Ok, turned 18 and want to build credit....
- Thread starter geno
- Start date
Get a credit card. Don't max it out. Try to pay off the balance every month. If you can't, pay as much as you can afford, not the minimum. This will begin to build your credit. After that, get a car, new or used. Paying off the loan will improve your credit rating because it shows that you can pay off a larger amount of money. Good luck and be careful.
good luck in getting a credit card at 18. Have your parents cosign a car loan or something for you. MutoidMan is right whatever you get don't max it out and keep paying it off.
Actually if you're going to attend a college you will have CC companies begging you to sign on with them. Heck, most college book stores have the CC forms for student CC's available.
Speaking from experience, CC's are the worse thing to ever happen to me.
Speaking from experience, CC's are the worse thing to ever happen to me.
<< Can I get on a cell phone plan with no credit?? >>
Sure, but you're probably going to have to put down a deposit. I think SprintPCS requires $150, but I might be wrong. I don't think this will help your credit, however, as they only use credit for their decision making in allowing service, they don't report when you make your payments. If you have the possibility of getting a co-signer on a car loan (or any other loan), that is the *best* thing you can do. Going the credit-card route will obviously help, but it will take a long time.
Good luck.
good luck in getting a credit card at 18.
What? I got two credit cards when I was 18. A mastercard and a discover card. Granted my credit limits on the cards were $500 and $1000 respectively, but still, most of my friends also got them when they turned 18. How else are you supposed to buy things when you're away at college and you don't have a local bank?
What? I got two credit cards when I was 18. A mastercard and a discover card. Granted my credit limits on the cards were $500 and $1000 respectively, but still, most of my friends also got them when they turned 18. How else are you supposed to buy things when you're away at college and you don't have a local bank?
Better start now man! Take it from someone who knows. 
<sarcasm>I'm 28, and had no clue what Credit was until about a year and a half ago.</sarcasm>
I decided I wanna buy a House someday, so I'd better build some Credit.
My brother used to be a Credit and Loan Officer for a bank locally, and in Utah as well. He told me the best ways to do it were to - If you have insufficient Credit, (like I did) Get a Secured Credit Card. It's a Start, (the Interest is borderline sodomy!). If you can't get that, then get a Gas Card from Mobil, or one of those places. That was where I started about 2 years ago.
I've had a Checking account since I was 18, but my brother says that they really tend to overlook most checking acct activity on Credit Reports. Charge it up, but pay it off ASAP. I did it for about a year, my next card was a Best Buy Credit Card, I was approved for a $1500 Credit Line. I Charged it almost full though, but I've half paid it off in 4 months! After getting the Best Buy card I got a pretty Low Interest Capital One (7.9% Average, 9.6% Late/Overdue) Which isn't too bad for a guy w/ No credit!
I also got a Cell Phone earlier this year, for nothing, basically. Went to Cingular, They ran a Credit Check on me, and wanted nothing up front. Pretty Cool.
Now that my credit is slowly building, I see more crap come in the mail, more pre-approved gold cards, etc.......
Just be careful, and read the fine print, 'cause some of those credit cards are worse than Loansharks on the Street Corner!
Like I say, I wanna buy a house someday, and u need credit to do it!
My next thing is to take out a Loan, and Pay it off Sooner, than Later.
<sarcasm>I'm 28, and had no clue what Credit was until about a year and a half ago.</sarcasm>
I decided I wanna buy a House someday, so I'd better build some Credit.
My brother used to be a Credit and Loan Officer for a bank locally, and in Utah as well. He told me the best ways to do it were to - If you have insufficient Credit, (like I did) Get a Secured Credit Card. It's a Start, (the Interest is borderline sodomy!). If you can't get that, then get a Gas Card from Mobil, or one of those places. That was where I started about 2 years ago.
I've had a Checking account since I was 18, but my brother says that they really tend to overlook most checking acct activity on Credit Reports. Charge it up, but pay it off ASAP. I did it for about a year, my next card was a Best Buy Credit Card, I was approved for a $1500 Credit Line. I Charged it almost full though, but I've half paid it off in 4 months!
After getting the Best Buy card I got a pretty Low Interest Capital One (7.9% Average, 9.6% Late/Overdue) Which isn't too bad for a guy w/ No credit! I also got a Cell Phone earlier this year, for nothing, basically. Went to Cingular, They ran a Credit Check on me, and wanted nothing up front. Pretty Cool.
Now that my credit is slowly building, I see more crap come in the mail, more pre-approved gold cards, etc.......
Just be careful, and read the fine print, 'cause some of those credit cards are worse than Loansharks on the Street Corner!
Like I say, I wanna buy a house someday, and u need credit to do it!
My next thing is to take out a Loan, and Pay it off Sooner, than Later.
Other then CC's geared towards students, some cards that require VERY little credit history are Discover, Circuit City CC, and as Descartes said, y SprintPCS phone plans.
In fact, I got the first two after making my first payment aNd was immediately qualified at 18.
In fact, I got the first two after making my first payment aNd was immediately qualified at 18.
You have time to build your credit. CC work fine. Also, you can buy an automobile or home (which will build it quicker). Personally, I recommend buying a home and renting it out so the tenants pay your monthly expenses. Then when you get out of college you will have tons of credit and a nice investment at the same time CC don't have the same benefits, and if you are not extremely careful, can put you in a lifetime of debt.
CC don't have the same benefits, and if you are not extremely careful, can put you in a lifetime of debt.geta credit card. Carry a 50% balance for a while so they are making interest money. You'll be flooded with platinum offers in no time. I'm 21, and I have over $7,500 credit limit on 2 cards, and the bank gave me a $10,000 auto loan on a 94 blazer with no co-sign. I was pretty impressed...
Get a secured card, that way you don't get any rejections on your credit history. And you will get rejected, I got rejected for even gas cards & $500 "student" cards before I finally got my CitiBank Sony card with a $1,200 limit.
Try these links:
CapitalOne
Providian
CitiBank
Viper GTS
Try these links:
CapitalOne
Providian
CitiBank
Viper GTS
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
capital one will sign up anyone with a pulse, but their interest rate is ungodly. I just got a First Financial with a 4% lower interest rate than the citibank, took out a loan on the first financial, and paid off the citibank, closed it, now i am happily paying less interestwise.
I actually got rejected from CapitalOne, I don't know what their problem was.
I was 18, making $25,000 a year, & I couldn't get a damned credit card.
Viper GTS
I was 18, making $25,000 a year, & I couldn't get a damned credit card.
Viper GTS
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
Verizon wireless charges $200 deposit if you have insufficient credit. A secured credit card is good and interest is inconsequential if you pay it off each month. Don't make the same mistake that millions of others have done which is carry a balance on your CC. Pay it off every damn month. If you can't pay it off next month don't make the purchase. Too many people see their CC limit as a gift and an excuse to spend.
SP33Demon
Lifer
- Jun 22, 2001
- 27,928
- 142
- 106
Anyone know of the best place to get a secured CC? My credit sucks from college, and I need to start over so to speak. I saw the one from the CapitalOne link, and it wasn't the best. Also, is it possible to get turned down for a secured CC?? I don't want to hurt my credit rating anymore than it is. I'm about $3K in CC debt to Discover and Citibank... Thanks for the help guys....
Thanks for the help guys....fork credit, go buy porno
when i turned 18, i got a cc w/ a $300 limit, and high apr, i would buy crap for around 20 bux, and pay it off online a few days later, did that for a year or so, and now i have a $3000 credit card w/ like 13% apr, works for my needs
when i turned 18, i got a cc w/ a $300 limit, and high apr, i would buy crap for around 20 bux, and pay it off online a few days later, did that for a year or so, and now i have a $3000 credit card w/ like 13% apr, works for my needs
ViperGTS - Were you enrolled in school at the time? If so, which one? I heard that for student CC's which school you go to makes a different (as in JC vs a full time Uni).
Kev
Kev
Zenmervolt
Elite member
- Oct 22, 2000
- 24,512
- 22
- 81
I hear CC's are great, but I still prefer my method. Find an old car that you would like to have (in my case a Porsche 914). Then track down a specific example of that car in the best condition you can afford. Finally have you parent(s) cosign a loan for the car. Of course if you're not quite so bent on self destruction as I am, a low-limit CC is probably the best way to go. I would agree with whoever mentioned the AMEX student card, they aren't hard to get and the interest isn't terrible considering that they are aimed at college kids without established credit.
Zenmervolt
Zenmervolt
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