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    Best way to get credit?
    Hello everyone. I am 22 years old and I am still in college. I plan on trying to start my own business once I graduate. I know that I will be needing to borrow a large amount of money, but I don't even own my first credit card yet. I really wish that they had taught you how to do this in school or in college, and now I feel as if I am a late bloomer and that I should already have some credit built up. I heard from somebody that maybe I should just start with purchasing gas on my credit card and then pay it back, so that is my first plan. How did some of you first establish credit and what are maybe some good credit card companies that I could go with to start off? Any help would be much appreciated!


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    Well, for those who have not had any credit to build for and would want to establish a good credit, first you should open up a credit card. If you have a personal bank, you can ask to apply for a credit card with probably about $500 limitation. That way, you can use it to pay for bills and make sure you pay off in full the following month. Don't pay it with the minimum payment because that will hurt your credit score. One thing though, when apply for a credit card, try not to go over $800 because you have to set yourself a spending limit, which you should be able to pay back on what things you have bought and what bills you have paid. This is by far one of the best ways to establish your credit.


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    If you are intending on trying to gt a lot of money in the future you need to start building your credit card rating as soon as possible. The easiest way of doing this it so get a credit card, use to live on for the month and then pay the bill at the end of the month. You need to make sure that you settle the bill in full at the end of each month otherwise you are going to incur interest, and the rates on credit cards can be high, which is going to cost you.

    As you have no credit rating at the moment you won't have access to many types of credit cards so go out and get whatever you can to get started. Don't worry about looking at the rewards or loyalty schemes, or the interest rates (which are going to be high for you) just find a credit card you qualify for. People often worry about getting credit cards with high interest rates but providing you settle the bill in full it doesn't matter whether the interest rate is 1% or 50%, you won't be paying anything, providing you pay the bill in full.

    Other simple ways to build up a credit rating easily include signing up to a monthly cell phone plan and paying auto insurance monthly rather than outright.


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    I have been trying for years to build my credit. Its a cat and mouse game that i have yet been able to get a grip with. I am thinking about investing instead! The thing about money is trying to have the right mindset for it, I am re-evaluting my outlook on money as I have had "a love for money attitude" when I think I should be having "a love for what money can do". Having attainable goals for what money can do is just now starting to become concrete in my brain, instead of a girl in a candy store attitude! write down you goals and break them down!!


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    Quote Originally Posted by Spiff View Post
    Hello everyone. I am 22 years old and I am still in college. I plan on trying to start my own business once I graduate. I know that I will be needing to borrow a large amount of money, but I don't even own my first credit card yet. I really wish that they had taught you how to do this in school or in college, and now I feel as if I am a late bloomer and that I should already have some credit built up. I heard from somebody that maybe I should just start with purchasing gas on my credit card and then pay it back, so that is my first plan. How did some of you first establish credit and what are maybe some good credit card companies that I could go with to start off? Any help would be much appreciated!
    As much as possible I won't be encouraging you to ask for credit from any loaning institution especially banks. Why? Because you will just end up paying for more in the end. I'd rather advice you to just save money or raise it for a business.


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    Quote Originally Posted by jfab View Post
    As much as possible I won't be encouraging you to ask for credit from any loaning institution especially banks. Why? Because you will just end up paying for more in the end. I'd rather advice you to just save money or raise it for a business.
    Is this because of interest or what? I always though that no matter what, a person always ended up paying interest on top of whatever you already have to pay. I also though that banks were one of the safest ways to do anything. How about signing up for something like a Best Buy credit card? Could this work toward getting up my credit score? I actually have already been offered one of those, but I am unsure if this will count toward my credit score. What, would you suggest, would be the best credit card for beginners to sign up for? Do some credit cards build credit faster then other ones? Also, thank you everyone else for all of your input. I've been doing some research!


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    Every bank will need you to have a large amount of the money already in your possession. I don't know how much you already have but it's normal that they need you to have at least 30-50% of what you are asking for.
    Please don't use credit cards to get more money. They charge high fees for debt and will pull you in even deeper.


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    Quote Originally Posted by Spiff View Post
    Hello everyone. I am 22 years old and I am still in college. I plan on trying to start my own business once I graduate. I know that I will be needing to borrow a large amount of money, but I don't even own my first credit card yet. I really wish that they had taught you how to do this in school or in college, and now I feel as if I am a late bloomer and that I should already have some credit built up. I heard from somebody that maybe I should just start with purchasing gas on my credit card and then pay it back, so that is my first plan. How did some of you first establish credit and what are maybe some good credit card companies that I could go with to start off? Any help would be much appreciated!
    Things must have changed since I was in college. Credit cards made it very easy for college students to get credit cards. I had both a Visa and MasterCard before I was a sophomore. There wasn't a billboard on campus that didn't have plenty of credit card applications. I also had a couple of department stores.

    If you're just starting out, I would go with a retail store card. They will give you a small limit, but that's okay. They will increase you limit fairly quickly. If you have a cell phone, then it's likely that the cell phone company will report your payment history.

    I would highly recommend joining a credit union. They are smaller and more personal. It's very easy to establish credit with them and their loan guidelines aren't ask strict as a regular. Plus a much lower interest rate. Open a savings account. When the balance is at least $500, get a secured loan against the savings account. Pay it back on time or early.


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    To build credit, you need a high amount of "available" debt in revolving accounts (credit cards, etc) with a low amount of "actual" debt in those accounts. So, if you have only a $500 credit limit on one card (that's your available debt amount), you need to keep the actual debt below 15%. That means that the issuer reports you having only spent $75 or less on that card---and if you pay all your bills on the card and then pay off the full balance every month, you may look to the credit agencies as if you are consistently maxing out your card. It depends on when you pay it off vs. when the issuers decide to report.

    So, you need to get a higher "available" debt limit vs. your actual debt. I'd suggest getting several cards (this looks good on your report, having multiple accounts by different issuers indicates a trust level) and then NEVER using them past 15% of their "available" debt limit. You can only use each one once, for something small, and then pay in full.

    Store cards are no different than other credit cards, unless they don't report---in that case, they are worthless to your cause and you shouldn't bother with them. If they aren't reporting, go ahead and cancel them.


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    I am not trying to force my opinion on you but do try to stay as far away as possible from credits.. In my country many people are constantly suffering from that because they thought the money they took would quickly grow but that was not the case.. Just be careful and good luck!


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