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3 Bumps

BUILDING credit...

ok so im 19 and have NO credit whatsoever... i was wonderin what are some SAFE ways to begin building credit.. cant get a credit card as i said i have no credit.. cant even get a department store card.. fiance and i are lookin forward to gettin a house within the next year or so (rentin from my dad right now :/ so not workin out)

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Anonymous

Asked by Anonymous at 11:38 PM on Jul. 2, 2011 in Money & Work

Answers (9)
  • Great question I have to bump because i would like to know to
    MsPhyllis1985

    Answer by MsPhyllis1985 at 11:42 PM on Jul. 2, 2011

  • YOu can get a Credit card if your working but you will have higher interest cause you have no credit. Don't apply to tons of places to get one cause it will harm your credit.
    Claudiomom

    Answer by Claudiomom at 11:51 PM on Jul. 2, 2011

  • Never EVER max your cards out and always make sure there is a balance that can be used. Pay your bills on time always.
    Claudiomom

    Answer by Claudiomom at 11:54 PM on Jul. 2, 2011

  • We got a loan in my name, with DH as the cosigner, and bought a car. We have the money to pay it off, but will stick with the monthly payments because that's how we are getting my credit built up. You can do the same thing with smaller items. When DH first got out of boot camp, he did this and used the loan to get a computer.
    kasey22

    Answer by kasey22 at 1:35 AM on Jul. 3, 2011

  • I go to a website called financeglobe.com it has a lot of useful information.
    rebock

    Answer by rebock at 1:42 AM on Jul. 3, 2011

  • If you want to start, Orchard Bank usually is a good starter card. I had one after my bankruptcy. I started with a limit of $500 and always paid it off. It helped build my credit.
    Izsarejman

    Answer by Izsarejman at 2:28 AM on Jul. 3, 2011

  • Start with a secured credit card. You might have high interest rates, but it'll give you a start. Also remember to pay everything on time and don't over spend on credit cards---they can get you into trouble fast!
    tspillane

    Answer by tspillane at 6:25 AM on Jul. 3, 2011

  • Credit is overrated. There really isn't anything you can't do without credit. Yes, some things might take longer if you save up the money to pay cash, but even getting a mortgage is possible without credit. You just have to find an underwriter willing to do it manually. Check out Dave Ramsey at www.daveramsey.com or his book The Total Money Makeover, and JD Roth's www.getrichslowly.org for great resources.
    NooraK

    Answer by NooraK at 4:59 PM on Jul. 4, 2011

  • Go to the bank and get some guidance. I bet they would have good advice.
    tasches

    Answer by tasches at 5:18 PM on Jul. 6, 2011

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