Saturday, July 31, 2010

I need some help with earning credit asap, advice or tips or maybe just a good site for people like me?

I am currently 17 years old, is it possible for me to start earning credit now? Probably not, right? Well, when I hit 18 in September I wanna earn good credit as soon as I can because the housing I am looking at requires good credit, Im not sure how to go about it? I'm looking for advice on the fastest possible way to earn good credit. Thanks for any answers...I need some help with earning credit asap, advice or tips or maybe just a good site for people like me?
No, you really can't earn credit until you're 18. Once you turn 18, you can apply for a Capital One card--they often approve first-timers. If they turn you down, you can apply for a secured credit card like Orchard Bank. Use the card regularly by charging only small amounts on it and paying it off in the same month. *Never* use more than 30% of the available balance on a credit card at any given time, even if you pay it off in the same month.I need some help with earning credit asap, advice or tips or maybe just a good site for people like me?
Here are a few ways how you can improve your credit rating.


1)Make Payments on Time~If you want to build and maintain your credit rating, pay your bills on time and don't miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history.





2)Pay Off Your Debt~Don't transfer it all to a credit card and then transfer it from card to card to card. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.





3)Establish Credit History~Your credit rating is established partially on your credit history. Your credit history is based on the nformation that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills.





4)Don't Apply for or Take on Too Many Credit Cards~Having and using a credit card wisely can be beneficial to your credit rating. However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them.

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