments should do the trick.
2007-08-24 03:34:48 · answer #10 · answered by Master C 6 · 0⤊ 0⤋