Posted on Feb 21, 2018
I have no establishment of credit and I want to build credit. What is the safest and best way to build credit fast?
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I’ve been told credit cards are a good way but I’m unsure because credit cards are a red flag in my head. I’m just unsure.
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Finance
Posted 7 y ago
Responses: 14
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Credit card is fine IF you are responsible with it. This is how I use mine. I don't use my debt card to pay for stuff. I use my credit card. I only use it for day to day purchases. I never spend more than what I can cover in cash. I never use it for a line of credit for large purchases. Most important, always pay 100% of it off when the statement comes. It takes some time to get use to seeing a large bill every month and paying it all off. It seems to feel painful to do so. Just remember, that money you used on the card is the same amount of cash you would have used throughout the month anyway.
Just don't double dip with the credit card and large withdraws of cash.
Just don't double dip with the credit card and large withdraws of cash.
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MAJ (Join to see)
I do the same thing. I buy everything I can with my credit card. Then I pay it off. Like you said, the key is not spending more than you can cover with cash. Plus, my credit card has reward points that can be redeemed for cash and applied to my balance. So every few months I basically get $100 or so taken off my bill. That's free money.
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PFC (Join to see) im on my phine noe, but whrn im bsck at my computer, I'll educate you on this subject for i am an expert with 31 yrs experience
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Building credit is important yes, but it is far more important to build good financial habits first.
As with anything, "Slow is smooth, and smooth is fast".
As credit cards go, you want to look for lowest possible rates...not highest limit. Pay off your balance each month, and you'll see credit score rise, as well as available credit line.
Another option you should SERIOUSLY consider...why rely on credit? I don't know your current personal situation, but I sure wish when I was younger, single, and not responsible for much more than rent, food and gas, that I had saved money towards paying cash for future "needs". Sure, it may take time to buy an acre or two, build a home yourself, all while driving a used car you paid cash for...but when you're middle aged, have a mortgage, two car payments, a maxed out credit card, etc...those lost years don't seem so long ago after all :)
As with anything, "Slow is smooth, and smooth is fast".
As credit cards go, you want to look for lowest possible rates...not highest limit. Pay off your balance each month, and you'll see credit score rise, as well as available credit line.
Another option you should SERIOUSLY consider...why rely on credit? I don't know your current personal situation, but I sure wish when I was younger, single, and not responsible for much more than rent, food and gas, that I had saved money towards paying cash for future "needs". Sure, it may take time to buy an acre or two, build a home yourself, all while driving a used car you paid cash for...but when you're middle aged, have a mortgage, two car payments, a maxed out credit card, etc...those lost years don't seem so long ago after all :)
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