18 years old....And trying to establish credit....Quick!! whats the fastest way to do that??

I work at a credit card company, and everyday I have to make decisions on whether to approve or deny people for credit, it's not an easy job, because I know that bad things happen to good people sometimes. I have some insight for you on what to do.
There's really no "quick" way to establish credit anymore. It used to be that you could add yourself as an "authorized user" to someone's credit card and build credit that way, but the practice has been abused and the credit bureaus are no longer recognizing that. My suggestion to you would be to open a checking and savings account. Opening the accounts alone won't directly establish credit, but what it does do is create a banking relationship to where by being an accountholder, it can help you get loans and credit cards a lot easier, not to mention it helps you manage you money and pay your bills on time especially if the bank offers online billpay.

Another way to build up credit is to apply for a secured credit card. Secured credit cards are easier to get than regular cards because a deposit which is used as collateral is placed upfront in order to establish a credit line. For example. if you deposit $300, your credit line is $300. The deposit isn't used to repay whatever's charged on the card, it's used if the account is delinquent and is sent to collections, so it would still have to be paid back like a regular card. A couple of benefits with secured cards is that there's more control over the credit limit because it can be increased by adding to the deposit, also, the deposit is sometimes linked to a savings account that can gain interest while credit is established, so the deposit isn't just sitting there. A good way to use the card would be to make small ($10-20) purchases that can be easily paid off on time every month while adding to the deposit to increase the limit. Not only you're building credit, but not going into debt at the same time. Increasing the credit limit also helps your credit because it not only shows responsiblity with higher limits, but it also creates a much needed cushion between the total debt that's owed and available credit. Usually after a year of paying on time, the card is upgraded to a regular card and more importantly the deposit is given back because it isn't needed anymore. More offers for credit could start coming.

Keep in mind that credit is designed to be used over time, so there's no true shortcuts or a "quick" way. Now, that doesn't mean that there's an "easy" way either, but with the tips I've given you, this gives you one of the best shots in order to establish credit without any complications.

I thank you for reading and I wish you good luck!

Apply to get a credit card. Use th ecredit card and pay it off every month.

My daughter is in the same situation and just got her own credit card yesterday. It is only $150 limit, but it is a start.

Get a debit card instead. Don't obsess with the I love debt score.
You have to borrow money and make payments on time to get a high score. You have to keep borrowing money and keep making payments to keep a high score. All it gets you is debt.

Pay as you go and live on less than you make and you will have money.

A low score from not paying your bills is trouble. If you have a 0 score from not borrowing money you can still get an apartment and job and home loan with manual underwriting. It's not a sub prime loan. It's the way its was done before the fico score. You can get the same low interest rates.

Of course the bankers and credit card people are gonna tell you different.

Debt free is the way to be!

Depending on what you are trying to establish credit for...car.....buy a house......what?

Best way is to get a revolving credit card of visa or master card. Getting secured or unsecured loans, gas cards, department store card doesn't always show up on all 3 credit reporting agencies.

You want to build credit to a score of 650 and higher-the higher the score the better your chances are of getting financed. Loan companies go by the mean (middle credit score of all 3 agencies, so say Experian says your score is 600 and Transunion says its 675 and Equifax says its 700, the loan department will take the median score of all 3.

get a credit card and pay it off EACH MONTH...

look at http://preferred.ecreditdirectory.com for a list of no fee cards...

Yes, get credit card and use it. But only charge what you can afford to pay off ON TIME every month. The best way to build credit is to show you are resposnible with it. Running up a huge bill and only paying minimums isn't going to look very good, nor is paying late. Whatever card you get, no matter the starting limit they give you, call customer service nd ask them to drop your limit to $500 or less.

Maybe only use it for gas or groceries.

That's how I started and I still pay off my entire bill every month. Not only do you build good credit, you build good spending habits that keep you out of debt. Good luck!

you could get a personal loan and pay it off in a few months that way you could buid good credit or you could get a credit card use it for everyday purchases and make the full payment at the end of the month that way you do not pay interest and build credit. Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward, no matter what kind of credit you have they have the right card for you

I am 24 and I have great credit. I have never had any credit cards. One of the easy ways to build credit is to pay all of your bills on time. Don't go over your head in debt. Stay safe and comfortable. If you are living at home and don't have bills, get a cell phone with a good one year plan and pay that off every month. I started off small and it worked for me.

first off since your not ready to handle big credit yet .
go to a credit union open savings account and checking
get a $200 credit card with them

next thing deposit in a c/d account most credit unions small minimum amounts get a loan with the c/d as security.
hey just deposit in savings this will only cost you about 1% to do this way.

capital one will probably give you a card..

it will have high interest and a low limit.

What is the hurry? Utilize the credit available for you, manage your debts smart and you will be on your way to have a good credit history. But it is a history, longer you have it better of you are.

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.014
Copyright (c) 2011 Financial Crisis Sunday, May 27, 2012 - Terms of use - Privacy Policy