HOW DOES A CREDIT CARD WORK AND WHY DO I HAVE TO GET ONE?
I meet overturned 18 and I am disagreeable to intend my possess locate but they said I requirement to hit beatific credit. To hit beatific credit, they said I hit to physique beatific credit, but the exclusive artefact to physique beatific assign is to hit beatific credit. Why is that? I was hunting at assign game and purchases embellish artefact more pricey when you acquire them a assign card. So ground ingest one? But to physique assign you requirement to ingest one. Am I mistaken? Could someone vindicate how a assign bill entireness please?
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7-10-2009
To get a good credit rating you must have obtained and used credit. There are several ways to do this but getting a secured credit card and never charging more than 1/3 of your limit and paying at least double the minimum payment every month is merely the easiest way to build credit.
Right now, to rent an apartment, you need a co-signer with good credit.
Generally it takes 2 years from when you first get a secured card and being good with it, to be considered to have any sort of credit rating.
A secured card is where you take say $500 and put it in a savings account in a bank and they freeze that amount for two years and then issue you a credit card for that amount. After the two years, if you have been responsible with the card, the account is unfrozen and you get the money back. If you have been irresponsible, they use the money in the account to pay off the card.
When I first moved to LA from Canada, I had no credit in the eyes of US banks and I had Wells Fargo freeze $1500 for 2 years to re-establish my credit in the US.
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