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    ruckusluvr's Avatar
    ruckusluvr Posts: 31, Reputation: 1
    Junior Member
    		  
    #1

    Feb 21, 2010, 07:24 PM
    Building credit
    What are some ways I can build credit? I currently have no credit at all. I am 23 yrs old and I would like to start taking the first steps to own my own home. I think that building credit may be a good place to start. So, what can I do?

    Thanks!
    jmjoseph's Avatar
    jmjoseph Posts: 2,727, Reputation: 1244
    Ultra Member
    		  
    #2

    Feb 21, 2010, 07:29 PM

    Pay all bills on time. Take out a small loan, and pay it back on time, NO late payments.

    If you need a car, get one from someone who will finance it for you. And... pay it back on time. Get a credit card. Pay the balance at the end of the month. Be careful, and don't spend more than you can pay back.

    Get store credit from places that will allow it, and again... pay it back on time.

    I'm sure that there are more answers, but I know that these work. You are to be commended for thinking ahead at your age.

    Good luck to you.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 21, 2010, 07:40 PM

    Agreed with Jmjoseph,

    If you have any bills pay them on time, and God I hate telling anyone to do this, but get a credit card, never charge more than 1/3 of your credit limit and pay it off every few months but at a min always pay it on time. Then a store ( not as many anymore) but some places like Fingerhut is good to start. And some gasoline credit cards.

    After a little bit, see about a small loan at a bank for maybe 6 months or so, to keep adding to your positive credit lines.

    But no matter, never borrow more than you can pay and if you can after you build some creidt, always pay cash for things, save up money, make yourself a car payment to your savings and then in a few years merely buy the car with no payments to a dealer and no interest.
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