So I don’t have any credit…and I obviously never opened a credit card under my name. So for those who have opened a credit and know abt how credit works in the U.S. plz help me. The teller at my bank told me to open a student credit card which is safe (as far as he said) for a first time credit card user. Should I open the the credit card to build my credit at the bank or somewhere else? Plz help.
Re: Building Credit with a Credit Card…
Pyaari, I don’t have a bank or debit or anything..but I opened credit cards at Express under a student account..from then, i opened a Gap card..and today i just opened a macy’s card 
I never spend more htan $100 a month though, thas how I keep it under control…Someone told me that when I open a bank account, i get a debit card right away..and then i can apply for a credit card.. i think once u have a bank accnt and debit, its easier for u to get a credit card..
Re: Building Credit with a Credit Card…
get a cell phone on your name or any home utility bill on your name, pay them regularly and you will start building up credit. If you keep paying your bills regularly, you should recieve a credit card pre approved application.
Re: Building Credit with a Credit Card.....
Best and fastest way to build credit:
Open a bank account- you need your state id, DL, Passport, SS card... either 2/3 of those. Once you open the account you'll put in x amount and ask the bank for a loan for the same "x" amount which will be considered a secure loan. This way the bank knows you borrowed $50 from the bank but at the same time still has $50 in the bank that you deposited and so if for some reason you don't pay them back they'll just take your $50 back.
Now comes the good part - bank loans, no matter what the amount are reported to the CCB (credit card bureau) and they don't see the x amount of money you used. All they see is that a loan was taken from THIS bank and it was paid back within a week or month.
Do this at 3 banks and not only will your credit score go sky high but any one will be willing to work with you cause it'll show that you're dependable w/ your cash.
*Information can move a nation and is the most important thing you can have.
Re: Building Credit with a Credit Card.....
Sara: Express Cards and stuff are they under ur dad's name? Cuz when u open one of those up u need to use an existing credit card.....I used to have my dad's credit card...but that does not help build credit. The reason why I want to build credit is so that I can buy a car or rent an apartment or buy a house without having my parents cosign. And everyone someday needs to build their credit. Secondly you should get ur own bank acct and have a debit card. And if u want to apply for a credit card they have student credit cards which u can apply for. This will help build ur credit....and help ur future. Don't hesitate to open a bank acct its safe.
Lusi: I do have a cell phone under my name, but my dad pays the bill.....does that still count?
Rocky: Hey wats up??? I am not really looking to get a loan....but more of a credit card....so that if I want to rent an apartment or buy a house I can do it easily....and I am kinda dumb at these kinda things so I want to do it the slow and easy way. But is getting a credit card better than just going out for a straight loan?
Re: Building Credit with a Credit Card…
Credit cards are not the only things that helps you build credit. BTW, the first time you rent an apartment, no matter how many credit cards you have, since you will not have any rental history, you’ll still end up paying a good sized deposit.
The best way to learn about this stuff is read articles. Hopefully the following 3 links will help:
http://biz.yahoo.com/special/credit06_article1.html
http://finance.yahoo.com/columnist/article/millionaire/2406
http://www.bankrate.com/yho/news/credit-scoring/20031104a1.asp
Re: Building Credit with a Credit Card.....
Pyaari - i know you don't want a loan but when you pay the bank your loan back it builds your credit faster then you can say booga booga. You'll get approved for good amounts then.... do it that way.
Re: Building Credit with a Credit Card.....
nope, its all in my own name...
i told them that i had no bank account, CC nothing..they signed me up for a student account, it was a very tiny limit (only 150).. abt a month later, i got a Gap card, and i just got a macy's card..very soon i will oepn up a bank account..
Re: Building Credit with a Credit Card.....
stay away from credit cards. :(
Re: Building Credit with a Credit Card…
^ 
bichaari!
Re: Building Credit with a Credit Card.....
Cresi.......u don't come in my thread until chupi comes....kya uska pecha kar rahay ho?
Chupi I would like to stay away from credit cards....but our country makes us dependent on them....what can I do.....
lost: thanks for all the website info......that really helped
Rocki: I will inshallah go to the bank and talk to them to see what I can do abt a loan.
Sara: I didn't know they did that....I worked at the Gap and tons of ppl, including students, got rejected cuz they didn't have enough credit or something happened....maybe they started something new for students....
Re: Building Credit with a Credit Card.....
as rockistan said...u can get a secured credit card......its not actually a loan...its that u already give the bank the amount say like 500 dollars and then the bank issues u 500 dollar credit card.,.....when u wish no longer to have that particular secured credit card...the bank returns u the money.....but u have to be very careful about the payments and stuff otherwise it will ruin the credit history....
once u start building credit u get pre approved offers and then u can get any credit card u want too....
i started like that....initially i was not working neither was a student so i got a secured credit card...after an yr or so i got another one and cancelled the first one......i've heard that it is not wise to have many cr cards and then cancelling them as it also effects the credit score.....
this was what i did to build credit initially and it worked well for me.....so thought maybe it can help u......:)
Re: Building Credit with a Credit Card.....
well there is a student credit card and a secured credit card.....whats the difference and which one is better to use??? Cuz he gave me an option for both.
Re: Building Credit with a Credit Card.....
Pyaari, it doesn't matter who pays the bill as far as some one is paying them regularly. I won't suggest you going for those no name student credit card companies, never heard any good stories from them. I would also suggest you what rocky and chips have said. I had one of those account. It was a $1000.00 acoount and you pay a small amount every month for like 12 months and if you pay regularly almost after 6-7 months you should get pre-approved credit card offers. Make sure you don't accept anyother credit card, just the reliable names. Normally CapitalOne is a good one to start with.
Re: Building Credit with a Credit Card.....
Really? How so?
Re: Building Credit with a Credit Card.....
^^
if you go to rent a car, they will not accept your bank/debit card, they will ask you for a credit card. If you don't a credit card you cannot rent a car, you can pay the car rent through cash or debit card but you have to present a credit card.
Re: Building Credit with a Credit Card.....
Thats weird.. why wouldn't they accept a debit/cash?
What other instances?
Re: Building Credit with a Credit Card.....
I think hotel reservation has the same policy.
Re: Building Credit with a Credit Card.....
Now this is my field of expertise, I'll share some info in due course.
Re: Building Credit with a Credit Card…
Please do..
Btw, since like everyones opened up a credit card/bank thread almost every day for hte last few days, can we merge NbN’s, pyaari’s adn mines threads? 