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NoSoup · 07-30-2006, 07:32 AM

I would suggest getting a secured credit card to begin establishing your credit.

Basically, a secured credit card is simply a normal credit card, but funds are frozen to ensure that the lending institution doesn't lose their money when dealing with someone who has no/poor credit history.

To get one, simply contact a local bank or credit union (you may want to call around to check on rates first) and make sure they offer secured cards. Most, if not all, will - after six months of continuous reporting you'll have your credit score and can then apply for an unsecured card, or potentially ask the lender that gave you the card to release your funds.

Remember, if at all possible, don't borrow more than 30% of the credit limit - even for a few days. For instance, if you get a card with a $1000.00 limit, don't borrow more than $300.00. And I imagine it goes without saying, but always always always make your payments on time.

Good luck, and if you have any more questions, let me know!

07-30-2006, 07:32 AM	#29 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	I would suggest getting a secured credit card to begin establishing your credit. Basically, a secured credit card is simply a normal credit card, but funds are frozen to ensure that the lending institution doesn't lose their money when dealing with someone who has no/poor credit history. To get one, simply contact a local bank or credit union (you may want to call around to check on rates first) and make sure they offer secured cards. Most, if not all, will - after six months of continuous reporting you'll have your credit score and can then apply for an unsecured card, or potentially ask the lender that gave you the card to release your funds. Remember, if at all possible, don't borrow more than 30% of the credit limit - even for a few days. For instance, if you get a card with a $1000.00 limit, don't borrow more than $300.00. And I imagine it goes without saying, but always always always make your payments on time. Good luck, and if you have any more questions, let me know! __________________ I have an aura of reliability and good judgement. Just in case you were wondering...