To begin establishing credit you can go one of the three basic ways which proved to be reliable. If you have some money, you can open an account - a saving or a checking one, which will serve as collateral to your secured credit card. The credit limit you'll use will be equal to the deposit you've made. Another variant is filing unsecured credit card application. In this case no deposit is required initially, but unsecured credit cards charge rather high fees and have less attractive rates in comparison with secured credit cards. Certainly, these cards have attractive options, but your income should be enough to afford them. If you have a friend or relative with good credit, you can choose the third variant - co-signer credit card. If a good credit person agrees to be your co-signer, he should obtain a good credit card and sign you up as a co-borrower. Since that moment he will be the guarantor that you will pay your credit off. You'll get the chance to use a good credit limit and accumulate points to your credit score, but you both will be responsible for the credit. You are welcome to read our articles and get acquainted with the rules for starting your credit.
March 31, 2015