help. i need CREDIT

[frosti108]

i need to get my 1st credit card. im 20, and have no credit. id like to buy a house in the near future, but ive no credit. could anyone point me toward the right card to start with? im not too savy on APRs and percentages...

but ill gladly trust the suggestions you guys have. whatever i end up with, i only want it to build credit with. i wont be relying on it or going on crazy 'its not my money' shopping sprees like it seems my sister did hahaha

thanks

also keep in mind, it would have to be a company that will approve me, since i have no prebious credit history

[Turbo_CitrusEs]

Interest rate is kinda high to start out, but I started with a capital one card. If you use it and pay it off you should be good. However it does take a few years to build your credit and be able to really get a loan from a bank or anyone for that nature.

[JKrome]

have ur parents co-sign on a semi large purchas with you... such as a motorcycle or something 5-10 grand.... that will build ur credit really fast if u pay it off on time or b4 your supposed too...

[FocusDude]

Apply, ask for a small loan, and get a cell phone or something billed to it monthly. Pay all but 5-10 bucks a month-

When they raise your limit, ignore it and pretend it never happened.

[coleycole]

There are some cards you can get out there that are designed for consumers w/ no credit ex.) Credit One Bank, Orchard Bank, Appied Bank. But keep in mind these cards will have low limits and high interest rates so they are not ideal. The best way to build credit fast is to do what jkrome and focusdude said and take out a small loan or get your parents to cosign on a loan with you. Having good credit is extremely important when making big purchases so make sure your first loan is manageable every month, so in case any suprises pop up you still wont miss ur payment

[gpzjack]

get a phone bill put in your name. Then go to Boscovs and apply. they will usually issue one if you have a phone bill in your name. Thats how i started. Within a year i was able to get any card...do yourself a favor as well and limit the number of apps you fill out...each one will lower your score.

[articulo31]

building credit is a slow process, but the very first thing you should do is check your credit reports go to www.freecreditreport.com...this way, you know exactly where you are and where you need to be. Second, citrus is right, you will probably start out with a low credit limit (500-1000) and high interest rates. Pay your card off every month and on time. See if you can get a loan like jkrome said, but don't try to get too much credit at once. Over extending yourself may be detrimental to your credit. freecreditreport.com also has a lot of good information about how to improve your scores

[05 mazda6s]

I'm going to be 18 in a couple weeks and I already know what credit card to get. Check this http://www.creditcards.com/no-credit-history.php
I'm thinkin to get the Capital One classic platinum

[igo4bmx]

Originally Posted by 05 mazda6s

I'm going to be 18 in a couple weeks and I already know what credit card to get. Check this http://www.creditcards.com/no-credit-history.php
I'm thinkin to get the Capital One classic platinum

just curious how you're gonna get a platinum card as your first card lol.


IMO get any card- don't apply frequently!!!! get one then buy stuff and pay it off each month. Keep doing this and ask for credit raises every six months.

[05 mazda6s]

Originally Posted by igo4bmx

just curious how you're gonna get a platinum card as your first card lol.


IMO get any card- don't apply frequently!!!! get one then buy stuff and pay it off each month. Keep doing this and ask for credit raises every six months.

I think it's just the name? If you click apply and wait for it to transfer to the app then it says "This is for people with Limited Credit History" - not having one falls into that category smarts

[yellow.honda]

If you have enough in savings, go to your bank and use that as collateral on a personal loan for the savings amt you have. Pay it back monthly, that will get you started without incurring unnecessary debt.

[Jeffros Spec V]

My credit sucks I've been an all cash type of person since forever. I pay all my bills on time and it still sucks. And also for a while I got paid half check half cash so I oculdn't prove my income

[pearl]

eh, you dont need a credit card.

[grimm]

car loan, school loan, credit cards these are all ways to build credit. the better your debt to income ratio is the better your credit is.
get some credit cards, buy stuff and pay it off in full immediately.

[frosti108]

thanks. yea ive never been big into buying expensive things that i cant pay in full in one shot... but i realise for my 1st house, ill need to get a loan. my cell phone has always been in my dads name (family plan = cheaper) and i dont really plan on changing that lol

so im gonna check out the links u guys gave me and ill go from there. the helps appreciated

[frosti108]

Originally Posted by 05 mazda6s

I'm going to be 18 in a couple weeks and I already know what credit card to get. Check this http://www.creditcards.com/no-credit-history.php
I'm thinkin to get the Capital One classic platinum

do you really think they will approve me for one of the 'platinum' cards on there??? they say average to limited history... and ive got no history.

[kevin@dambrosio]

credit is a PITA sometimes. I really had to buy something and put it on a credit card because I pay everything off and lose my revolving credit which drops your score. it makes no sense. you can make $1million a year and have $6000 of income going out (morgage, car payments, ect) and you'll have a 650 credit score.. but if you make $40,000 a year and have nothing or min. going out, your score will be 700's. pita crap.
the trick is to keep revolving credit revolving. keep a small balance on a few credit cards and have one major card ($5000 limir or more)

[shuttlegoose]

i did the same thing. i have a 300 limit and i only use it on things i really need, such as gas. I use it and then pay it off every month.

[Erik]

wawa has credit cards. use it for gas once or twice a month. or if you frequently eat there, there you go. Same thing with a department store. Go tomacy's and get a credit card through a department store. Buy some jeans every month, maybe a shirt. pay off the 60 bucks as soon as you get the bill. That way, you can go into a "real" credit card with a decent credit history. I just got mine through Capitol One. Mine is a Platinum card too. I started off with 13% interest with a $550 limit. my score is at 630 i believe. its about average. I use my card for gas once a month. 50 bucks charged, and paid every 26th.

[gpzjack]

What they really want to see is a history or making payments on a regular basis. I am 35 and have excellent credit. I started at 20 with a phone in my name. Then i got a boscovs. I made very few applications over the next year and got another. From there i built it up.. Now they chase me and i have to beat them off with a stick.