What is the best credit card to start my credit?
Written By: admin on January 18, 2010
One Comment
I recently turned 18 and im in a fantastic living situation. i live with my dad, make about 1000 a month and im a musician. I wanted to buy a new bass and amp, but more importantly need to start my credit. I already have the money to buy the bass today, but i wanna see if i can start my credit with this buy.The stores i went to say i need at least a 700 score to apply for their credit.
Is there any credit i can apply for, without having to pay financing and apr and so on without having credit to start with. My plot is to buy the bass with credit, pay it off straight away, and probably cancel the card right after.
Related Financial Planning Posts
Tags: amp, Credit Cards, dad, money, musician, score
From what I know, for the long term if you consistently make your payments on time, Chase is the credit card company that improves your credit rating the best. This information came from my mortgage broker during our first consultation when applying for a mortgage and discussing credit reports.
For someone just starting out, your goal will be to find any reputable credit card company willing to offer you credit and be diligent about paying off your entire balance every month so you won’t have to worry about the APR. Quickly, a few months to a year, they will raise your credit and you will be able to access other cards that have the low APR you truly want. Do not choose any credit offers that have yearly membership fees or extra out of pocket fees, there are plenty that do not.
Try not to cancel credit cards. It’s better to just not use the card ever again. When your credit score is calculated, it uses debt to credit ratio, a paid off, open card improves that ratio.