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Originally Posted by herostar
Thanks alot! I'm 20 and about to get started building my credit. I don't really need to take any loans out for anything, so how would you suggest I begin?
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NoSoup will assuredly have better information than I do on this, but I'll share with you what my dad did with me in 1976. He took me to the bank (the one where he was known by all there) and had me fill out the forms to borrow $100. I took the money home and put it in a drawer. There months later, I came back and paid it plus whatever the interest was. Presto--I had a credit rating begun.
It's funny, but in order to establish a credit rating, you have to first use credit. Get a low-limit credit card, and when you fill up the tank with gas (if you live where you drive), use the card instead of cash a couple of times a month (put the cash back where you will have it at the end of the month, of course). Buy something you were going to buy anyway at Best Buy and fill out the application for a credit card--then pay it promptly.
Little things like this can make a big difference.