I am 22 with no credit history. The only negative things on my credit report are about $2500 worth of medical debt and 3 paid items (a cell phone bill, electricity bill, etc, mistakes made as a youngster). I have never tried to finance anything but was fortunate enough to inherit a home. I will be grateful for any available advice on how to start building some credit. Thank you.Anyone have advice for building credit?
Ask your financial institution if they offer something along the lines of a Shared (Savings) Secured Loan.
Basically this will open up a loan in your name and use your savings as collateral. The institution will cut you a check for the amount (we can use $1000 as an example) and you can simply place that money into your account and use it to make payments. Your payments will be recorded and help you begin to grow your first lines of credit. After wards you'll be able to take out loans for things you actually need (i.e. furniture, remodeling, vehicles, etc) and when making payments on those, your credit score will improve.
Just be sure you actually make your payments.Anyone have advice for building credit?
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - freecreditreport.hotusa.org
If you have $500 in a savings account, convert into a secure credit card. Make sure they belong to the credit bureaus.
try getting a cc from the place where you bank. charge a little and pay it off. try not carrying a balance on your cc for too long. easy enough.
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