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At 18 w/ no credit history. What is the fastest way to build it up? What credit card should i use?*

At 18 w/ no credit history. What is the fastest way to build it up? What credit card should i use? Thank you so much!

Answers:

1) get a gas credit card and american express and make sure you pay them off each month don't leave a balance

2) I'm sorry but there is no fast way to build credit. It takes time to establish a credit history. The easiest way is to apply for a credit card. Spend what you know you can pay off, but it should never be more than 30% of the limit per month. Then, pay the bill with at least the minimum payment, preferrably the full amount, on time and every month. If it is the right time for you, you could also apply for a car loan, and the same habits apply.

3) do you have a job? are you in the Philippines? That would be hard though. You might have to get a secured card first. I think BPI and Security Bank offers those types of cards.

4) Apply for a credit card and pay off the balance each statement. Department store credit cards are the easiest to get. Make sure the card you get has no annual fee and if you pay it off each statement you don't have to worry about the interest.

5) Get a student card. You'll start with a low limit, probably around 500 dollars or less. Just be aware that if you dont have enough money to pay for something, or wont have enough money to pay the bill, dont buy it. Alot of kids get into trouble with credit cards and wind up in debt and doing more harm than good. Pay on time and in full if you can.

6) Do NOT get a credit card. You'll get fucked int he ass backwards with a drillbit with the interest rates they'll give you after 6 months.

7) Doesn't matter... what they want to see is that you borrowed money, made your payments on time, never missed a payment, payed off in the allotted time.. if you financed a car for 48 months... they would expect to see 48 payments, that were never late...

8) I work in the credit card industry manually reviewing reports to either approve or deny credit to people that apply, so I would have firsthand knowledge of what you're looking for. The ideal card would be one with NO annual fee, a 0% introductory and low (10.99%/max) APR, benefits program, and high starting credit limit. If you don't have much of a credit history, it will be much harder to try to get cards like this. What I would suggest would be to check where you do your banking to see if they offer what's called a "secured" credit card. These work pretty much the same as a regular card only that a security deposit which is used as collateral is placed upfront to determine the credit limit. For example, if you deposit $300, then you could purchase up to $300, and pay back $300. The deposit is used for collateral only when the account is sent to collections, but if you pay on time, usually after a year it's given back to you. 2 main benefits to secured cards is that it give you more control over the credit limit by adding to the deposit, and the deposit is sometimes linked to a savings account, which earns interest while you're building credit, so it's just not sitting there. The more you add to the deposit, the higher the limit, the better your score will get becuase 30% of your score counts on how much credit you have to what you're using. 2 more benefits from secured cards is that by you putting up the deposit with your own money, it makes you more disciplined in managing the card, especially since the deposit would be at stake, and it also helps to start up an emergency fund when you get the deposit back later on. I also want you to be aware of some cards out there that target people that have trouble getting approved for credit, or trying to rebuild their credit. These cards are easy to get, but they're loaded with hidden fees that are charged which reduce your available credit and leave you with a bill to pay before you even get the card in the mail. Tribute, First Premier, and New Millenium are prime examples of this. Another this is that it takes time to build credit, that's how it's designed. There's no shortcuts, no "easy button", or cheap tricks, especially with the way the industry is now, so be patient. I posted several links to some secured card companies that I think would work out ok. good luck!

9) And remember having a high credit score can mean the difference of thousands of dollars of saved interest expense compared to others with a lower score. For example, if you improve credit score results from the credit bureaus, just a few points that increase your credit score can make huge difference in the interest rate you will pay for a home purchase. It pays to increase your credit score!

10) use it a few times a month, and pay it off every other time, and 3/4 the other half. Every two months call the credit card company and ask for credit line increase. Correct errors on your credit report. Your report must prove to the lender that he will get his money back. Some retail and gasoline credit cards are not revolving (do not carry a monthly balance) and sometimes are easier to obtain than regular cards. Over time they can help establish history. If you don't have a checking account, open one. You have very little credibility with lenders if you don't have at least a checking account and preferably a savings account as well. Just as importantly, be sure not to overdraw your bank account. Bouncing checks sends a signal to potential lenders that you can't manage your daily finances and are therefore not a good credit risk. With careful planning and a little knowledge of how lenders issue credit, you CAN establish a credit history fairly painlessly. There are many businesses waiting in line to take advantage of you by charging exorbitant fees or interest rates, so be careful out there. ----------------------------------------- http://www.bestcreditrates.net

11) http://credcards.noneto.com - try this one. It is really good to establish your history.

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