How do you start building credit?

Question

Hey guys! I am 19 and I want to start building credit. I don’t have credit though.. so I’m not sure how I would be approved for any loans or credit cards to start. How did you all start? Any advice?

Answer

Usually if you have no credit at all the best way to start is with a secured credit card. What that is is a low “credit line” usually like $200 with a bank. It’s secured meaning you have to give them a $200 deposit until they can trust you basically. After like 6 or so months of making small purchases here and there and paying it right off, never being late on payments, never maxing the card out, they will send you back your $200 and it will become and actual line of credit. They may or may not give you an increase in the credit line at that point up to $500. 
My daughter was in the same position. She tried to apply for a Kohl’s card and got denied. So I told her to do this and she did and now her score is 685 which isn’t bad for just starting out.

Answer

The easiest thing that helped build my credit was a credit card. I had no credit before that (I was 23 when I got it I think)- I got a chase Visa with a $1200 limit. My score quickly went up and up as I was just making regular purchases and paying them off quickly. Only things I knew I could afford. I didn't want to get in over my head with debt first thing.

Answer

If you have an income, you can get a credit card. Use it for purchases that you have the money for and pay it off every month.

Answer

Mom cosign on a car, then I got a credit card but I don't recommended a credit card. I abused it sadly and my mom ended up getting me out of it thank god.

Answer

I got my first credit card through my bank. I only ever put school expenses on it and pay it as soon as my bill comes. I also got alproved for a Forever 21 credit card and I do the same with that

Answer

If youre in a position to purchase a car from a dealership (make sure you can commit to the payments before going this route), you can have a family member (or literally anyone) cosign on the auto loan for you. That was how I got my credit started.
Store credit cards are also a good idea, just make sure you put something greater than 0 when they ask for your income. I've never been denied for a store card. I like kohls and Amazon personally.

Answer

Be careful applying for random store cards though. Every time you apply for something involving credit the company will do a credit check on you to find out what your credit history is (even if you have none) which is a “hard inquiry” mark on your credit score. And if you apply to multiple places that adds up in the negative direction. Especially if you don’t get approved.

Answer

Gas cards are usually pretty easy to get, that's what I used.

Answer

I got approved at kay jewelers for my first credit card and I was 25. I tried Victoria's Secret first and they wouldn't approve me. I did get approved with them eventually but that was after I had credit. You can also talk to a bank and get a pre paid credit card, basically if you give them let's say $200, you're credit card limit will only be $200. That's a safer route to go tbh.

Answer

I got a line of credit to start out and that helped me build my credit. You don’t actually have to use the line of credit it’s basically and X amount of funds that you can use even if you don’t have funds in the account it’s basically like a loan and you pay it off through the bank. Definitely ask your bank!

How do you start building credit?

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