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Additional Details
I have a decent credit score and have never missed a payment. However I find that I have to borrow from my credit cards to pay monthly bills. I am starting a dmp as ... |
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Additional Details<... |
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 What is the BEST credit card 2 get 4 someone that never had one? |
I'm 18 & I'm a mother .So I'm in need of a lil help wit stuff.
I HAVE NEVER HAD A CREDIT CARD B4.
So I have been thinking about getting a credit card. I'm not all ... |
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PAUL ATREDES | I have no credit.. What is the easiest way to start to establish good credit? |
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$m¤¤v¥ £¤¢¤
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For starters, open a checking and savings account. Now while this may not directly establish your credit, it does create a banking relationship as a customer to make access easier for loans and credit cards, and also it equips you with the most important tool in order to build credit: a way to pay your bills on time.
Once you've opened an account with a bank, you may want check to see if secured credit cards are offered. You can think of this as building credit with a savings account. A deposit usually tied to a savings account is placed upfront as collateral to establish credit line in the same amount. For example you put up a $200 deposit, your credit line would be $200. Now, the deposit isn't used to pay the balance unless it went to collections for non-payment, you would still have to pay for whatever was used on the card every month when the bill comes in. Some tips on using the card is to make small purchases ($20-50/month) that can be paid off on time every month. Also, it helps to add to the deposit to increase your credit line becuase the higher the limit the better it looks when it reports on your credit because it shows reponsibility with high limits. Also, the deposit gains interest while credit is established. Usually after a year or so, the card either changes over to a regular card, or a better card is offered and you get a refund your deposit.
Another option would be to apply for a department store card. My suggestion would be to do the secured card route first to improve your chances for getting approved. Department store cards are somewhat easier to get than most credit cards, but if you would've opened a secured card and managed to graduate to a regular one, then your chances are good for getting approved. Starting out, you should have no more than 3 credit cards (2 major, 1 dept store).
Lastly, 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.
These are just a few ways to build yourself some credit. Be sure to apply for what you need and use it only when necessary. I posted links to several secured card sites and PRBC.
I hope this answer helps.
Good Luck! |
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TLC4theworld
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The easiest way is to start with your bank. Take out a small loan 500.00 make it a 6 to 12 month loan. Leave the money in the bank and pay back on the regular payments. Don't pay it off early because then you will not establish any credit. It would be better if you made it for a year. If the bank will not provide you with a loan put money into the back as collateral. Barrow 2 times what you put into the bank. That was what I had to do to start my credit. I have also done the same for my husband now we have a great credit history. Also don't over do it. You can get your self into bad debit if your not careful. This is what I did because I had no one to co-sign with me. Just be care full who you co-sign with if it some one with a bad credit history it's not going to help you. |
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lsisto12
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I have an 18 year old that I wanted to establish credit and this is what I did....I co-signed on a used vehicle for him and made sure that his name appears on the loan. He also has a job for the past 6 months so it wasn't hard for him. So far, he has made 3 payments on time. good luck |
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John
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you can get some good credit cards with low apr and some reward programs and then buy the necessary things with this card and pay the bills on time. You can also try some reward cards they are good. All these will make your credit good.
To know more you can visit
http://www.creditcardbiz.blogspot.com |
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Louisa
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Develop a "revolving" credit history. To start, apply for a STORE CHARGE CARD...like walmart, macy's, target, something like that.
1- Dont overspend (keep no more than 20-30% usage- meaning if you have a card that has a $500 limit, don't put more than let's say $175 on it, without paying it down) 2- Pay your bills ***on time*** for a few months, and then 3- Apply for a visa or master card-- with your bank to start.
Then, if you feel more adventurous and confident, apply online for a discover card or an american express card.
Once you establish yourself as a "good payer" you'll be able to think about going for big ticket items like a car or a home.
NOTE: Stay away from deals for people with "bad credit" such as USARY secured credit cards...You have "no credit" not "bad credit" so you're in a different situation.
***ALSO*** the ability to establish credit is not a MORAL question. Compulsive spending is a behavioral problem that has NOTHING to do with establishing credit. Plus, credit cards come with a sort of optional "unemployment insurance" which you can buy to cover you ***temporarily*** if you cant pay.
In the USA, having a good REVOLVING CREDIT HISTORY, regardless of the moral or ethical issues that may come up if you dont pay, is the most effective way to establish credit. Some car loans and personal loans don't "report" to the credit bureas, where as all credit cards do! |
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beauty s
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Get a credit card from Orchard bank, they help people start up credit.. |
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Craig T
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Secured credit cards are probably the best. Look for one with low fees. If you are currently a customer (have a checking account) with Wells Fargo, Bank of America, Washington Mutual, National City or US Bank chekc with them as all 3 have secured card programs. Many you can start with as little as $300 as your secured deposit. Several of those you can get unsecured with as little as 12 months positive history.
Note to PK, because of abuses the "authorized user" method to boost credit is going away. It will be phased in by Experian, Trans Union and Equifax over the coming months that AU will no longer be part of of the credit scoring model
See this article:
http://articles.moneycentral.msn.com/Banking/YourCreditRating/CanYouPiggybackOnACreditScore.aspx |
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suzi q
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The people who have suggested co-signing for a small loan have got it right. Credit cards are just an easy pass to compulsive spending. The postings about having a job history are also smart. lol |
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PK
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If you can become a co-borrower (not just an authorized user) of a parent's credit card, you can develop some credit history and also rely on their history to get you a card. |
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twv23512652
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Secured credit cards are a great way to rebuild your credit. Most secured credit card companies require a deposit equal to the credit line your are seeking. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating. You will also get you deposit returned to you after one year, turning your secured credit card into a unsecured credit card. |
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baby20girl06
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well my mother says the best way to establish credit is to take out a secured credit card. next build your credit by purchasing items and paying the credit card bill before 30 days within purchase or the end of the month. this way they wont add on the intrest, and when the intrest dosetn build up, you dont have to pay extra money - ♥ |
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