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Easy Establishing Credit Six Ways to Do It

 


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People are starting to get married and have children at younger ages, and that means that more young adults are applying for credit. It can be easy establishing credit if you simply know where to look.

Targeted Credit Cards

More and more credit card companies are creating products and services that are targeted specifically towards young adults and college students that have no credit or limited credit histories. If this describes your situation, do a Google search for cards that cater to that market and apply for them.

Piggybacking

One of the fastest and best ways of easy establishing credit is to get added to an already active credit line. Here is a great tip on how to do it: If your parents have a credit card, they can add you onto their account as an authorized user. When your name is added to their account, you immediately assume the credit history they already have established.

If they have had the credit card for ten years say, then all their ten years of credit history on that card belongs to you as well. Say they only owe $500 on the card, and it has a credit limit of $10,000, Wahla! Instant, excellent credit!

Secured credit cards

Secured credit cards can also be a good way of easy establishing credit. These are called secured credit cards because in order to get one, you put up a deposit which is held as security for the card. The amount of the deposit becomes your credit limit. These cards are easy to get because there is no risk to the credit card company. You can never charge more than the limit, and if you don't pay, they take your deposit and close the account.

Department Store Credit Cards

Department store credit cards are another easy establishing credit method. Department store credit cards are usually easy to obtain, and fairly easy to qualify for.

Auto Loans

If you have a job and a permanent residence, you can generally get financing for acar or other big ticket purchase. If you have very little credit history to show the lender, you will probably have to pay a point or more in interest. You may also be required to come up with more down payment money, in order to qualify for the loan.

Co-signers

If you are having difficulty qualifying for a loan on your own, a co-signer should make it easy establishing credit for one. But before you ask someone to co-sign on a loan for you, be sure you will be able to handle the payments with no problem, If someone is nice enough to co-sign on a loan for you, don't cause them problems by being irresponsible. If you default on the loan, the lender will go after the co-signer if they have no luck with you.

People are starting to get married and have children at younger ages, and that means that more young adults are applying for credit. It can be easy establishing credit if you simply know where to look.

Bob Perlling writes about credit repair, debt management and personal financing solutions. Special emphasis is given to the problem of derogatory credit histories in credit reports and what you can do to legally repair or erase them.

Visit my website at: http://BadCreditEliminated.com/cards.html for tools, tips, suggestions and ideas on how you too can quickly improve your credit scores.

Copyright © 2008. Reprint rights are granted, as long as the article is not changed, and the resource box is left intact.

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