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How Do I Build Credit?

May 29, 2008
Building credit for the first time isn't as hard at it seems. When people think of their first credit card, they think they have to apply for a million cards before a card with a high interest rate approves them. These are the people that don't do their research and pay in the long run. Getting your first card and building your credit for the first time couldn't be any easier! I'm going to show you today on how you can start building credit for the first time. By the time you read this article, you'll feel like you're an expert in charge.

Start at the bank first - The first thing you're going to want to do is look over on how you store your money. Do you store it in a shoebox? Do you store it at a bank? Or do you save at all? Credit card companies love people who have checking and savings accounts. The first thing you're going to want to do is go to your local bank branch and apply for a savings and checking account. Most of the times, it only takes a few dollars just to open up. IT's not a hassle at all! Once you do this, you'll want to proceed to step 2.

Let's look at our demographic - I want you to ask yourself this question, "Am I a college student?" If you answered yes, that's great!

If you answered no, you're going to have a little bit more work to do.

If you're a college student, the credit card process is going to be a lot easier. Credit card companies issue cards out to college students only.

These cards are built for the person looking to build credit for the first time. Credit card companies look at students as a great way to build up an everlasting relationship. They are hoping that when you do apply and get accepted that you will use their card from here on out.

If you're not a college student, that's fine as well. People generally looking for their first card that's not going to college will want to apply for a department credit card. These credit cards are usually found at places like JC Penny or Sears. These cards are generally easier to get and will report to your credit bureau. This is a great way to build up your credit as well.

Building your credit isn't hard at all. I just gave you the two biggest steps you need to take. Step one is completely optional but if you proceed and do sign up for a bank account, make sure that you tell the credit card companies on your application. This will increase your odds of being approved. If you don't want to do it, still apply and if you don't get accepted, make sure that you sign up for a savings account and try again. When it's time to look for that card, make sure you do your research so that you don't make the mistake of applying for a card you don't need!
About the Author
Find student credit cards and more of Tom's work at FINDcollegecards.
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