How to build my credit?

[The Hovering Heed]

I know you guys get sick of my question titled post, but we learning right?

I never had a bank account nor credit card. I got cold hard cash plus some checks laying around.

I am a junior bout to get my BS in Chemical Engineering.

Whats the best way to build my credit, or do i even need to? Also what bank is the best or is it even necessary?

I was raised around "crooks" with nothing but cash & everything in their momma or babymomma name.

Help me & point me in the right direction.

 

[the cac mamba]

get a bank of america account, and then get the bank americard

just use it as a credit card like a couple hundred a month, and then just pay it all off when its due. u just transfer the money right from ur checkin account, takes 5 seconds

idk what else, i pay like 4x my student loans every month theyre due

 

[Domingo Halliburton]

when you eventually buy something on credit (like a car) pay for it on time. that's how you build credit.

 

[lutha]

when you eventually buy something on credit (like a car) pay for it on time. that's how you build credit.

this...it's the most important factor in your credit score....just pay for shyt on time, and your credit will build...other ways to help you:

- get different kinds of credit...meaning revolving (credit cards), loans....
- don't apply for a lot of shyt that will have them check your credit...a lot of inquiries is a negative to your credit score
- if you get a bunch of credit cards you don't use/want, don't close the accounts...keep the cards, just don't use them...the more available credit you have, the better it looks...
- to go along with that last point: don't use a bunch of your available credit...the higher your debt to available credit is, the worse it looks...where as the, the lower your debt to available credit is, the better it looks..

...the last, most important thing I can tell you: fukk credit, it means nothing....it's all bullshyt...it's a means of control, abuse of power, and how to fukk people...if you don't believe me: ask some you trust to explain why someone with bad credit can get shyt before someone with no credit....when they cant, maybe you'll start to see the light...now, i'm not saying go out and do dumb shyt, i'm just saying don't worry about it

 

[Domingo Halliburton]

this...it's the most important factor in your credit score....just pay for shyt on time, and your credit will build...other ways to help you:

- get different kinds of credit...meaning revolving (credit cards), loans....
- don't apply for a lot of shyt that will have them check your credit...a lot of inquiries is a negative to your credit score
- if you get a bunch of credit cards you don't use/want, don't close the accounts...keep the cards, just don't use them...the more available credit you have, the better it looks...
- to go along with that last point: don't use a bunch of your available credit...the higher your debt to available credit is, the worse it looks...where as the, the lower your debt to available credit is, the better it looks..

...the last, most important thing I can tell you: fukk credit, it means nothing....it's all bullshyt...it's a means of control, abuse of power, and how to fukk people...if you don't believe me: ask some you trust to explain why someone with bad credit can get shyt before someone with no credit....when they cant, maybe you'll start to see the light...now, i'm not saying go out and do dumb shyt, i'm just saying don't worry about it

don't get loans for the hell of it. if you don't need to borrow money don't do it (like op). I work in banking, we'll look at your cash flow: if you bring money in we can loan you money. if you have no credit: get a job or have a solid business plan.

credit cards can possibly loan you money at an exorbitant amount.

 

[lutha]

don't get loans for the hell of it. if you don't need to borrow money don't do it (like op). I work in banking, we'll look at your cash flow: if you bring money in we can loan you money. if you have no credit: get a job or have a solid business plan.

I agree, no need to get loans just for the hell of it...just mentioned that cause it's a factor in your credit score...also, i was talking in general not specifically about the op...in the op's case, since he in school, all he needs to do is get a low limit credit card...something he can make the payments and cant get outta control with...ex: capital one has a new journey credit card made for students: low limit (which can be increased over time, but capital one is one of the most conservative companies so don't count on it), cash back, no annual fee, and a decent rate...between that and the student loans he'll probably have to pay back, his credit will build up quickly...

 

[#BOTHSIDES]

Idk if it matters which bank u sign up at. I'm with usaa.com they're good. No monthly fees. No wiring fees.

But u need an account to make things easier as long as u don't go crazy.

If you are a student with no credit history more than likely you'll get approved for a card.
-Use the card to make purchases most likely small purchases.
-Don't max out cards.
-Stay within 30% of your limit
-make on time payments

 

[The Hovering Heed]

I guess i should add that i have no debt nor took out any school loans. Ive been getting by with scholarships
+ financial aid. But i am in my own house now where im paying the electricity,gas, cable etc bills. And I read on one of the bills about establishing credit which sparked this thread.

See i lived in the fukk credit life for a while now, but its seems almost necessary from home and car buying. Of course you can pay in full but how realistic is that?

But so far thanks bruhs

 

[Isaiah Bradley]

You need debt breh...don't pay all your bills at once. You need to show a history of on-time payment

 

[Tunez]

I have a debit card with chase, monthly fee is$6.00, idk if I even have credit

 

[Isaiah Bradley]

I have a debit card with chase, monthly fee is$6.00, idk if I even have credit

You seriously need to consider complaining to customer service to have that monthly fee removed OR shifting to another bank.... possibly an online bank
Think about it. You are paying them to hold your money, in order to invest your money in their portfolio, where they won't share with you profits earned from those investments in their portfolio

 

[Tunez]

You seriously need to consider complaining to customer service to have that monthly fee removed OR shifting to another bank.... possibly an online bank
Think about it. You are paying them to hold your money, in order to invest your money in their portfolio, where they won't share with you profits earned from those investments in their portfolio

I dont think thats possible to remove, every person that has a chase account has to pay unless they have $500 or up and has used their card 5 times or more

 

[88m3]

I dont think thats possible to remove, every person that has a chase account has to pay unless they have $500 or up and has used their card 5 times or more

You can get a cc from chase your debit card wont do anything for you. The interest rate is pretty high like 13% if you have good credit(that's typical for a cc though, hell I have a cc with a 20k limit and even that is 13%) if you don't have good credit it's higher, just pay on time and your credit will go up. What you need is a car loan/home loan to really build credit though and assets.

 

[L&HH]

You seriously need to consider complaining to customer service to have that monthly fee removed OR shifting to another bank.... possibly an online bank
Think about it. You are paying them to hold your money, in order to invest your money in their portfolio, where they won't share with you profits earned from those investments in their portfolio

Im saying what part of the game is that? I have a student account with bank of america and never had to pay them shyt. In fact they pay me money for having money in my savings.

If you need a bank I recommend Bank of America. I had an incident when Amazon took money out of my account (I signed up for a free 30day trial of prime and never used it). The shyt ended up overdrafting my account, I didnt have to call or nothing. Went online talked to a rep online, got everything refunded within a couple days. Not saying other banks don't do this but I have had no issues with BoA. Also I haven't seen any bank with more ATMs and locations than BoA

 

[L&HH]

I don't know how you only deal with cash, do you not buy things online?