Building credit, need some info please
 

I need to build some credit so I can buy a house in a few years and not get stuck with some BS intrest rate.

What credit card should I get? I'm just going to use it for gas.

Nick

Re:Building credit, need some info please
 

doesnt matter which one you get... just make sure that you pay it off and dont let it accumulate. The advice I got was... get like two credit cards and use them interchangeably... so one month use one card and the next use the other one... but just make sure you are able to pay them completely off at the end of the month.

Thats what I am doing... I hope this helps.

PSST: I got this info from my father... hes one of those peeps that gives out home loans... ;)

Re:Building credit, need some info please
 

It also helps to have bank credit.

Sinner, Do you have any money saved right now?

Re:Building credit, need some info please
 

<--------BROKE and in the hole lol but trying to quickly get out

Re:Building credit, need some info please
 

what strech is getting at, is that u can take out a secured loan. say u have 500 saved... go to ur bank, and give them the 500. then they will loan u the 500, and u will have to pay the loan back. which builds the credit. when it is payed off... u get ur 500 security back!... it's a good idea to do this

mike

Re:Building credit, need some info please
 

Tell him what he's won folks!

...but, do this at two banks.

Take the loaned money from the first bank loan to get a second secured bank loan.

Just be sure to pay the monthly installment only each month. Don't pay the loans off sooner than the loan term.

And when you make your payments, go inside and be sure the loan officers see & talk to you. This builds a personal relationship with the people at the bank.

They'll know you by name and will have no problem throwing credit your way.

Re:Building credit, need some info please
 

This is exactly what im about to do. =)

Re:Building credit, need some info please
 

Heres what you do.....
go to macys, jcpenny - or some sort of department store and get a STORE credit card. when you get the credit card go to the store and buy all types of ----. MAKE SURE NOT TO MAX IT OUT. then wait a couple of days and return the ----. all the credit companys see is charges on the credit card they cant see that the credit was wiped away because you returned it....i do mortgages and this is what my boss tells me to tell people so we can get them in a better program dont apply for too many because than it makes the credit companys suspicious why your looking around so heavily for credit and it could have a negative effect
good luck

Re:Building credit, need some info please
 

^^^I don't think that will do a damn bit of good. Your credit report won't see anything if you do that. Credit card companies report once a month and they don't report what they haven't been charged for. You need to have a balance, but even then the only person it looks good to is the credit card company. The credit card comany likes you to have a balance because that means they get to make money on you. They don't like when you pay it off each month, but ---- them. They might be a little stingy when it comes time to raise your credit limit because they don't want to be giving out free loans to your cheap ass every month. Low credit limits don't help you get loans too much because it doesn't give the lender a good idea of how credit worthy you are. They need to see a decent sized limit to know that you are responsible.
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Re:Building credit, need some info please
 

Just make sure you don't ---- yourself over. Like me, don't get ahead of yourself. i started "building" credit at 17 and it's been ------ hell. Make sure you can manage it and manage it correctly. And yeah too much credit can be a bad thing, I got rejected for a credit card and their reason was "too much credit". I think if you do have a lot of credit cards it's good to have them below the 50% of balence. I know that all the money I owe more than 50% of it is on only two cards and they docked my credit score for that (did one of them little 1.95 credit checks). So just be safe man, and don't stick yourself to paying off 4 year old credit card debt that you'll probably be paying for the next 10 years. Bah. And yeah all this talk about using it and paying it off in the end of the month, better make sure you can do it, because that was my mentality at the time and when the limits got higher so did my debt, that was how I bought my shitty ass 300zx and my first EF hatch. Credit is a bitch, so make sure you play it safe and right.