Secured Credit Card?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
I just went to washington mutual (my bank where my checking account is at) and i applied for a credit card.. im 18 years old and have no credit line (NOT BAD CREDIT) they denied my request for a credit card but offered me a secured credit card with a $300 limit.. should i do it? she said its really the only way to built my credit and in a couple months they will probably let me get a n secured one.. anyone have any other options or comments? PLEASE HELP! i want to buy a new car and get a bank loan but without credit i cant do anything!!!
Secured Credit Card?Secured credit cards are a good way to start. It won't take long for other credit lenders to see that you are starting to build positive credit, and new offers will start coming in the mail daily.
Secured Credit Card?Yes, she's right a secured card is a good first step in building credit. It will take some time so you have to be patient, and usually it's more than a couple months before you can get an unsecured one more like 9-12 months but you have to start somewhere.
Secured Credit Card?Getting a secured card, is the best way to build you credit. You put the money down (as a savings account), you are able to use it as credit, after a year you can get the money back, and they often raise your credit limit. Capitol One is another one you can do that with.
Secured Credit Card?Actually without credit you CAN do something...save cash for a car. I can't make a judgement on you because I don't know you and how good you would be with making payments, but I believe a car loan at a young age can be difficult. I would recommend you open a money market account that will take your money and earn interest on it, then purchase your car for cash. It may not be the exact one you want, but it will be yours and you won't have to worry about a payment for 5-7 years. (And you wouldn't have to worry about paying those interest payments.) Plus, you will have developed the discipline of saving for what you want, which is invaluable these days.
And you can probably work out a better deal if you come with cash and pay for the car.
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