Establish credit?

[SBCregal]

I'm a young fellah (19), and was wondering what you guys think is the best way to establish credit. I have looked into some of these "first time" credit cards, and noticed that I would be getting raped in the anus without any lubrication if I applied for one (atleast the ones that I have seen thus far). Any of you guys have an idea of the best way to go about establishing credit?

 

[ChrisCairns]

I'm a young fellah (19), and was wondering what you guys think is the best way to establish credit. I have looked into some of these "first time" credit cards, and noticed that I would be getting raped in the anus without any lubrication if I applied for one (atleast the ones that I have seen thus far). Any of you guys have an idea of the best way to go about establishing credit?

The best, and cheapest way, is to use you own bank and whoever they use for their credit cards. They can see how much you've been socking away in your savings account. You HAVE been putting money into a savings account, right?

If not, just get ready to pay through the other end from your nose.

 

[SBCregal]

The best, and cheapest way, is to use you own bank and whoever they use for their credit cards. They can see how much you've been socking away in your savings account. You HAVE been putting money into a savings account, right?

If not, just get ready to pay through the other end from your nose.

Gotta be quite honest with ya...I've kinda been doing it the "back woods" way...I've never had a bank account. All of the money that I have saved up in the past was been filed under "Simmons" and next to "Smith & Wesson"...
:biggrin:

 

[ChrisCairns]

Then either start a savings account, and take 2 years to show them how well you can save (Or from their eyes, how well you can pay them back once they loan you money) or else take one of those "Holy crap Batman" cards that will expect your first born as repayment, as long as he can grow up to pay off your debt.

Credit sucks you in,....and this day and age everyone is a want it now type of person. Resist that feeling and you have it made.

Good luck.

 

[SBCregal]

Then either start a savings account, and take 2 years to show them how well you can save (Or from their eyes, how well you can pay them back once they loan you money) or else take one of those "Holy crap Batman" cards that will expect your first born as repayment, as long as he can grow up to pay off your debt.

Credit sucks you in,....and this day and age everyone is a want it now type of person. Resist that feeling and you have it made.

Good luck.

I appreciate your gudiance, man. I've learned from my parent's mistakes as far as the "want it now" deal goes. The only way I've ever gotten something was by living in poverty-mode until I've saved enough, and pay in cash. But I can feel a daily-driver coming soon, so it maybe time to take a hit on a car payment; so i gotta try to get SOME sort of credit...Thanks again

 

[chopped39]

Buy a cheap car and make payments. real careful. dont apply for secured cards.Look for the lowest interest rate you can find and no annual fees.After you get a couple of cards watch the mail for cards with zero % interest for balance transfers.They will give you six months or maybe even a year without having to pay interest. Take advantage of companies that offer you that. Read every page and all the fine print you get from credit cards. Say you are late on a payment on your master charge ok now you get you bill from a big name visa and your interest rate just went from 9% to 29 %. Because you run higher balances on other cards and and you were late on a payment they can do this. not all companies do this but there is some that do.Do not fill out apps on line. get applications sent to your house. have your parents look over it with you. building credit is not easy but losing it it is. Trust me when i tell you this.In 1996 my credit score was awesome 800. I bought my first house in 97 and got married in 98. when i got divorced in 99 my score was 450 I was so messed up i didnt care.I met the girl i am with now in 2000 and she had no idea what she was in for.anyways in 04 i had to file bk on $240,000 and i almost lost my house. Now my credit is back up to 750 and i am doing way better.The reason i am telling you all this is because this all started with credit cards.ALL TEN OF THEM! Do not bury yourself with credit cards.you will end up where i was and now the new laws make it harder for people to do what i did. Credit card companies are protected by the new laws. be careful . good luck to you and sorry for long post.

 

[TurboDave]

Get a bank account opened up! Checking, savings, and if you have anything left over, maybe even a few small CD's.
Get some banking history (one to two years) under your belt!!!!!!!!!!!
Get a debit card with your checking account. After all that, you may start getting a few apps in the mail for unsecured low interest cards. Get a good one, make double payments for a few months then pay it off.
Buy a cheap car. Make double/tripple payments, pay it off WAY before it's time runs up.

It's a catch 22. Gotta have a credit history to get credit. Can't get a credit history with out credit.

 

[Junior Samples]

It's a catch 22. Gotta have a credit history to get credit. Can't get a credit history with out credit.

Take 2 grand and go open up account then walk over and fill out loan app. ask to borrow 1500.00 using the the 2k as collateral.
make your payments on time, as scheduled and wala instant credit score.

then be prepared for all the CC offers