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Young person looking for best way to build good credit quickly and properly
im a young person trying to build credit for auto loan and just focusing on a high credit score overall for the future, should i have certain credit cards? multiple cards? i currently have a capital one credit card i basically use it as my debit card when i buy something i pay it asap. any tips regarding building my credit score would be very helpful and much appreciated, thank you
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d2smith08
5 months ago
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The best thing to do is take a secured card because most of them report to the 3 major credit rater agencies. If you have enough income take a personnal loan (for example $250 or $500 for one year) and a retail credit card and paid both of them on time for that year and you will build enough credit history to have the auto loan you want. Good luck.
Wichie682 5 months ago
You sound like your thinking smart! One way to build strong credit is to have a mix of credit types (all paid on time, of course). So yes, a secured credit card is one good idea, though it doesn't actually sound as if you need to go that route since you've already qualified for a "real" credit card. You might consider something like taking a small personal loan from a credit union (even just a few hundred dollars). Just having something other than a credit card is looked upon as a good thing. But having one or two more cards, on which you make reliable payments and keep low balances would help, too.
Clairissa 5 months ago