When Does A Person Starts Building Credit???(what Age?) And How Does A Person Build A Good Credit?
I’m 18 years old and i want to be wise with my money. can anyone inform me how to have good finances???
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When Does A Person Starts Building Credit???(what Age?) And How Does A Person Build A Good Credit?I’m 18 years old and i want to be wise with my money. can anyone inform me how to have good finances??? 3 comments to When Does A Person Starts Building Credit???(what Age?) And How Does A Person Build A Good Credit?You must be logged in to post a comment. |
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well you have a clean slate lets hope 50 years from now it is still clean!! go out and get a checking account – get a interest paying checking account — this will be your small interest savings account!!! do this at a local bank and do all of your banking in person — get to know the folks in the bank on a first name basis — after a month or so talk to the bank manager about getting a band secure credit card == once obtained charge only items you would have bought for cash and pay the complete balance off each and every month!!! do not pay any interest!! once you have say two thousand in your saving account -=- go see the manager again and tell him you want a small loan and want to use cash as a security!!! the rate for the loan should not be more than 3% which is a small amount for getting a payoff loan on your credit report!!! good luck and have a great life!!!
Make sure you live within your means, dont spend more than you earn. You can try applying for a secured credit card, which you have to put money into upfront but it is a great way to earn credit. Also, if you are planning on going to college and you get a student loan in your name, creditors will start automatically sending you applications for credit cards, just be careful! It is easy to get sucked into the whole buy now pay later game and end up in some major debt.
take out a small loan.. maybe 1k. put it in the bank and pay it off.. after about 6 months, just pay as much as you have left.. it will show you paid off.. second find out if your bank has secured credit cards available (visa, mastercard more likely).. it’s basically they hold x ammount for you, and that is your credit limit. if you need to close the account for an emergency or something, they use your deposit. little risk there if you dont miss payments.
make sure your bills rent/cable/phone/car ins are paid on time. it wont help your rating by paying on time, but if you don’t they can report you to the credit agencies.