Page 1 of 3 123 LastLast
Results 1 to 10 of 28

Thread: How should I go about building my credit up?

  1. #1

    Default How should I go about building my credit up?

    So, I'm 20 and still don't have credit. I wouldn't be so eager to get it either, but AT&T want me to throw down $500 for a deposit when I buy my iPhone. I just don't have that kind of money right now. I've already budgeted for the cost of the phone and monthly costs, so the phone I can pay for, it's just the deposit that's getting me. Now, I've talked to my mom about getting a first credit card and she's bitching about how I shouldn't get it and blah blah blah. Now, if I knew how to go about getting one myself, I'd just do it since I'm 20, but yea, I've got no clue what I'd be doing and well, I don't wanna fuck myself up even more by getting into debt.

    I've heard that the 'piggybacking' method doesn't work anymore, but there's a way now to do it still. But, I'd need to be a joint account holder on the account, which my mom's credit is poor, so is my dad's. My grandparents on the other hand have a score of like 800 or something, but I just know they're not going to put my name as a joint account hold or nothing.

    So, how should I go about getting my credit built up? I did try and apply for a card from Paypal about a year ago, but got denied. I'm at a lost, and don't say just wait on the phone, I've been eying it since the original came out and I'm about to fucken die to have one, yea I know, it's a trend isn't it. I've already set out how much it'd cost monthly, it's just getting past the deposit.

    Any ideas? If I do some how end up getting approved for a card, it'd be for simple things I could pay off on time so that those nasty interest rates didn't get me, but would that have no affect or what? I'm talking simple gas fillups only.

    Thanks.

  2. #2
    annierighthurr

    Default

    Get a card from Chase. That is what I did. They have a student program where they pretty much approve everybody. The credit is low to begin with (either 300 or 400), but it does help your credit score, if you do your payments on time and stuff.

    oh and just for the record... I think they charge $500 for a deposit for every customer at at&t. My boyfriend recently went to try and get a phone there and his credit isn't shabby (as in, its REALLY good). So maybe you could look into a different company or a pay-as-you-go plan.

  3. #3

    Default

    Get a credit card from a good company, if they have application fees, credit fees, or anything like that (a $500 limit where you owe $300+ as soon as you sign is not something you want). Go to Walmart, Lowes, Menards, or some other store and get one of theirs. Buy something in the $10-20 range each month and pay it off every month.

    DON'T GO CRAZY BUYING STUFF.

  4. #4

    Default



    Quote Originally Posted by Hypnotized View Post
    Get a card from Chase. That is what I did. They have a student program where they pretty much approve everybody. The credit is low to begin with (either 300 or 400), but it does help your credit score, if you do your payments on time and stuff.

    oh and just for the record... I think they charge $500 for a deposit for every customer at at&t. My boyfriend recently went to try and get a phone there and his credit isn't shabby (as in, its REALLY good). So maybe you could look into a different company or a pay-as-you-go plan.
    It's only a $500 deposit if you've got no credit according to people I've talked to. I've even heard of one person having to pay $1000 deposit because his credit was super horrible.

    I might just see if my grandparents would mind making me a joint account holder just so it builds my credit without me having to spend to build it, because I'm just worried I'll go fillup my car, then go eat, etc, etc and just build it up -_-.

    God, I just want an iPhone though. My boss has one and I love it more than he does lols.

  5. #5

    Default

    I've had a good experience with Chase in general.

    Well, getting a credit card is a good first step. It's easier if you live on your own (I take it you don't), because paying utilities and stuff will help. But expect to be asked for deposits until you establish your credit. My electric company decided I didn't have enough credit when I moved in so they wanted $90 down (which is a little over 2 months of electric service where I am). 9 months later they paid me back with interest.

    But yeah, get a card. Use it reasonably. Pay your bill. Simple .

  6. #6

    Default

    Almost anything in your name can help with your credit score.

    From things like paying your credit card on time, to paying bank fees on time, as well as never maxing out on limits, etc...

    here's a good article to check out: 9 ways to build credit from scratch - MSN Money

  7. #7

    Default

    Become a evil marketing tycoon That should help. Then take over the world.

  8. #8
    Peachy

    Default

    Get the credit card. It didn't seem very difficult to get one in that country of yours...when I moved there, it took your banks/financial institutions about 6 months to find out about my existence and to start bombarding me with "pre-approved credit card offers". Surely, you got to get them in the mail too - I bet they still keep sending those to my old address.

    Anyway, once you have that card, keep it in a locked box. Every now and again, when you want to buy something bigger, take the amount of cash that would be required to purchase the item, put the cash into the locked box and take the credit card out and use the card to pay. So at the end of the month, when the bill arrives, just deposit the cash from the box into your bank account and pay the credit card bill in full. That way, you'll never run up any debt provided you don't sneak the cash out of the box for "emergency situations". If necessary, give the box and the key to someone you trust, so each time you want the card, you have to give the cash to that person in exchange for the card.

    Evidently, credit comes from the Latin word "credere" = "to trust, to believe in someone/something". Building up credit means that the financial industry can trust you to pay off your debt. IN order to achieve that, you have to trust yourself first. If you have doubts about your ability to deal with financial matters wisely and to not run up any debt, then you should drop that whole matter altogether. Too many people in your country have fallen into that trap and caused the current financial crisis, so don't add to that.
    If, however, you believe that you're trustworthy in financial matters, you should be old and wise enough to handle a credit card in your wallet. Just make sure you only use it to pay for stuff...not for actually running up a debt as the card issuer wants you to do (that's how they make money after all)!

    Peachy

  9. #9

    Default



    Quote Originally Posted by Peachy View Post
    Get the credit card. It didn't seem very difficult to get one in that country of yours...when I moved there, it took your banks/financial institutions about 6 months to find out about my existence and to start bombarding me with "pre-approved credit card offers". Surely, you got to get them in the mail too - I bet they still keep sending those to my old address.
    Actually, those don't really, mean anything. You can still get turned down for a pre approved card. Especially now were companies are actually lowering card limits all over the place.

    Paying off your card at the end of the month is a way to slowly gain some credit, but you can actually do better by carrying a reasonable balance that you pay off which is a minor portion of your total credit line. The goal is to use enough credit so that your line is active, but not so much to seem over extended. A minor balance regularly met with on time payments establishes an ability to carry as opposed to short term credit.

    The current credit crisis had little to do with people and credit cards, and everything to do with bad policies, erosion of the working class, and the juggling and repackaging of debt with false ratings. Banks are not collapsing because of credit cards, they are collapsing because the entire financial system worked to hide the shit sandwich they had created so that they could sell it off, and then the buyers bought in selling off to another group.

  10. #10

    Default

    Those pre-approved credit cards are the ones with all the fees to get, so on your $500 credit limit card you already owe several hundred dollars before you even buy anything.

Similar Threads

  1. Building a Computer
    By Vladimir in forum Computers & Gaming
    Replies: 26
    Last Post: 08-Feb-2009, 22:16
  2. The far flung impacts of the credit crisis
    By IncompleteDude in forum Mature Topics
    Replies: 20
    Last Post: 06-Jan-2009, 01:01
  3. Pre-Paid Credit Cards?
    By Fire_lupine06 in forum Off-topic
    Replies: 6
    Last Post: 23-Nov-2008, 02:29
  4. I'm Building a Paradise, Who's Coming?
    By Chillhouse in forum Off-topic
    Replies: 26
    Last Post: 01-May-2008, 22:35

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
ADISC.org - the Adult Baby / Diaper Lover / Incontinence Support Community.
ADISC.org is designed to be viewed in Firefox, with a resolution of at least 1280 x 1024.