Best Way to Establish Credit
Author: Michelle
Posted: Wed Jul 14, 2004 9:22 pm
Post subject: Best Way to Establish Credit
11/8/2001 12:46 am CDT
My boyfriend currently has no credit. We recently went to get a cell phone for him. They did a credit check and he would have to put down $300 to get a $30 phone. He has no student loans, no car payments, and has no credit cards. It was a stretch for him to get an ATM card. He would like to move out of his parents house, but with his lack of credit he will probably need a co-signer on his lease. The only things that were in his name were his apt. bills while he was away at school.
What is the best way for him to establish credit? Is getting a store credit card first better than getting a Visa/MC first? My thinking is that if he gets a card to a store he doesn't go to much, then he will not over use it. He could make a few purchases on it and pay it off in full each month. It would be a good way to start out. Maybe a Home Depot or Target card. Then he could get a major card.
Any advice would be helpful.
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Author: Ira Stoller
Posted: Wed Jul 14, 2004 9:22 pm
Post subject: Best Way to Establish Credit
11/8/2001 10:00 pm CDT
First of all, is he employed? Full time? Makes a decent but unspectacular amount of $$$? If so, have him apply for a personal loan of mabe $2,000.00. If he gets it, treat it as if it's not his money. Put the $$$ in an interest bearing account and pay it off early. Now you've established credit. Apply for the big ones & see what you'll get!
Author:
Posted: Wed Jul 14, 2004 9:33 pm
Post subject: Best Way to Establish Credit
11/9/2001 12:39 am CDT
Apply for Macy's and Target. You could call Chase and have them send you an application for their secured card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 14, 2004 9:22 pm
Post subject: Best Way to Establish Credit
11/8/2001 12:46 am CDT
My boyfriend currently has no credit. We recently went to get a cell phone for him. They did a credit check and he would have to put down $300 to get a $30 phone. He has no student loans, no car payments, and has no credit cards. It was a stretch for him to get an ATM card. He would like to move out of his parents house, but with his lack of credit he will probably need a co-signer on his lease. The only things that were in his name were his apt. bills while he was away at school.
What is the best way for him to establish credit? Is getting a store credit card first better than getting a Visa/MC first? My thinking is that if he gets a card to a store he doesn't go to much, then he will not over use it. He could make a few purchases on it and pay it off in full each month. It would be a good way to start out. Maybe a Home Depot or Target card. Then he could get a major card.
Any advice would be helpful.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira Stoller
Posted: Wed Jul 14, 2004 9:22 pm
Post subject: Best Way to Establish Credit
11/8/2001 10:00 pm CDT
First of all, is he employed? Full time? Makes a decent but unspectacular amount of $$$? If so, have him apply for a personal loan of mabe $2,000.00. If he gets it, treat it as if it's not his money. Put the $$$ in an interest bearing account and pay it off early. Now you've established credit. Apply for the big ones & see what you'll get!
Author:
Posted: Wed Jul 14, 2004 9:33 pm
Post subject: Best Way to Establish Credit
11/9/2001 12:39 am CDT
Apply for Macy's and Target. You could call Chase and have them send you an application for their secured card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:53 PM
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