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a.lane | Is it really necessary to get a credit card to build credit? |
Neither my boyfriend or I have credit cards. We're both still in college, years from now, we'll eventually need to buy a house.
I've always heard that you HAVE to get a credit card to build credit. Is this seriously the only option? I just don't want one. I'll eventually get one for emergencies, but for now, I don't need or want one. And I think that it's insane that society is making people who are barely adults get credit cards to "build credit." It's a vicious cycle I'm choosing to stay out of, but of course one day I'll have to join it to buy a house.
Is my not having a credit card now going to bite me in the *** by the time I'm going to be buying a house, 5-7 years from now? By then I'll have started paying back my student loans, which I know builds credit. |
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$m¤¤v¥ £¤¢¤
 |
I'm going to tell you the truth. It's not completely necessary to have a credit card to build credit, but it definitely helps if you do. You already have student loans which can help your score. Credit cards get a bad rap because of the people that use them. It's like gun control. It's easy to blame an inanimate object, when in all reality it's the animate object (people) that actually does the damage. Enough about that, here's more to my answer that may help you.
Usually, paying rent, utilities, insurance, cell phone and other bills every month never built credit, but the very moment you don't pay, it mysteriously shows up on your report. Well now, that's about to change. Fair Issac, the maker of the FICO score that the majority of lenders use and PRBC, an alternative credit bureau has come up with a way to score people that don't use traditional credit such as credit cards, called the FICO® Expansion Score which is like a regular credit score but it takes the payment history from bills you regularly pay every month such as the bills I previously mentioned. Here's a couple of links explaining it:
http://prbc.com/consumers/default.php
http://en.wikipedia.org/wiki/Prbc
http://www.fairisaac.com/fic/en/product-service/product-index/fico-expansion-score/
So, it is possible to build credit WITHOUT a credit card, but It does help to have at least one credit card to use for emergencies, rent a car, make hotel reservations, ot things like that. As long as you make small purchases ($20/month) and pay it off on time every month, you not only build credit by showing activity, without going into debt.
So hopefully, these answers will help you
Good luck! |
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Debt Slayer
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Instead of getting a credit card, save up 3-6 months worth of expenses for an emergency fund. The credit score is a huge scam that banks and the credit industry will try to sell you everyday. Save you money and pay cash for everything. |
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Amanda H
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If you're really adament about staying away from credit cards, check out David Ramsey's book/radio show. He says that you can buy a house with some money down and no credit-- some banks are still willing to do all the extra underwriting work and use your utility/rental history.
However if you want to go the traditional route, yes, you do need to get a card at one time or another to get the best rates when you do buy. Loans do that too, but to get the best scores you have to have cards.
You DO NOT have to use the card. AT ALL. Any month you have the card open and it is current-- meaning if there is no payment you're also current Or if there is a payment, its paid on time-- you get the good credit.
If you're worried you'll be tempted ot use it once its open, get a store credit card at a store you're not that into. Sears or something.
ANd if you still hate the idea, have a parent with a good account history add you as an "authorized user", and then wait a few months and check your credit. A majority of major CC's will report to the bureaus the same account history as the primary card holder. |
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msdarkness
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well there are other ways, credit card, car loan, bank loan, mortgage are some of the strongest and fastest way to build your credit, unfortunately its also the easiest ways to get in over your head in dept so move cautiously.
good luck, |
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kidd3422
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You're going to need a good bill of credit down the line. Without it, or with a short term of credit, companies are going to be a LOT less likely to give you loans and things of that nature, ESPECIALLY when buying a house. I'm sure you've seen all the bad things about the crazy credit issues now. The best thing to do is get a no annual fee credit card with a small limit on it...and pay it off each month. This will build credit for yourself and give you a solid base for when you do graduate and move towards buying a house and such. |
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Mike S
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The age old adage, "how do I get credit without having credit?"
Go to a bank and get a secured credit card. If you want a $300 dollar limit you have to put down a $300 collateral. Good news is they don't run your credit and the interest rate is low. Typically if you're paying your bills on time banks will release the secured status, refund your collateral, and a lot of times increase your credit line.
I've seen people with bankruptcies do this to start trying a new fresh start and it's amazing what it can do. Make sure the bank reports to all 3 major credit agencies.
Good luck =) |
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heybulldog
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No it's not necessary to get a credit card and build credit.
Banks spend millions brainwashing people into thinking they need a credit card and high fico score to make it in todays world. Not true.
You don't need a fico score for a home loan either. It's called manual underwriting. It's not a sub prime loan. Its the way loans where givin' before all the fico score worship. You can get the lowest interest rates avaliable.
Just pay as you go. Live on less money than you make and you will have money.
Save up an emergency fund.
Go to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn't cost a dime to listen. |
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WB
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Getting a CC is a good move toward a healthy credit history but only if you pay your bills on time. It will do you good, if you feel you will abuse it, ask the issueing company to put in a lower credit limit, so you cant go overboard with it. |
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love333
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It is a good start to rebuild credit. You can apply for student credit cards.
http://bestcreditcardratings.com/student-credit-cards/ |
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Alan
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One of the first steps to building credit is to open a checking and a savings account in your name. You may already have an account, and it is something many lenders will look at, as it show stability. If you only have a checking account, you may also want to open a savings account as well, which can be used as collateral for a secured loan,if necessary<!--You should also have as many bills as you can listed in your name, such as your telephone and cellular bill. Make sure you pay all of your bills on time, as this is a major factor in your credit score. If you can, try to establish the accounts in your name only.The next step would be to get a credit card.
http://best-loans.awardspace.com/repaircredit.htm
If you are a student, you may be bombarded by credit offers on campus. Its a good idea to get one credit card, so if you find one available with low interest rates and a low or no annual fee, you may want to apply. Student credit cards are mainly designed for people with no prior-->credit, and they accept a large percentage of applicants. However, don't get more than one card, as its too easy to start running up balances, and it also looks better for your credit if you don't open a number of accounts in a short period of time. |
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