Credit Score

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Best idea get a credit card with rewards points use it and pay it off monthly and that should be a good start - I use the hilton honors Amex card and love it

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Thanks for your reply. Will I have any trouble being approved for a credit card with such a low credit score?

Good question...don't know how tight credit limits are right now and many company's were lowering limits on card holders but I didn't hear of any of that at Amex

You may just have to give it a shot and see what happeneds - even a year ago you probably would have been golden but now not sure

As stated above you don't care what the interest is because you won't be carrying balance and of course paying on time...key is just to establish that system of incur and pay debt on time

Just my opinion and no facts - With a limit of $500 for example I dont think it will matter to much but I would look to put maybe $250 or less a month on it and not run it to its max

I would think and just pure guessing maybe 2 years of building history can get you in the 700's...during that time you applying for another card or asking for limit to be increased on current card...also if you need to buy a car of course that would be reported but you would have a dirty int. rate

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Getting a car with a cosigner

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Good idea for him, bad idea for whoever co-signs.

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If I do get a credit card with a $500 limit does it matter how much of that $500 I actually use or just the fact that I am making payments on it every month.

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That's an excellent question, actually. In the short term, yes it does, and since $500 is not a lot you will almost certainly get a minor ding just for using it responsibly. If you use, say, more than 30% your credit score will drop a little. This isn't as terrible as it seems though, the amount is nowhere near what it would be if you miss a payment. At this point I wouldn't worry about it, because you are trying to build a good record and you can't do that without buying at least some amount on credit. Take a long view.

After a year or so of paying on time, call up the card issuer and ask for an increase. They'll probably boost it pretty significantly and then it won't be a problem. While you're at it, ask for something else - a reduction in rate (even if you always pay on time it doesn't hurt to ask), free enrollment in a benefit program, whatever.

That's how you build credit. Build a record and then be proactive and ask them for better terms every so often.

Not sure what a "typical" time is but a lot also depends on the market conditions. Right now is very tough, whereas three years ago it was really easy. I'd plan for a few years but test the market every now and then to see.

Thanks for the great advice everyone. This has been extremely helpful and enlightening. I am going to try an apply for a credit card within the next week or so and if i get approved for that then I will sign up for one more. I will use them enough to build my credit score up while paying each bill on time without missing and that should have me on my way. Man I love TD.com

Thanks again!!

wife and I had the same problem when we got married and finished college. Neither of us had any loans or credit cards. We had money in the bank but no credit is just as bad as bad credit. Got turned down for several cards. Finally got one with my bank. Took about 5 years but now have excellent credit and can get approved for pretty much anything.

Credit Score is built over time. Don't be in a big hurry to try and get it up because doing so can bring it down in a hurry.

Good examples already brought up in this thread (and others)
* Credit card with reward points
* Auto
* No interest furniture purchases. 12 months no interest from a reputable finance company will likely go on your credit report

Just wanted to say thanks for the advice to numerous posters in this thread. I'm also a college student and while I am not looking to buy a new car/house or anything like that in the near future, I have been wanting to try and build a little more credit b/c I'll be graduating in a year. I've had an Express (clothing store) card for a couple years now (I didn't know what I was getting at the time, but have religiously paid it off when it was used) and that's helped my score some. I checked it back in June and it was around 785. (Two of the 3 were 785, I think the Equifax was 783 but I can't remember for sure.)

Anyway, I was thinking about getting a gas card through Exxon or Shell (whichever one is the better option, though I'm not sure which) just to help build a little more credit. My friends make fun of me all the time, b/c I HATE using cards to purchase anything and would rather use cash, but I figured getting a credit card just for gas would be safe and smart. Is this a good idea, or should I just stick with another card that has rewards and use it strictly for gas?