How do i start up my Credit?

Question

I'm about to turn 18 and want to buy a phone but I know i need credit. How do i start up my credit? I have a checking account and have a debit card. Is that a help and what eles can I do?

Not only for the phone, just want to know how to start up my credit.

Answer 1

there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices.

http://fastcreditcardapprovals.com/

Answer 2

All of the below answers are good, you can also read some book on credit, credit cards, money and money management, this will help you understand credit and how to manage it.  You can also start off by getting a secured credit Visa/Mastercard, that is secure by your own money, this is also a good way to start.  But, you should be able to get a students credit card.  Just check around and look into your options.

Answer 3

Check out http://www.ineedrates.com

Answer 4

My suggestion is to apply for a credit card.  There are cards available for students or persons with no/limited credit and provide a small limit on your spending.  These cards can be applied for on line and will be free.  Don't pay for a credit card!  If one asks for payment, search another company.  There are plenty of credit card companies who do not charge.  Once you get a card (get only 1 for now) use it for small purchases.  When you get your monthly bill pay this off in full for the first few months.  After about 2 months of paying your statement in full, you will find your credit rating go up.  It will take 1 or 2 months for your credit rating to be established.  Having this along with your debit card and checking account should move you in a solid direction of building credit.  Just make sure you pay off any credit card balances in full for the first couple of months.  Here is a link to student credit cards you might want to research:   http://www.toprankedcreditcards.us/stude...  

The site has tips on the best card for your situation along with using your card responsibly.  They  also allow you to apply on line.  Best of luck!! :)

Answer 5

If you have had a steady job for the last year, then you can apply at a local merchant.  American Eagle is easy to get.

The limit is 100.00.  

If there's no AE, then try out a jewelry store.  Buy something small and pay it down.  Within 6-8 months you will start getting credit card offers in the mail

If you get declined for the first application, don't keep applying.  Applying for too many credit cards tanks your score.

Good luck!

Answer 6

open a credit card and pay it off each month in full

Answer 7

Hmm, from what I understand you should open a credit card with the bank where you have your checking account in, this is a good idea because they've dealt with you, as opposed to applying elsewhere (not that you'll get refused) but it is a better idea to apply where you've already had some dealing.

Once you get it, take care of it, not hide it under your pillow.

Use it! Don't abuse it, don't give it to anyone, friends etc.

Pay the minimum payment by the due date, maintain a low balance ratio the actual limit of the card, 30% is very conservative but it guarantees a solid score.

Answer 8

Try going to the Orchard Bank Master Card site and signing up for a secured credit card.  In other words, you send them $300 and they will give you $300 in credit.  Even though you are borrowing your own money via a credit card, they report it just like any unsecured credit card.  Make sure you buy something every month and try to pay it off every month.  They will report your positive credit history to the three credit bureaus every month and as soon as 90 days after opening the account, you may find other offers flowing in.  You should try to get at least one unsecured account but even if you don't, you will build a positive credit history via your Orchard Bank credit card.  Make sure that you are making purchases and that you are making at least the minimum payment every month.  If you don't do the first you won't build a credit history.  If you don't do the second, you will build a negative credit history.

Answer 9

I started building my credit when I was about to start college. Almost every credit card company will have cards for students-basically people that have no credit. I started with a Chase student card, be careful though, these cards will have high high interest rates so use it wisely.