I’m 19 and I want to start building credit. I have a secure job and I put away money each month. Not a big spender on anything really. I just want to establish credit now so that I can slowly work my way up. Chase has already declined me for there’s. Gas card? Pre-paid?
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Prepaid debit cards do not build credit. New laws have made it very hard for those 18-21 of age to get credit cards.
Get a secured credit card and use that to build a history of paying on time. This is where you put up a deposit and your credit limit is equal to that. For example, you put up a $300 deposit and you get a credit limit equal to $300. In general, most people can get this type of card.
http://credit.about.com/od/creditcardbasics/a/proconsecured.htm
http://www.youtube.com/watch?v=Pq0BEmEXMaw&feature=related
prepaid are useless
Best cheapest way to establish credit is a secured bank loan pay off over 7 months and repeat until you can get an unsecured one. Getting a CC to start your file is stupid
you can do this , secured card with two banks, each for $500.00, you pay one off with the other one you opened up. It is difficult to get credit for Visa and Mastercard with no credit. I started getting credit in my late 20′s and this is how I did it. I went to retail clothing stores in the mall and applied with an application with Nordstroms, Macy’s, Sears, Jewelry stores,Target and Victoria Secret etc. You first start with these stores and they will give you a credit card for $250.00 to start. You can also apply with American Express green card when you make at least a year of payments however; its better to train yourself to credit for a few years until you get this card since, this card you pay off monthly. Start making the minimum monthly payments each month and they will increase your limits instantly when you start making these payments on time. The fico score is based on paying timely on the payment date, after that date is a late payment fee is added on as long as you do not go over 30 days past due. Also, the limit of the orginal balance is based on fico score. If your high balance is $500.00 then you should spend up to $250.00. The fico score is based also on how much you are in debt or balances are all maxed out. When you start getting used to paying your credit ontime and you have job stability then buy a new car and you can usually finance a car with a company like BMW, Mercedes, Volvo, Ford , etc..that has their own financing. You can buy a house with minimum credit history with FHA and verify with alternative documentation like a utility bill or anything you pay on time like rent etc. FHA will use this as a credit history. The best thing to do for looking for a home is looking at the credit guidelines and requirements of FHA and you can go onto their website for more information about qualifying for buying a home.