I am almost 18 and I need to know how I can build good credit.
I need to take a loan out as soon as possible, as I NEED to move out and be on my own.
is there any way I can start building credit now?
thanks!
How to build up good credit?
February 15, 2012 By 4 Comments
You stay with a credit card and pay it off each month. Never have more than three cards. You can also establish credit in purchasing a car. But there is NO quick way to establish credit
Remember, credit repair does not happen “right away” .Get a secured credit card. They boost your score 20 points a month per ontime payment.
I suggest:
-Capital One
-First Premier Bank Card
-Public Savings Bank
Hope this could be of great Service!
Make sure you pay ALL your bills on time. When you move out make sure you can pay the rent and all your bills every month with the income you are getting. Save money for when you come up short at the end of the month. If you do not have a bankruptcy by the time you are 30 most banks feel you never will and they will lend you money at much better terms.
If you are desirous of establishing a good credit record, you should start off by applying for a credit card. The companies that monitor credit history compile information based on your payments and responsible consumers build up a good credit report by promptly paying off what they owe. A second consideration, especially if the consumer did not qualify for a conventional credit card, is to apply for secured credit. This method lessens the lender’s risk by having access to some kind of guaranty from the borrower in case of default. An alternative way is to have a person with a proven history of good credit co-sign a loan. These co-signers are a form of guarantee diminishing the lender’s risk of non-payment.