im 17 now, if i open a savings account will that improve my credit now?

Question

and what are some other ways to improve my credit?

Answer 1

No savings accounts, checking accounts cell phone bille utility bills, gym memberships etc do not help you build credit.

None of these report to the credit bureaus since they are not loans. The only time these types of accounts will report is when you do not pay as agreed.

Try getting a couple of credit cards use them for everyday things be careful not to excedd 30% of your credit limit in any given month and pay them off in full before the due date.

This will do two things, first it will establish a payment history and second it will keep your debt to credit ratio low. These two things alone make up 65% of your credit score.

Answer 2

First you have to established credit first, apply for a credit card at your local bank for only $300.00 credit limit and use only 20% of that card at one time , try not to have no more than 3 cards at a time and stay in your payment limit. Keep up with the payments ever month on time. By the time your established you will have excellent credit. Only keep 3 cards and always stay in your budget, check your credit file yearly to make sure everything on it is yours, dont allow anyone to pull your credit . Inquieres can hurt your credit 10 points each one and take two years to come off. Be patient and good luck

Answer 3

Opening the savings account is a good idea. It will give you a history with the bank so that when you turn 18, you can apply for a credit card with your bank.