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What are some ways I can start building credit?

Author : Berenice

Submitted : 2017-06-13 02:00:52    Popularity:     

Tags: start  ways  credit  building  

Hi guys, so I have a question. I am 20 years old and have no credit whatsoever and I am trying to find ways that I can start building up my own credit so I can get my own vehicle, house, etc. I have tried applying for credit cards at stores like Old Navy

Answers:

The first step is to stop applying. There are no ways that you can start build credit right now, because you have been applying too much.

To build credit, you need to do nothing. If you keep doing things to try to build credit, then you will not be able to build credit.

After you have turned 21 and have not applied anywhere in over a year, you may be able to get a credit card from Capital One or Victoria's Secret. You cannot right now, because you are only 20, and because you have a record of too much applying.

You do not absolutely need credit to get credit. What you do need is:
1) A record of not having applied for over a year.
2) To be 21 or older
3) To apply ONLY at Capital One or Victoria's Secret, not both, and definitely not anywhere else.

Join a credit union. Costs $5-10. That goes in a savings account which you must maintain as long as you are a member. Quit and get your $5 back.

Ask for a credit builder loan. Borrow say $1000 for 12 months. (you get no money upfront)
Then pay roughly $86 a month for a year.
Don't ever be late even a single day.

At the end of a year, congrats, you have good credit and $1000 which you can now withdrawal.

That should be enough for a crummy credit card like Old Navy.

But, for real credit, like a car loan, they want good credit and a full time job with income over $1700 a month.

Its a great way to save money and prove you are credit-worthy. But if you miss a payment, you have proved the opposite.

The other choice is to have a parent cosign for you. I had 3 little credit cards but could not get approved for a mastercard or visa so I begged my dad to cosign. He did. I was never late. The bank told us his name would come off in a year if I paid on time but I doubt that was true. But I have no way of knowing now.

You can do the credit builder loan and get a good score, but a young score by itself means very little.

Lenders want to see ability to pay by way of a full time job & income over $1700 a month.

So, a year from now, you can have good credit and $1000 or you can be sitting on your thumb. Pick one.

Find a clothing store that has their own credit card. Tell them you want to use their card to establish credit. Get a card and buy something for fifty dollars and pay it off in three months. (Not sooner!) This will start you

Do you have a bank account? If yes, apply for your banks credit card (master card/visa). Dept store credit cards don't do much for your credit score, waste of time.



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