Is ther any way to build my credit?

Question

im 21 yrs old i wanted to start to build my credit i have none at all..i was thinking sincei have monthly payment to pay for school thats how i would build it byt paying my school with credit card then automatically puttin the money rite back in. ok i applied for a credit card . idint get approved they sent me a offer to open a secured credit card . saying i can put 300 deposit blah blah ... what should i do ? go for the secured credit card or what?

Answer 1

To avoid common mistakes while buiding credit, I recommend this one - http://buildcredit.ifastnet.com - to monitor changes in you score and pre-estimate future scores for different scenarios of payments.

Answer 2

Having firsthand knowledge from working in the credit card industry and using them myself, I would say that secured credit cards are the best option for many reasons.

1. They're the easiest to get because a deposit that's used as collateral is placed upfront. For example, if you deposit $200, then your limit is $200, and so on. There are some "unsecured" credit cards out there that offer low limits, but they charge outrageous fees before the card is even sent, at least with a secured card although you have to put money upfront, at some point later on, you get the deposit back.

2. There's no difference between the two. If you have bad credit, it very unlikely that you will even get approved for a credit card, let alone one with a high limit. With a secured card, you can "custom build" a high limit credit card. And one it's upgraded to a regular card, the leftover deposit could be used to start up an emergency fund.

3. The deposit gives you an incentive to take care of your credit. Since you would have to put money up, it's certain that in order to get it back, you would take care of it the best way possible, right? Well, a secured card teaches you how to use it the right way, since you have something at stake.

I posted several links to some secured cards that should help. In my personal experience, Bank of America offers the best overall secured card

Answer 3

Take the secured credit card.  You use your own money and you won't get caught on the credit card merry go round.  To build up your credit, try opening a credit account with a major department store.  That's always a good start.

Answer 4

Hey Faithful

It is easier than you think, just open a checking account and keep it in good standing and this will  bring you credit rating up....

Good luck and take care....Keep the Faith....Peace....cya....