Im 18 how do i establish good credit?

Question

Im 18 how do i establish good 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. But if you are a student your best choice will be a student credit card which as no annual fee and lower rates.

http://fastcreditcardapprovals.com/

Answer 2

First, if you have a bank account, see if your bank will issue you a card. If not, try a gas station or local department store. Charge small amounts and pay the balance off in full every month. This demonstrate your ability to handle credit and debt responsibly. Once you've done this with three cards or accounts you will get a FICO score, and your credit will be established.  Things to remember are:

1) Don't charge any more than you can pay off every month.

2) Don't use more than 30-50% of your available credit on each card.

3) Buy the things you would normally pay cash for. Don't use your credit as "extra money". Buy groceries, buy gas, buy necessities- not luxuries that you normally couldn't afford. Large rotating balances are an invitation to disaster- one late or missed payment could put you on a downward spiral into credit h**l.

Once you've mastered this system you can think about buying a car or even a house and you'll go into it knowing how to handle it.

Good luck- good credit is an incredible tool if handled wisely. Bad credit is an anchor that will hold you back from the life you want to live.

Answer 3

Get a credit card from your bank. Be sure to pay it off monthly on time. Try not to use it often as you will get in the habit of just swiping it without paying attention. And never use it to get cash back.

Look for one with no annual fee or minimum finance charge.