OT: i need to build credit...

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03-01-2003, 10:16 PM

CM-R

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OT: i need to build credit...

Off topic, but can you guys suggest a credit card that i should first use to build up my credit? Thanks for any info...

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03-01-2003, 10:19 PM

CzanSOHC

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Re: OT: i need to build credit... (CM-R)

don't know...i don't own a credit card....i buy all my parts w/ cash...the only way to do it IMO.

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03-01-2003, 10:26 PM

bryan305

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Re: OT: i need to build credit... (CM-R)

Have you read any of the credit reporting sites? They all have good info. Here's a basic rundown on how it works

What hurts you:
New credit cards
A lot of recent credit applications
High debt to credit ratio
late payments
etc...

What helps:
Low debt to credit ratio
Long term credit (having a credit card for over a year, having a car loan)

So it depends on what time frame you're looking at to improve your credit rating. I'm ony 20, and I just bought a 2000 civic, and they were going to let me just drive it home without a downpayment because my credit is so good.

Over the long term, I'd recommend getting a couple now and just not using one. Get a discover card and something else because the discover card gets you cash back on purchases. Also if you fly...might want to get a frequent flyer's program cc.

HTH