school help: Establishing Credit? - Help.com

Realmofrrealit
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Establishing Credit?

So, you don’t have a family that could co-sign for you and a step father who won’t co-sign for you. He’s not legally even my step father yet, but I do live with my mother and she has bad credit. So, how does someone whos a high school grad and with no job establish credit.

One thing I was thinking of is Blue Hippo…that computer company. All you need is an active checking account and they said thatd be a great way to establish credit. Does anyone else have anyways to do this without involving a Co-signer?

This open post was written 3 months, 1 week ago | V/U/S: 131, 6, 5 | Edit Post | Leave a reply | Report Post

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shol'vah offline Verified User (7 months, 2 weeks) Long Term User Shouts: 1 #
Anchorage, AK, US | 3 months, 1 week ago (3 minutes after post)

If you can keep up the payments on it try a credit card. They are a good way. If not and you are going to go to college then try a student loan, I don’t know if you need good a co-signer for those but if not they are a good way to go about establishing credit.

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Realmofrrealit offline Unverified User #
An Unknown Location | 3 months, 1 week ago (4 minutes after post)

My exact point… I couldn’t get a co-signer so I got dropped from college cause of financial paperwork not following through and I was denied a credit card because of that exact reason. I could try to establish a credit card but my interest rate would be like 26% APR and im not having that.

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lazyhipp offline Unverified User #
An Unknown Location | 3 months, 1 week ago (11 minutes after post)

f the credit card, they soak up so much money it is not funny.

do you have any property or morgages? a student loan?

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hey...iknowyou offline Verified User (6 months, 1 week) Long Term User Shouts: 56 #
An Unknown Location | 3 months, 1 week ago (41 minutes after post)

Do you have a job? I always thought the best was is to show the bank that you have a regular source of income. I don’t know a huge amount about the topic unfortunately though.

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Sir Cody † offline Verified User (3 months, 2 weeks) Long Term User Shouts: 156 #
An Unknown Location | 3 months, 1 week ago (5 hours, 17 minutes after post)

get a job

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US Navy? offline Verified User (1 year, 3 months) Long Term User Shouts: 1 #
Chesapeake, VA, US | 3 months ago (5 days, 19 hours after post)

It says your acc has been deactivated, but I will try anyways.

Credit is a fickle thing, if handled properly it can be a saving grace. If not (as in my own past) it can be a huge problem that affects everything that you do.

The best way to start establishing credit is to apply for a department store credit card. Macy’s, Dillards, JC Penny, Kohls and the like. The rates may be high, but your limit will be low. At max $300 to start off with. You need to be adamant about paying your debt on time, and maintain a small debt on that account. Many people think it is wise to charge, then pay it off immediately.. this does not help build credit. If you have a small amount to owe, it shows that you can be trusted to make payments as well as give back a profit (APR) to the bank.

The next thing you can do is apply for a larger amount through a credit union or other bank. This will up your limit so here is where you need to be even more timely. A used car loan would be a good start of this. Pay on it a while and then you can tackle your schooling.

Is it possible for you to get grants vs. loans? Student loans have been increasingly harder to obtain due to todays market being so low (I assume you are in the US). Also be forewarned that student loans are the number one killer of credit. If for some reason in the future you need to file for bankruptcy, you can’t file agianst student loans. Also if you don’t pay on your student loans, the APR will keep accumulating. I know someone who borrowed $2,000 but has been default for so long that they now owe $20,000. Not a pretty picture.

First and foremost, you have to get a job and stick with it. It is so easy to jump from job to job, but on a credit app. this is instability.

Be careful and good luck!

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