What are some effective ways to build your credit from scratch?

The methods for answering this question will vary somewhat because every situation is different. Since he is just starting out, I will keep it brief. One of the first things you may want to consider is getting a secured credit card.

The limits on these cards are pre-determined by the account holder. For example, if you deposit $500 on the account, that will be the available credit on the account. Making timely payments on this account can help him begin to establish a solid credit payment pattern which is key in increasing a credit score.

Timely payments and length of credit history are two factors in helping to establish and maintain a solid credit history. So as long as he shows the ability to make his payments on time and maintain a lengthy history of making timely payments, he will be in good shape by the time he goes to make his first big purchase. At some point I’m sure he will want an unsecured card with a decent credit limit but I mentioned the secured card first as an initial step.

There is quite a lot of advice on this very subject, so I have listed a few sites that may be helpful for a young person. The general idea seems to be to open bank accounts, savings and check, and obtain a credit card. You then need to make sure that the payments are never missed and are always on time.

Also, apparently you should never max out the credit card or even come close, about 30% will get you good credit ratings. This is a quote from the first website which maybe of interest to your son: "Apply for credit while you're a college student Credit experts used to warn college students away from those booths set up on campus by credit card lenders -- the ones that promise free stuff for signing up. It turns out, however, that there's no easier time to get a card than while you're a college student, said Gerri Detweiler, author of "The Ultimate Credit Handbook."

Lenders are willing to take risks with you that they won't once you graduate, probably because they know that your parents' willingness to bail you out will end once you get your sheepskin.

When I was your son's age, or just a bit older, when I started college, I got my first credit card. It was the Discover Card and the a couple years later, I got a Visa which had another card available, so my dad got the other card. The idea was for me to build up my credit by using the Discover Card now and then for small purchases, making sure I could make payments or preferably payment in full each month.

I did not use this often because I was a poor college student. But using this periodically over the next few years did increase my credit to the point that I was able to get the Visa card. Over the years I then got a Chase card and a few department store cards.To this day those are all that I use.

The key is always to make sure you make the payments. Any late payment can ruin your credit and increase interest rates to extraordinary levels.

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