Building credit...

[bunkerking09 10+ year member]

so i turn 18 this friday, so i'll finally be able to buy all the **** and smokes i want! //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

i'm wanting to establish credit before i go to college so i can be approved for a car loan after i get my signing bonus from the army next summer. My question is...

Can i establish decent credit if i get a low limit credit card and pay it all off every month for about 6-7 months? I'm not familiar with how credit scores work, so any help would be nice.

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[mcsoul 10+ year member]

get married.

 

[bunkerking09 10+ year member]

get married.

we've considered it lol

 

[duece212 5,000+ posts]

creditboards.com/forums

Good place to go read

 

[mcsoul 10+ year member]

.....

marrige will build the credit, lower the insurance,

and raise your blood pressure.

 

[dragnix 5,000+ posts]

so i turn 18 this friday, so i'll finally be able to buy all the **** and smokes i want! //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif
i'm wanting to establish credit before i go to college so i can be approved for a car loan after i get my signing bonus from the army next summer. My question is...

Can i establish decent credit if i get a low limit credit card and pay it all off every month for about 6-7 months? I'm not familiar with how credit scores work, so any help would be nice.

**** is free //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

.....

what? What'd he post?

 

[Lugnutzk 10+ year member]

Just because you turn 18 doesn't automatically make you approved for credit. You can start with a student credit card.

 

[bunkerking09 10+ year member]

Just because you turn 18 doesn't automatically make you approved for credit. You can start with a student credit card.

i talked with mazuma credit union and they said they have "beginner" credit cards that have a limit of like 200 a month, i would pretty much just use for gas.

 

[groundpound4200 5,000+ posts]

Im 23

I got money

I gots no credit

I dont sell drugs

what kind of car are you gonna buy?

 

[Mesto 10+ year member]

Hooah!

Yea you can build a decent credit score.. most likely you'll only be approved for a Credit Card with a $600 spending limit.

Don't be crazy with the card, and pay more than the minimum.

I got my first credit card when i was 18 as well, and 3 months of maxing it out and paying it off my credit score was at 680 not to shabby..

now 2 years later my credit score is at a steady 720-730 no need to move up because credit lenders and banks etc etc etc place anyone above a 720 in the same category as someone with like a 850 credit score so its all good!

this is all based on my experience with the bank of America student platinum visa

 

[bunkerking09 10+ year member]

Hooah!
Yea you can build a decent credit score.. most likely you'll only be approved for a Credit Card with a $600 spending limit.

Don't be crazy with the card, and pay more than the minimum.

I got my first credit card when i was 18 as well, and 3 months of maxing it out and paying it off my credit score was at 680 not to shabby..

now 2 years later my credit score is at a steady 720-730 no need to move up because credit lenders and banks etc etc etc place anyone above a 720 in the same category as someone with like a 850 credit score so its all good!

this is all based on my experience with the bank of America student platinum visa

my parents are gonna flip because they're trying to get out of debt and are dave ramsey book beaters, when i come home with this card...all hell is going to break loose

 

[funkyab 10+ year member]

smart kid..

good you are planning wisely.

so many americans are in a shit **** because of their poor choices and "appealing offers from the credit industry.

things like utilities and mobile phone contracts will at least get youin the system. they will not report monthly like proper unsecured or unsecured lines (unless you **** up and dont pay) but it will establish your ss# in the credit beureus.

If you have NO credit.. start with a store care.. Eddie Bauer is a good suggestion.

they will likely give you a 300 dollar credit limit. spend 100 dollars of that and make monthly payments about 20% over the minimum payment required.

After a few months offers will come in for different types of credit cards.. most saying you are pre approved. only apply for the decent ones. At this point you will not be getting the best offers but take the best offer.

take the first unsecured line of credit with the best conditions you can find. Do the same as you did with the last card.

This is the united states and regardless of your job, student status etc... if you peform properly with this card... more credit will be offered to you...

Always keep your debt to credit ratio low.. i.e. if you have 20,000 dollars of available credit,, only be using a small percentage of that, such as 3000, and paying it on time religiously.

in no time (a few years) you will find yourself with a great credit rating and in a position to het a serious loan for a home or car at the best interest rates possible.

 

[Silvercoupex 10+ year member]

got my first CC when I was in HS (student discover limit 500)..Now I have 2 cards. I have had about 5-6 loans in my name and all have been paid off except for my truck note that I have now. No student loans (pay all cash) no other debt. Never been late on payment of any kind and I have 700+ score and Im 21. Not too shabby.

 

[LiquidClen 10+ year member]

Regardless of how good your credit is, you will still have trouble getting a loan of any decent amount or financing for a car due to lack of credit history...

I'm a 720, 20 years old and have trouble with this due to said problem. my .02...

 

[Lingerfelt 10+ year member]

Regardless of how good your credit is, you will still have trouble getting a loan of any decent amount or financing for a car due to lack of credit history...
I'm a 720, 20 years old and have trouble with this due to said problem. my .02...

Agreed. I was 19 with a credit score of 707, $1900 down payment on a $7K car, and they still gave me a hard time.

Lack of credit history isn't fun.

Ended up with 11% interest.

Yet people on here swear up and down they received 5% with 0 down and little credit... I must be applying to the wrong banks... //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

I would highly recommend applying for a Chase BP Visa. I get 5% rebates on all of my gas, which as you would guess, adds up pretty quick @ $4/gallon.