I am 18 and I want to switch my money into a different bank...?

Question

I also want to get a card of some kind to get a line of credit,

I don't know much about this stuff so if anyone has tips on how to do this that would be great.

Answer 1

I agree with getting a free checking with online banking. also however, look for one that will give you a debit card.

However, only you can really decide if your ready for a credit card. Many people think they are and screw up their credit anyways.

Start with the debit card. Make sure your careful enough with that and don't overdraw your account. If you see your responsible with that then go for a credit card. Make sure you pay off your balance every month, this way you don't pay interest.

I started out with a debit card for a year and half then I added on a capital one credit card last november. The end of june I opened up a checking/savings account with chase since thats also were my employer has all the business accounts and I could get it for free. They offered me another credit card saying two or three from different places is usually whats best for raising your credit.

So far im still paying the balance due at the end of the month, though theres still amounts left on from the new period. But its still interest free. Just be careful with them and be smart.

Answer 2

My advice to you is go to a bank that has free checking and online checking(usually will say outside the building). Tell them you want to start up an account and they'll do it all for you. Of course you'll need to withdraw some money from your bank that you bank at now and deposit into the other. I would leave some money in the old bank to make sure everything goes through. Once everything has gone through, close the account and deposit the money in the new bank. Simple really.

As for credit, I would suggest you not get a credit card, they are very tempting. Instead do something like columbia house. This is how I'm getting credit. I made a deal with them got 5 movies for 2 dollars with a agreement that I would buy 5 movies at regular price ($22.95 w/ tax) before 2009. You get tons of movies that are cheaper from the store, and you don't have to go to the store to get them, shipped directly to you. This way you wouldn't be owing lots of money just little amounts at a time. By making your payments on time it gives you credit. A less risky than a credit card.

Hope that helps.

Answer 3

There are many banks that will give you a kick back for opening an account with them. Usually $100.00 for opening and keeping the account open for two months. It is like getting FREE money! Look for the specials and go for them! The better banks are the local banks because they cater to the customers. Many banks have been bought out by large companies and you are treated like a number not a person. For a credit card start with a store credit card it is the easiest to get, you can also get a pre-paid visa card and use it wisely it does go on your credit report, and if kepted in good standing it will boost your credit rating and you will be approved for a credit card. Look for the card that gives you the most for your money and kickbacks, pay the credit card off each month and you will also raise your credit rating. Start out young and keep your credit score in excellent standing. You will need it to apply for a car, home and other loans. Also make sure you pay your other bills on time to keep a great credit rating. Now days even to get a phone or utilities turned on or rent an apt. you need to have a good credit rating, it shows you are responsible and trust worthy. Best Wishes and Happy Banking!

Answer 4

Just go the new bank and write them a check off the old account.

DON'T start going on the credit treadmill at 18. There will be plenty of time to ruin your credit later.

Answer 5

I recommend you visit several banks in your area and ask them to help you find the account that is best for you. You are actually NOT looking for the best account. They are pretty much the same at all banks. What you are looking for is the bank that makes you the most comfortable.