Looking to build credit

[jshlaferman]

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Hey guys, I'm an incoming freshman for the fall semester and was looking for ways to build credit. I know that paying back my student loans as I go along will slowly build my credit. But where can I get accepted for a credit card when I have no credit to begin with? I got rejected by a store card when I tried applying in store. Thanks for any help!

 

[Incis0r]

Get a secured card from a bank. You put a refundable deposit (as collateral) down on it and pay your bills each month. This is reported to the credit agencies. You need no credit at all to apply for many of them but some do carry annual fees. Try going over to Bankrate to find a card you like.

 

[Swagger1991]

Some banks have college cards that are really easy to get if you are a student. They generally come with a low credit limit, but if your purpose is to build credit they are great. Also, put your utility bills, cell phone bill, car insurance, internet, etc in your name and pay your bills on time.

 

[Blackhorse90]

I would agree that if you are starting out to build credit that a credit card through the bank is the best route.

 

[Soleus715]

College credit cards are where it's at... they offer ridiculously low rates compared to the competition, if your schools offers them.

 

[ajj70]

Get a credit card from your bank, put your gas money on their each month (or whatever, $50-100 or whatever you can afford) pay it off each month. If you are getting a car for college, take out a loan in your name, you might have to have your parents co-sign, but paying that car loan each month will help as well. Most manufacturers have 0% financing and if your parents can qualify for that, do that, just have the loan in your name and one of your parent's name.

 

[LolaSF]

Another option is to have someone/a parent/etc add you added to their account or add you as an authorized user. Technically, I don't think that authorized users are supposed to get the credit card reported. But the accounts where I am an authorized user show up on my reports! My "oldest" credit card account is somehow miraculously before I was born 😉

As for getting your own card -- if you keep getting rejected try Capital One Secured. They're supposed to be one of the easiest and no annual fee.

 

[super frank]

Apply for Discover. You'll get it. Great customer service.

 

[l4dygaga]

Discover is really great. They gave me my first card with 5k limit. If you can, open a bank account and apply for a credit card in person. The banker will help you so much more than applying for online. I went into Chase to apply for a card I was rejected online for and the banker got me approved on the spot.

After getting your cards, use a little each month and try not to get close to the limit. You'll have good credit in half a year guaranteed if you pay off everything and have low credit utilization ratio. Also, discovery gives free fico report monthly, so that's another plus.

Sent from my HTC One_M8 using Tapatalk

 

[jshlaferman]

Thanks for all the replies guys, I'll probably try for the Discover card

 

[cacajuate]

Just make sure you are responsible. I saw so many of my friends get a CC to "build credit" and some are still paying off those bills 5-7 years later.

You arent buying a house or a car, it's not super necessary to start working on your credit at 18. Some might not agree, but I'd hold off till a little maturity sets in.

Credit is easy to build but damn hard to rebuild.

 

[pulltheleverkronk]

Invest all your money in GOLD

 

[Bucks783]

Capitol One is easy to get. You will only get a low limit, but pay it on time and they'll slowly increase your limit and you'll build your score. Also, always have some kind of balance on it and just keep it open as long as you can.