6
January

I need to build my credit and I am not sure how??

  • I know some people tell me that the best way is to get a credit card or gas card, but how would i know which one to get and how do they do the billing?? I am really confused?? Please help!!


  • Getting your first credit card is challenge. My experience tells me that the best way is go to your bank and talk to branch manager -- explain your situation by bragging your loyality, deposit amounts, good salary,etc. and make her/him your advocate to lobby their credit analyst to get you card. Simply filling the application -- you are judged by credit score which fresher doesnot have track record. Once you score yur first credit card, later you are in better position to shop around for best card


  • Bottom line...prove you're a good credit risk. The only way you can really do that is to use credit and then pay up on time.

    Shop around...credit cards are competitive as there are a lot of them out there. Look for the best terms and conditions:

    Lowest APR (annual percentage rate) interest charged.
    Ability to pay entire amount owed up front without being charged interest.
    No annual/other fees.
    Minimum payment per month allowed (would not recommend doing this however, as it will cost you interest)

    Read the fine print...especially the missed payment penalties and conditions. Some credit card issuers will raise your interest payments way high if you miss just one payment. Don't use them, others are out there that will give you a grace period before raising the interest rates.

    You have a right to be confused. It's confusing business...credit. Look at all the foreclosures on mortgages (a form of credit)...all those people who got hooked into taking out high risk loans to buy a new house. Unfortunately, there is little protection against bad credit issuers.

    PS: I noticed one answer said bo to your own bank to get a card. This may be OK, but even banks have been known to issue really bad terms and conditions on their issued cards. Best shop around, but include your bank in that shopping.


  • Go to your bank and get a credit card from them. Then, make sure you only charge on it what you can pay off when the bill comes for the month. Always keep the balance payed off to keep from paying any interest. This will help your credit go up rapidly.







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