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I will be 18 in November of 07 and i'm going to be looking in to getting an apartment. i have no... |
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Date:
May 7, 2007, 10:03 am |
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I will be 18 in November of 07 and i'm going to be looking in to getting an apartment. i have no credit so i need to know how to build up my credit before i can get an apartment? |
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Answer:
If you are not 18 yet you don't have the right to get a loan. However if you wish to build up your credit history you can do the following. Ask your parents to open a savings and a checking account in your name, if they haven't done it yet. This is essential as it proves your financial independence and ability to deal with money. You can also become an authorized user of one or more of their credit cards. In this case the cardholders will be your parents but you will be able to use the credit limit. Try to keep the balances on them as low as possible, as all the information (both positive and negative) will be reflected in your report. When you come of age and be ready to receive a loan, turn to the no credit credit cards. Consider all the variants carefully and choose the one that suits you most. Another way is to draw the so-called co-signer, that is a person who will be responsible if you don't pay off your bills on time. But mind that even in this case all the negative information will hit your report and damage your score. |
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