I needa learn about credit?

Question

does ny1 have any advice 2 teach me about credit or any websites that give u the 411 on all the basics and ins and outs of credit? im 16 buti think this is very important 2 knw. thnx!

Answer 1

basic advice... advoid getting umpteen credit cards, loans, new cars w/high finance charges etc.

When you turn 18, apply for ONE credit card. If you're denied, apply again immediatly w/another cred card company. why reapply immediatly, because it shows you want credit. but if you wait inbetween applying, you look desperate and it hits-negativly-  your credit score. but applying right away, your credit score will be minimally effected, just like applying for ayto loans, never wait weeks or months inbetween applying and don't apply for more than 2-4 at a time.

if the second (credit card-I'm jumping around, sorry lol) is denied, wait 6-12 months before reapplying.

when you do get one, use it minimally, and pay it off asap each month. try not to use it all actually, but it is absolutely fine to use it as long as u pay it asap.

and don't get any others for a while. at least till you know you are responsible and pay timely on the first cc. if you are, its ok to get another. but avoid store cards, they have ridiculously high interest rates.

Answer 2

Check my profile for a website I run on credit reports and credit repair. It has a lot of information for beginners and it is free.

If you have any specific questions feel free to drop me an email.

Answer 3

You are definitely doing the right thing by being proactive and curious about credit and how it works.  I would suggest you go online to read all you can about good credit, credit, credit card, money, money management etc., I would also read books by top money/credit authors like Suze Orman, Stephen Snyder, and the likes.  Compare notes, make a list.  Learn everything you can about credit and it's pro's and con's.  Once you've done this you will be armed with solid facts to launch you on the right road to establishing and keeping good credit.

Good Luck to you.