I have a new 19 year old coworker, this is her first major job and she has no credit history at all. What is the best (and cheapest) way to start establishing credit? (I am a foreigner, so got all mine started back home.) And no, a second card on a parent's account is not an option. Any ideas??Thanks.
Kevin K
Favorite Answer
Just paying your bills on time and opening a checking account is not reflected on your credit report. You need to partner with companies that will report to all three (3) credit bureaus, but won’t pull your credit. Crown Jewelers is a great company that will give you a small credit line and report to all three (3) credit bureaus. Easy approval.
http://www.crownjewelers.com/
Second, open a secured credit card. New Millenium Bank is an excellent choice. They won’t check your credit and report to all three (3) credit bureaus. You can even pay your bill online.
http://www.nmbonline.com/
Revolving trade-lines are highly weighted in credit scoring, so keep your balance –to- credit limit ratio low. Never miss a payment. Before you know it you will be on your way to better credit.
RZA
put away about a thousand dollars in savings, and open an equity based credit card from the same bank, only use the card for minor purchases such as gas and a utility bill, instead of paying the minnimum payment each month, go ahead and pay the full amount every month so as not to incurr any finance charges, after 6 to 8 months, apply for a major credit card from visa or mastercard and discontinue using the bank issued card, repeat this process and your credit score will improve
Anonymous
Can we assume that she is a foreigner as well. If she is, get a social security number. Open a bank account. Apply for a secured credit card. Make sure there are no application or processing fees and that it reports to the three major credit bureaus - transunion, experian and equifax.
broadway
There are different techniques to ensure credit, paying your gas, electric powered and such commence the technique, once you've a house telephone or a cellular telephone those also so responsibility in paying your costs. bypass to a economic employer or your economic employer and get a small once back I state a small own loan that you'll pay decrease back in 6-8 months without situation. it is so that you'll commence a courting with a economic employer and lending employer.
Cosmic Charlie
Just pay your bills on time to establish a good paying history, which will reflect your credit.