Help me out please 10pts best answer. BUILDING UP CREDIT..?

Ok so I am 20 years old, I have asked so many people around me how i can build up my credit since i have NONE and i nothing really helps. I%26#039;ve tried getting credit cards and all that but none of them approve me because I have insufficient credit history. so I ask myself how am I ever going to build up credit if they wont give me something to start it out with!? I already have my cellphone under my name but what are some other things that I can do do build my credit up? I do have a bank account and a full time job for over a year. What more can I do?





I have a daughter also, if that will make any difference.



i actually started my credit by opening a SMALL jewelry loan - i got $200 worth of jewelry and opened a line of credit. Pay ON TIME more than the minimum every month and then once paid off add a little more




Paying any bills in your name builds credit history.





Apply for a card with your bank whereby you give them a few hundred dollars that is placed on said card. You make purchases, and pay the balance, the starting money is simply used as collateral. After some history is built, they will give you a real card.




cell phones do not report. The best way is a secured card that is where you deposit cash into an account with the bank and they give you a card to that credit limit. Pay on time all the time and you will in about 6 months get offers for more. Never abuse the system. Keep balances well below 25% of the credit limit and your scores will go up over time




Try applying for a store card like Sears or Penny%26#039;s. Or a gas company card. That%26#039;d be a start.


If you open an account with Edward Jones Investments (you should be planning for retirement anyway) then you could get a Mastercard through them.




some banks offer what that call starter credit cards. they have a low limit, and usually a high interest rate. They are designed for people like you who needs to build their credit and have little credit history. Check that out.




I would stop applying for credit everywhere - that will make your credit worse. Go to your bank and explain your situation and ask them if they have a secured credit card that they can offer you or know of someone that does. Go for big names when doing secured. Don%26#039;t apply for these secured cards where your money is actually a service fee and not protected in an account and later given back to you after you prove to be a good risk. Once you get the card make small purchases that you have the money for and send it in when the bill comes. Do this for about two years and you will be unsecured and on your way to building your credit. With our economy so bad right now you may have a hard time initially. Good Luck!!!




Your credit score is based on your credit payment history. The best way to build good credit is to consistently pay any loan or credit card bills you may have on time. Of course, without a credit score, you may have difficulty getting approval for your first loan or credit card. But there are several ways to establish creditworthiness without having a credit history.





- Your first step should be to pay all your bills on time. That includes not just credit bills but also your rent as well as phone, cable and utility bills. (If your landlord doesn%26#039;t report and you want him/her too, in order to add to your credit, you can request that they do)





-Your second step could be to seek retail credit, which is often easier to obtain (albeit at higher interest rates) than a national credit card. Or you might obtain a secured credit card, which involves depositing a certain amount of money into a savings account or CD, for example $500, as a reserve to guarantee repayment of your credit limit on the card.





- Do not, however, try for the largest possible loan or credit card balance in order to make your credit score more impressive. Creditworthiness is a relative concept: it partially based on your debt-to-income ratio. It not simply the size of your obligation that counts but also your repayment capacity.





Also, be sure to check your credit report once a year at www.annualcreditreport.com ( the only truly free site as it is federally mandated that you are able to view your score at this site, do NOT go to www.freecreditreport.com). You want to keep tabs on your credit report and make sure that no damaging errors pop up.





And congratulations on taking the right steps to establish credit for you and your family. Setting yourself up for financial stability is one of the greatest gifts you can give yourself and your daughter.




The cell phone plan is not going in your credit.


It only affects your credit if you don%26#039;t pay for over 30 days.





When I was 18 I got 2 credit cards.


One for gas, and one for food.


I paid in full each month, without ever paying a penny interest.


In a couple of years, I found myself with top 800+ scores.


I read that if you pay your bill in full, you can achieve top credit.


I never made any other loans, or paid anyone interest.





Keep trying.


Go to your bank and ask them for a credit card.


You are an established memeber, and after having a checking for 6 months in good standing, you should have no problem.





If that fails try store cards.


Kohl%26#039;s, jcpenny, sears, Target - easy to get.


Also try gasoline cards, and go to bankrate.com and find a card with cash back rewards.





You might hear about secured cards, you don%26#039;t need them.


Just keep trying store cards.


Your credit will take a slight ding from applying


Ex: 20 applications / year will reduce your score 10%


but that is really not that much.


All your applications that are in a 6 week period will be grouped as one.


This is done to help people compare mortgage rates and car loan rates.


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