Credit information?

[brando]

TALK TO YOUR BANK!!! they will tell you all you need to know.

credit is just a show of how well you can balance money. there are no trick's. hell even just keeping a goo checking account can help out your credit over time. every company you deal with report's to the credit agencies. everyone on here has said nothing but truth. if you are still wondering go to an insurance office and ask them on rates you can get, car insurance is now run off your credit score and they will be able to telll you thing's also. another thing you can do is join a CREDIT UNION. its basically a bank but in stead of being able to just waltse in and open up an account you have to be a member of that bank. its a great place to get loan's and such and being a member of one has awesome benifit's like really low intrest rates and good deal's on loans and whatever.

the best thing you can do though is go to a bank (or credit union) with a parent or someone that has great credit that trust's you and that you can trust and take out a couple smaller loans and pay them off over like a year's time or so. dont drag them out for too long because that can acctually hurt you slightly. alway's pay before the payment is due and pay more than you have to even if its 2 bucks.

but again EVERYTHING you do gets reported to credit agencies all bills everything

[Shotgun!]

http://www.amazon.com/Money-Book-You.../dp/1573222976

[scheides]

http://www.daveramsey.com

Fuk credit cards, fuk loans.

[Kracka]

Credit cards are a wonderful thing when used properly. Why do I say they are wonderful? Its free money (gift cards, points, cash back, airline tickets, etc.) and they bump up your credit score allowing you to get better rates on car loans and home mortgages saving you even more in the long-run. But, as soon as you start carrying a balance they become a bad thing, especially if you are unable to manage them properly and get in too deep.

Regarding your loan, its not about how fast you pay it off, its about making your payments on time and showing you're responsible with your money and know how to properly budget month-to-month.

[JET]

The best way to bump up your credit is to get a couple of credit cards. Use them sparingly and pay them off each month. Charge a couple of tanks of gas on each one and pay it off at the end of the month. Many credit cards give you 5% off gas too. When you have minimal credit like you, basically every month you pay your credit card on time will give you 1 point on your credit score, more cards = more points. The flip side is opening accounts hurts your credit score temporarily, so you need to get started early.

[ABV]

Originally Posted by Kracka

Credit cards are a wonderful thing when used properly.

Cash back is a wonderful thing! I've earned hundreds of dollars over the years for buying things like gas and groceries. But the minute you carry a balance, it basically defeats the purpose. You'll pay far more in interest than you'll ever get back in rewards.

[curt_gendron]

Originally Posted by ABV

Cash back is a wonderful thing! I've earned hundreds of dollars over the years for buying things like gas and groceries. But the minute you carry a balance, it basically defeats the purpose. You'll pay far more in interest than you'll ever get back in rewards.

I totally agree. I use one credit card to put almost all my monthly expenses on. Even car insurance, cell phone, and satallite bill go on there. Then I get 3% back on gas, and 1% back on everything else. Best of all it just credits my bill every month with the cash back. I love free money. Its usually $10-30 a month.

But as mentioned, credit cards don't have an advantage if you don't totally pay them off every month.

later,
Curt