 ING Direct, is it worthy?? |
| I am researchign ING, and see that the ing direct savings account accures 4% interest. Y is it so much higher than normal banks? I am 18 with no credit hostory ( dont kno if that metters), can I open ... |
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 I'm 19 years old, full time college student, thinking of getting a credit card. What should I look for?? |
| I do not currently have a part time job (but I do have money saved up). I wanted a card that will give me points and/or rewards. Any suggestions on where to look? Should I even get one?... |
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 Will my bad credit be renewed when I get married? |
| I live in Texas and because of a hospital bill my credit is bad (the bill is only $35) We want to get married and buy a house and a car and all that good stuff. He has no credit will we be able to do ... |
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 Considering a personal loan...? |
If I was to take a small personal loan (less than £500), how long does the whole process take. Would I have the funds within a month for an overseas trip?
Thank you!!... |
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 Where can I go to "watch" my credit (I don't care if I have to pay for it.)? |
I would prefer to have a place where I can do a trial period.
I ALREADY tried PRIVACY 1-2-3 and FREECREDITREPORT.COM. I can NOT get another free trial though them, but there has to be ... |
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 Does going over your limit due to interest hurt you? |
| My question is as follows. I have a credit card and for the past 2 months when the interest payment hits it sends me over my limit. Will this hurt my credit score?... |
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 Whats are some good ways to rebuild bad credit? |
| I've been trying to apply for a credit card but keep getting rejected.I don't have any outstanding debt.... |
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 Do I have enough credit yet? |
| I've had my credit card for about six months now, I've had a debit card since I was sixteen (i'm now 20)... I have had an apartment for seven months now, and never missed a payment. I ... |
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 Paying of credit cards>?? |
| I have a student visa $700 .. ive been paying the amount due every month all at once. Am i suppose to just pay a little at a time to build credit?>? or say its 120 that month do i pay the $120? .. ... |
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 What is the best debt consolidation service to use? |
| Im Looking at a lot of credit card debt and its beginning to become to much for me. What services if any are the best to use when looking to consolidate? Fyi im have about 7 different credit cards ... |
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 Should we pay down our credit card debt or save money for a down payment? |
| We had some unforeseen emergencies and had to use our credit cards. Should we pay these off first and then use the credit card availability for a down payment if needed, or save cash and keep the ... |
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 Should i file for bankruptcy? |
| im 21 years old and im up to my eye balls in debt..abusing credit cards and school loans and got me stressed to the point where im suffering from tension headaches..and what makes it worst i feel ... |
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 How to rebuild your credit? |
| hi im 19 years old and have had credit cards for a little over a year now, i messed up big time with the payments because i had no job and ended up having all 4 of my cards sent to collection agencys,... |
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barbie | How can I build up my credit when Im only 18? |
Im only 18 and desperately trying to build up my credit. I was just wondering if anyone knew how I could do so. Thanks! |
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$m¤¤v¥ £¤¢¤
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I have to make decisions everyday on whether to approve or deny people that apply for credit. If I had to give advice to people that are trying to start out building credit, this is the advice that I would give:
1. Open a checking account- While opening the account doesn't directly build your credit, it does create a relationship between you and the bank by being an accountholder. Banks love to cater to their preferred customers that have accounts in great standing by offering loans and credit cards. Also, having a checking account not only helps manage your money, but it gives you the most powerful tool in building credit, a checking account to help pay your bills on time. Most banks and credit unions offer online banking with billpay that can make it easy for you to pay your bills on time, which is important in building credit.
2. Open a secured credit card- Secured credit cards are the easiest credit cards to get, mainly becuase a security deposit is placed upfront in order to establish a line of credit in the same amount. For example, if you deposit $250, your credit limit is $250, and so on. The deposit isn't used to pay for any of the purchsases on the card unless, it was charged off and sent to collections, so you would have to repay it just like a regular card either in full or minimum monthly payments. The deposit is sometimes linked to a savings account, so it earns interest while you're building credit, so the deposit isn't sitting there. You can think of this as building credit with a savings account. The more you deposit, the higher your limit, which is good for your score because it creates a cushion between the total debt you owe and the credit you have available. Also, by continuing to add to the deposit, you're also creating an emergency fund at the same time. A good way of using the card is by making small purchases ($20/month max) and paying on time every month while adding to the deposit. Usually after a year or so, the card either converts or upgrades to a regular card, and most importantly, the deposit is given back, which you can place in a savings account as an emergency fund.
3. Enroll with PRBC- PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit to qualify for a mortgage and better interest rates.On-time payments for the following bills are not reported to the traditional credit bureaus:
Rent
Cable
Phone
Daycare
Insurance
Electric
Natural Gas
Cell Phone
The only time your payments for these bills are reported to the other credit bureaus is if they're missing or late.With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. PRBC offers two simple ways to start building credit today.
In closing, just a few more things to keep in mind.
-Don't spend more than 30% of your combined available credit on all your cards.
-Only apply for credit when necessary.
-Dont close unused accounts.
-Pay on time
Hope this helps...
Thanks for reading and...
Good luck! |
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Warren
 |
freekin's response is right on track. The idea is to build up a record that you can handle credit and debt responsably, which, to rating agencies, means that you have to have some debt and have paid it off on schedule. So a small credit card is generally the easiest place to start. One suggestion: have the full balance on your credit card debited directly from your checking account. This way you'll never be late on payments IF you spend less on the card than you have in your account.
Over time get the limit on your credit card raised, without using it. Rating agencies give you bonus brownie points when you're using less than the full amount of your approved credit. 30% or less is best. |
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michelled615
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The first way that I did it when I was 18 was I got a express credit card. Express as in the store. Then I got a JC Penney credit card. Then after those two I was actually able to get a car loan. After I paid the car off, I got another one with a REALLY good interest rate through Honda Motor credit. Now I have a mortgage, a car note, a four wheeler note etc . I was able to get a credit history starting with credit cards. It wasnt my exact choice of credit but that got me started. At the time of my first credit card, the banks still said that I had young credit. If you choose to do it that way,,,,, the best thing that you can do is charge and pay it off, charge and pay it off etc before you even get a statement to avoid paying the interest but still get the credit points. And leave it open. But be disciplined to pay it off! ... Cause retail card interest is horrible. That is how I got started. When I went to get my mortgage, I was told that I had EXCEPTIONAL credit for my age.
P.S. I am 26 by the way and was told at the bank that I have better credit than most adults. I just wanted to make sure that you knew that so I could qualify what I was advising. It is horrible to be a slave to credit/debt but you wont be AS LONG AS YOU DONT GET OVEREXTENDED (too many cards or loans), AND PAY YOUR STUFF OFF! |
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impactfitness2k
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Having your parents add you as an unauthorized user actually won't be helping your credit anymore. Because of so many companies abusing that ability for consumers the credit scoring system is taking that out of consideration if you appear as an authorized user of someone else's credit cards.
The best way for you to get started would be mentioned as above, start out with a secured card to start building your credit history and make sure you keep your payments on time, all the time. A good place to try to get your first real credit card afterwards would be your financial institution as they tend to have better APR's than the bigger credit card companies. Then later on adding on a few different types of cards such as store credit cards to show potential lenders that you can manage a variety of types of debt. Even perhaps take out a small personal loan and pay it back in full as soon as possible, it will at least show up as a positive on your credit report.
You can compare secured credit card options online at www.creditcards.com. On a personal note, I'd avoid getting a Capital One credit card if possible as their reporting method the credit bureaus can actually hurt your credit score. I would also avoid First Premier Bank if at all possible as the fees associated with even a secured card can be very high and just end up being a waste of money over a short period of time to do business with them to begin with.
Congradulations for wanting to make your credit a priority when starting out! |
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owenj_58
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Get a secured credit card. You put 500 or so away in a account and the bank gives you a card for that amount. Use it for small things, pay the balance on time etc... You will have good credit in no time as long as you pay your bill on time. Plus once you get a real credit card you can close that account and get back the 500. :) |
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Life as a Wife
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does your parents or relative have good credit? you can piggy back of their history by having them add you and ur social security No to their credit card account. you can tell them to cut the card once they receive it. its just to have it on your account, it would appear on your report in 30-60 days and give you history, after 6 months you would be considered for unsecured credit. your young so its good you are aware of the importance, dont fall victim to cc debt! it took me 8 yrs to recover from all the debt i mad during hs/college n it slowed down my ability to own a home and everything. |
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Abcd
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you could get a credit card and use it but make your payments on time, at first you won't get a great credit card because you are building credit but after you have used this card for about 6-9 months you could apply for a better one and drop the first one, check out www.fastcreditcardapprovals.com and go under poor or no credit section. good luck |
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Crazyjester9
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First off I want to commend you are getting a head start on your credit. Credit is very important in life and if you learn about it and use it wisely at a young age you can be lightyears ahead of alot of other people when it comes time to buy big things like cars and houses.
There are a couple errors here in these answers I want to address first.
Robert W jumps the gun quite a bit. Having credit doesn't make you a credit slave. He is probably jaded from burning himself when it comes to his debts.
Things like credit cards and loans need to be handled responsibly or you can be in a world of hurt. This means knowing your finances, living within your means, being careful of the interest rates and not spending credit just because it's there.
Life as a wife answer was right in the past, however the credit bureaus got smart to this and now the piggy back method does not work.
Warren and Michelle both gave good informative answers, props to them, as well as impactfitness's answer.
Definetly start out with a secured credit card and/or department store cards. Even if the department stores can only be used in that store they almost always report to the credit bureaus. Just about everyone has to start out that way.
Feel free to contact me if you have any more questions. |
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Juggler
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Please, please disregard everything that has been answered so far. Their level of ignorance is a frightening view of where our country is at.
You do not need to build your credit. The only thing that credit is good for is to go in debit and people with high credit scores are the broke people who borrow lots of money consistently and always owe someone something.
I do not borrow money, my credit score is zero, and I can gurantee you I can buy anything better and faster with cash than someone with the best "credit". If you never have credit and pay with cash I can gurantee you you will always be better off than anyone with the best credit score too. |
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heybulldog
 |
The only way to build credit is to borrow money and make payments on time. the only way to keep a high score is to keep borrowing money and keep making payments on time.
All you will get is debt. All a high score is good for is borrowing money and getting into debt.
Pay as you go. Live on less than you make and you will have money.
Debt free is the way to live. What a feeling of freedom.
borrower is always slave to the lender. |
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diana a
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1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don't charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don't close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
------------------------------
http://www.bestcreditrates.net |
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robert w
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first learn about credit slavery.
u can as millions before u have a great life without credit slavery.
visit dave ramsey.com to learn your hard expensive lessons from others bigger mistakes.
buy cars cash and u sve thou$andS. |
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