Credit Help

I highly recommend Dave Ramsey - google his name and visit his website. He is amazing. He can help you, motivate you, and get you on the track to financial freedom. You are so wise to be starting at such a young age!

- Best wishes!

E.,
Look, the whole idea of "credit" and "credit ratings" in the US is over-rated. Did you know you can obtain a mortgage if you have simply paid rent on time or early for about a year. Credit is an American myth. Check out Dave Ramsay's book "Financial Peace" from your local library and get some REAL info for managing wealth in your lifetime. You're 18...you can be wealthy by the time you're 30 with this common sense advice/plan. Good luck!

I would also highly recommend Dave Ramsey as well.

If you feel like you must get credit them I would suggest a secured credit card, that is what I did for my first credit card. I saved up $500 (you can do it for less) then I put it on a secured card at my bank. Basically you get credit for borrowing against your own money. You pay toward the card every month which will bring you back to your initial amount you put in. I did mine at Wells Fargo but you may see if your bank offers that program, and it still reports to your bureau.

Get a checking account; believe it or not, it will give your credit a small boost IF you keep it in the black (don't spend more than you have) also, if you have good spending habits, get an American Express card and only use it when it is an absolute emergency and pay off all but ten bucks by the due date. (I used to pay it all off at once and it didn't hurt my credit but it didn't help it either.) Good luck.

I would suggest getting 1 credit card and then paying all your monthly bills on it (with online bill paying you can sign up and it will automatically take out money when bills are due, thus paying all your bills on time, bonus!) and then you make 1 monthly payment to your credit card and pay off your balance every month.

Hope this helps. Credit is something you need to be careful with and ask a lot of questions about...don't be afraid to be honest with the people at your bank...they will sit you down and explain everything to you!

First, ask your bank to pull your credit report and go over it with you. There could be things on there that aren't yours, which could make it difficult to gain good credit.

As far as building good credit, again, start at your local bank and get a ready reserve on your checking account and a small credit card. Make sure to use the card periodically and then pay it off so there is a history of making payments.

What you DON'T want to do is start applying to every offer you get in the mail :) Before using credit, make sure you understand how interest works and also the impact of borrowing money and making minimum payments. As a bankruptcy specialist, I see WAY too many 18 - 22 yr olds who simply do not understand how credit and credit reporting works.

Good luck :)

Get a credit card, and it doesn't have to be a big one. My first one was from Fashion Bug with a $300 limit, then Best Buy with a $1400 limit. Alot of the other one's they want you to pay for them, I never did. Don't put much on there and then make monthly payments on time. I also had a cell phone in my name. When I was 19 I got a car in my own name, when I was 22 I got another car in my name and my credit score was 714, when I was 23 or 24 I had another. That is 3 cars that I had all at once. Just becareful and don't get in over your head. Don't buy a whole bunch with montly payments. You may want or need good credit now, but you need to also think about the future. What if most of your money is going to monthly payments and something happens and you don't work for a while? All that good credit with be out the door fast. Be careful.
www.ReflectionsByAmber.etsy.com