Question: How do you build up good credit?


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Answer #1:

Well, first off, you don't need any credit to get an apartment.

Second, get a card without any monthly fee's. Maybe like, a 500 dollar credit limit or less. Just use it once in a while, for a coffee, or small things, plus it's really nice to have in an emergency.

Now, if you pay your bill every month, you don't have to pay any interest.

What they look for in credit is longevity and late payments. Also, they look at how much credit you currently already have. If you have a lot of credit cards, that looks horrible.

So, I think that's the best way to build credit, but it takes time.

Answer #2:

There are 5 ways to build a good credit score.They are as follows
1.Charge only for what you can afford to pay.
2.Use only a small amount of credit that you have.
3.Start with only one credit card.
4.Pay your balance in full and on time.
5.Carry a balance at the right way.
If you follow these steps it wont hurt your credits.

Answer #3:

You already have a good credit report since you have not defaulted on any loans, and never been late or overdue on any payments. You should probably stay away from any and all credit cards, since they have really expensive interest rates and can and have changed their rates without notifying their customers.

Some customers have even gone from 10% to 30% overnight. Stick to debit cards, and only use what you have in your account, but try to set aside a small sum to a second account each month. You can do this by creating an automatic payment from your spending/income account to the savings account.

This are the absolute best advice I can think of that I'm a 100% sure of. Other than that, buy gold and silver and keep it somewhere really safe at home. Banks charge too much for safekeeping, and in the past peoples gold and silver have been expropriated (taken from their banks) by government during economic crisis's like the one we are facing today with little or no compensation.

Answer #4:

Let me start out by saying that you are mature beyond your years. These are things that my 30 year old son has still not considered.

With all due respect to the others that have answered your question, there are some errors I want to point out.

First, your credit report will be checked if you rent an apartment or apply for car insurance. It is up to the landlord or insurance company how they use the information, but they will check. If two people applying to rent the same apartment, and one has good credit and the other has bad credit, to whom do you think the person will rent?

Second, paying off your credit cards each month does little to increase your credit rating. You should retain a balance in four or five billing periods per year. (Pay off half one month and the other half the next.) To the credit agencies, paying off your cards every month is the same as using cash, and that is not what they are about. They want to see how you use credit.(Yes you will pay some interest, but think of it as buying good credit.

While it is true that you have a credit report now, it is probably neutral (neither good nor bad). I suggest you get a copy of all three of your credit reports (Experian, TransUnion and Equifax). You are entitled under law to one report from each agency annually. To get the reports delivered by email, go to Click Here .

Good luck and congratulations on knowing at 18 what most people don't realize until it is too late.

Answer #5:

It's a good idea to begin thinking about how to build a high credit score early in life. Here are eight of the fastest ways you can increase your credit score: Click Here





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