How to build up credit?

Question

Hey ladies! So I’m 18 years old and I want/am going to move out with my boyfriend within a couple months. Honestly I have no education on credit or credit cards or scores or anything! All I know is that my parents are in debt and I definitely don’t want to follow in their footsteps. I actually checked my credit score the other day and it was a 650 (I didn’t even know I had one because I don’t have a credit card). I do have a store card for VS but whenever I use it I pay it off within a week. Do any of you have easy tips to get your credit score up? Also, any advice about all of that would be greatly appreciated! I wish high school taught kids more about this!

Answer

I was a banker for 4 years, so I have some basic advice on this topic but I recommend you go sit with your bank and talk about options to build credit.
If you don’t already have a bank account that’s your own, do some research and find a bank or credit union you like. 
One of the best ways to build credit is to take out a savings secured loan* (NOT a savings secured credit card). This is where you take some cash that you already have, like say $250, you put it in a savings account that you can’t touch, and the bank gives you $250 as a loan to use for whatever you want. You make regular payments towards the loan and once it’s paid off you get your original $250 back. This is a great way to build credit.
You should do some research on good credit cards that you can apply for. Personally, I like Discover and Capital One. Pick *one* place to get a credit card from. You’ll want an unsecured line, not a secured line of credit. You want to make sure you find a card you like because you won’t want to close this account later on. Your oldest card makes up your “oldest credit history” and if you close it after a few years, it can drop your score by a few points, so it’s best to find one you like that you’ll keep open for pretty much ever.
On your credit cards, you’ll want to use NO MORE than 30% of your available credit. How you’re using your store card by paying it off regularly is good. If you keep any purchases on your credit cards and just pay a minimum balance, make sure you’re using no more than 30% of that credit.
Again, the best thing you can do is sit down with a banker. They can make suggestions and offer you great advice. You don’t have to take any of their suggestions if you don’t want to, but they’ll at least be able to offer you some great ways to build your credit.

Answer

Don't do credits cards unless you know you can pay it on or before the due date every single month. If you're late by 1 day paying it l, they add a $36 late fee. I made that mistake a age 19 and my job cut my pay and got in credit card debt.

Answer

Get a secure CC from a credit union

How to build up credit?

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