Establishing a good credit history has never been as important as it is today.
It's not just that you'll need good credit to get decent rates when you're ready to buy a home or a car. Your credit history can determine whether you get a good job, a decent apartment, a deal on your cell phone and reasonable rates on insurance. One seemingly minor misstep -- a late payment, maxing out your credit cards -- can haunt you for years.
If you're just starting out, you have a once-in-a-lifetime opportunity to build a credit history the right way. Here's what to do and what to avoid.
1. Check your credit report
2. Establish checking and savings accounts
3. Understand the basics of credit scoring
4. Piggyback on someone else's good credit
5. Apply for credit while you're a college student
6. Apply for a secured credit card
7. Get a store card
8. Get an installment loan
9. Use revolving accounts lightly but regularly
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Saturday, September 27, 2008
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