Building Credit

Just turned 18 a week ago. I really wanted to get started building credit. What are some ways to build credit at a young age? Rewards cards at stores?

Any advice is greatly appreciated. Thanks!

Apply for a Secure Credit Card. You need to put down a deposit on the card, that becomes your credit line, after a while the bank will return your deposit and turn your secure credit card into a regular credit card. This can take anywhere from 6 months to a year, the bank wants to see if you can make your monthly statements and how often you are going to utilize the card.

You could also start off with Discover, its a very good card that a lot of Dreamers have been getting approved without being approved for a Secure CC at first. Its a GREAT company, lots of cash back reward opportunities, you may start off with a low credit limit but in time they increase it as well.

This is a referral link to Discover, I do encourage you to try for a Secure credit card first. With capital one or BoA, if those dont get approve try Discover or vice versa

http://bit.ly/1y3Noce

Good luck

this is how i went about getting my credit up with in one year. open one only one credit card i went with capital one since for the first year they gave me 0% percent. also they didn't ask for any deposit they started me with a 300 dollar limit. what you wanna do is use half of your limit and pay it all before the bill is due. say you use 150 you wanna pay 150 before monthly bill. or if you do use the full amount pay right away. you are showing that you have the funds to pay, half way to my first year they had made my limit to 2000. i continue the same way use only half and try to pay more of the minimum amount due. with in the first year i got my credit score up to 730 . I'm just starting my second year and thinking of getting a new card

I applied for Chase Freedom and got denied. Will this affect my score even though I do not have credit history?

no it won't

Got denied for Discover as well. Guess it's time to check out secured cards.

And got denied for a secure card as well from capital one. Is it due to the income I am posting? Last year I only earned a little above $5000.

Try firstprogress.com

They approve anyone. I started with this secured credit card.

Yup start with secure credit card. I'm at 743 credit score

Yes, I'm pretty sure it's because of the income and the fact that you applied to 2 other places. I have to disagree with the person who said that it doesn't affect your credit score. It does. Every time you apply it puts a hard inquiry on your report. It doesn't matter that you don't have any open accounts. I suggest that you ask someone with really great credit to add you as an authorized user. Continually pulling your credit report and getting denied is going to make it even harder for you to get approved. Also, I suggest that you call Discover and ask for a recon. If you didn't apply for the student card then tell them that you qualify for the student card. Ask them if you can use household income as well. If they say yes then give them a ballpark number because truthfully they don't care if you give them the exact amount as long as you don't inflate the number excessively.