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What's the best way for me to begin building credit/What credit card companies are the best?
I see that most people recommend getting a credit card and paying off the balance every month to build credit. Is this the best way, in your opinion? If so, what credit card companies seem to be the best as far as interest rates and such... I'd imagine I could get a student card with a low line of credit (I'm 20). Any other tips would also be welcome :).
2 Answers
- Anonymous1 decade agoFavorite Answer
Go to your bank (the one where you keep your checking and savings accts) and see what they can offer you.
The lower the interest rate, the better. The higher the limit, the better (debatable).
Considering you're a 20yr old student, they will most likely you offer you a High Rate card with a low balance, at least in the beginning, to prove your credit worthiness.
If you can handle a $500 - $2000 Credit Card, down the road when you are done school they will be a lot more receptive to increases in card limits and reductions in Rates. Basically, you have to show them you are able to handle debt ... and the #1 indicator of that is how you repay your current/previous debt.
Oh, and don't forget, you need to be employed. They may ask you for proof from recent pay stubs. No one is going to extend credit to someone who has $0 confirmable income.
- 1 decade ago
It is a very good way to build credit. It's how I built my credit. Go to http://www.123gocreditcards.com/ and click on the link that says bad credit. You will get approved for these cards and you can compare companies right from the site. They have student cards as well.. Good luck.
