what is the best way to start establishing credit?

You can put money in the bank and earn intrest ( ha what a funny word)

Dont forget to make me a best answer.

It can be surprising how many people don't have a credit history. There are actually quite a few older consumers without a very strong credit history. They may have never had any credit in their names. Many wives find that their credit has always been maintained through their husbands. When they apply for something on their own, they have no history. Students, young people, newly single women and many older Americans may find that they are in need of a credit history. Or perhaps you have already established credit, but it is less than stellar. What should you do?There are a few ways. The best way is to simply apply for a small loan or line of credit from your local bank. Make sure that they will report the information to the credit bureau.

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RE What is the best way to start establishing credit?

Credit(what a funny word)

One way is to buy of all things jewelry on credit with a deposit.

It is easier to get credit on jewelry just make sure they use a Commercial credit house to give the credit and ask if they report yu r record of payment so you can build up a record for a bank loan in the future.

pay it on time and pay it off a little early.

don't overspend something nice but not over priced or too gaudy.

If is very old fashioned way and it works for first timers better than trying to get unsecured credit like a credit card.

Yes, being a tuition scholar is in most cases the excellent time to begin constructing credit score. It is less difficult to get a bank card whilst your a scholar given that creditors goal tuition pupils. I acquired my first bank card whilst I was once a tuition scholar and now I have first-rate credit score. I advocate you pay your expenditures in complete each and every month given that the curiosity will in most cases be prime. The Chase bendy scholar rewards card is a well alternative.

Get a bank credit card with a low limit. (ex: 500 $)

Use it regularly, but always pay your monthly payment in full.

After 6 months, ask for a higher credit limit.

Continue using your card, using it to the extend of a higher monthly amount ( above $ 500.00 from time to time).

Pay in full every month.

You are establishing your credit worthiness.

1) Apply for a secured credit card

If no credit-card offers arrive in the mail and past attempts to get approved for one have ended in vain, then apply for a secured credit card. With secured cards, applicants make a deposit – say, $200 to $500 – which serves as the credit limit on the account for the next 12 to 18 months. (Since borrowers are borrowing against their own funds, lenders tend to be more lenient about application standards.) As long as the cardholder pays on time and keeps their balance in check, the issuer typically promotes them to a regular, unsecured card.

One thing to note: Interest rates and fees on some of these cards can be painfully high. The New Millennium Bank Secured Gold card, for example, carries a 19.5% APR, a $59 annual fee and a $69.95 application processing fee. Others are more reasonable. Orchard Bank's Secured card carries a 7.9% rate and waives its $35 annual fee during the first year. When signing up, request that the card issuer reports your transaction history to all three credit bureaus, says Arnold. (Not all do.) To find a list of secure cards, visit CardRatings.com, as well as Credit.com.

2) Take out an installment loan. Even a small loan shows up on a credit report, helping to improve a person's score, says Weston. And banks are still willing to offer short-term installment loans, which require a fixed payment each month, especially to those who offer up collateral or a co-signer. To find the best rates, shop around at community banks and credit unions. "Their rates are better, and they tend to look beyond your score," she says.

3) Build an alternate score. Alternate scores consider payment records for things like rent, utility bills and checking accounts, says Craig Watts, spokesman for Fair Isaac (FIC), which developed the FICO credit score formula. Fair Isaac offers the FICO Expansion Score, which automatically collects such data. Credit bureau Payment Reporting Builds Credit lets consumers enter records manually on its site or report them electronically through their bank's bill payment service. (PRBC charges $20 to verify a rental history and $15 to verify other types of accounts.) Other specialty reporting bureaus to consider: ChoicePoint for insurance and tenant reports and ChexSystems for checking account reports.

Before paying to build a report, make sure the lender you're considering is willing to use an alternate score, warns Weston.

4) Piggyback. Ask a family member or close friend to add you as an authorized user on their credit account, ideally one with a long history of low balances and on-time payments. Account-authorized users gain all the positive (and negative) history of the account. Your low score won't affect the primary cardholder's credit -- they can even block you from using the card. Just be sure to keep tabs on the account. Any problems -- say, a late payment or overcharged balance -- can hurt your score.

5) Sign up for retailer credit cards. Economic woes aside, retailers traditionally carry less strict standards when it come to approving applicants for store charge cards. Compared to a MasterCard (MC)- or Visa (V: 80.27, +0.24, +0.29%)-branded card, it's less risky to offer credit solely within one store or chain of stores, says Scott Bilker, founder of money management site DebtSmart.com.

Just don't overdo it. Holding too many store cards can weigh down a credit score. And with rates that can top 30%, be sure to pay off your balance in full each month.

6) Keep any current accounts healthy. Pay bills on time, even if you can only make the minimum payment, advises Arnold. And keep balances low -- lenders like to see that you have lots of available credit, but that you aren't using more than 30% of it, says Bilker. Even if you pay off your balance in full each month, it's that end-of-statement bill that the credit bureaus see. (For more tips on raising your score, click here.)

According to the VAST majority of millionaires, the correct answer is DON'T. LACK of debt is the characteristic shared by the majority of self-made millionaires.

Open a bank account.