I'm 19 and have no credit but need to get some?

what do u suggest i do as i don't have enough credit to get credit cards etc.

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

Also, this is what makes up your credit score:

1. Payment history- 35%
2. Total debt owed to avialable credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%

Hope this helps...

Thanks for reading and...

Good luck!

When I was your age and in the same situation, I got a store credit card, like Kohl's or Penneys. I used the card, paid the bill in full and got a good credit rating. That allowed me to then get Visa, etc. Good luck!

Get a phone in your name. A card from the bank where you keep you money is good bet. If neither of those work for you, get a joint card with a parent or other relative.

First, open checking and savings accounts. Be sure to never bounce checks, and keep the balance in your savings acccount going up. After six months visit your bank and consult with one of the loan officers, possibly they will give you a credit card with a small ($500) limit; if not, perhaps they will write you a small loan for purposes of establishing credit. Be sure to pay it off as soon as you can, keep your payments up.

The best thing that you can do is get a very small loan from the bank, and get someone you trust (who has good credit) to sign the loan with you. I say a small loan, so you can pay it off quickly, about a year or so.
OR, if you can't get someone who can do that. Try to borrow against money you have. What I mean is if you go into the bank and ask for a $800 loan, and have $800 in your savings account, it's fairly easy to get the loan. What the bank will do is make it so you can't with-drawl that money, you basically borrow your own money, BUT you build your credit score, as long as you pay the loan right.

The other option is that some banks will give you a "credit card" where you put a down-payment down, and basically use that. I'm not sure how this one works, as it wasn't a product at the bank I worked. I think this one builds your credit, but if you try this, check to make sure that they report it to the Credit Bureau.

Hope you find this helpful & find something you can do!
Best of Luck!!

A lot of stores in the mall will give Charge cards to younger Students....

I'm 19 as well and my parents started to put things under my name that they pay for to help me build credit. I also opened up a T-mobile account that helped me build credit, but I opened by credit card account before that and was not denied. Try a citi student dividend card. I dont think they deny anyone lol

to build credit you have to apply for a card that will take the risk check out www.fastcreditcardapprovals.com and go under poor or no credit section. Use one of these cards for a few months and once you have stablish some credit you could apply for a better one and drop the first one because most likely it will have high interest but this is common with your first credit card.

I suggest that you stay away from credit cards and not obsess with the fico score.

All you get is debt.

You have to borrow money and make payments on time to get a high score so that you can borrow money and make more payments pay lots of interest. It a stupid game. It makes no sense.

Another thing that makes no sense. People that say they don't have enough money to pay for things and then they go out and finance them and pay even more with all the interest.

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

The only time you might have to borrow money is for a home loan. It's called manual underwriting. It's not a sub prime loan. It's the way loans were givin' before all the fico score worship. You can get the lowest interest rates available.

Save for a good used cash car. New cars are a rip off. They lose value as soon as you drive it off the lot. They keep losing value every yr.

Of course the bankers and loyal followers are gonna tell you different.

Debt free is the way to be!

there is credit cards out there for people just starting off so try one of those or get a cell phone bill that helps with your credit

Try to get a store card with low limits and absolutely use and pay it off on time.

You can get a credit card from your banking institution, and make WISE spending decisions. Otherwise, a cell phone contract, utility bills etc will ALL provide you with credit.

to get credit rating you need to register yourself at an address ie electoral role.
open bank accounts and keep them in credit, ask bank if you can have small loan, keep up repayments.
won't take long. AVOID DEBT.

Ya, getting a credit card is a great way to establish credit. Check out http://www.creditcarddetails.com/bad_credit.php. Although you may not have bad credit, these cards apply to those that have no credit as well. Apply and you should qualify for one of those on the list. In addition, if you are a student, check out their student cards!

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