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Establish Good Credit

Submitted by on Tue, 11/09/2010 - 10:49
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I???m 19 years old and have never had a student or car loan. I don't have a credit card too. What do I need to do to establish credit?

Is it true that having a credit card that you pay in full every month is equivalent to having no credit? Can anyone please give me insight on this?


Most people start with a department store credit card. Macy's, Sears, JC Penney, etc. A gas station card is also a good option. Just make sure you only make small purchases and pay the full balance every time. You'll begin to build a solid credit history. No, it's not true that paying the full balance is the same as having no credit.


Submitted by OhioGal1 on Tue, 11/09/2010 - 13:37

OhioGal1

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Apart from Departmental store credit cards or gas station cards, you can also try for some secured credit cards as they will have a very low interest rate and will not be a burden for you to pay them off in time.
This will also help you to gain good credit in a short period of time.


Submitted by on Tue, 11/09/2010 - 15:24

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