Credit Cards Key » CreditCardsKey » Secured Credit Cards » 19 year old looking to build credit?

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  #1 (permalink)
: So I've been working for a year ($8.25 an hour) and I've manged to save up $11,000 something. I belong to a credit union if that matters. I would like to start building my credit but don't know where to start. Any ideas or tips is welcomed!

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  #2 (permalink)
: No, don't do a secured loan. Installment loans build credit by making payments over time. You hve to pay on an installment loan for at least a year to do much for your credit/score, paying interest the whole time. A rather expensive way to buy a few score points.

Go to your credit union and get a credit card, even if you have to start with a secured card. Use the card for regular purchases and pay the balance in full every month. That will build credit and avoid interest. It will still take a year to do much for your credit/score BUT it won't cost you any interest.
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  #3 (permalink)
: For consumers with a poor credit history, secured credit cards may be the only way for them to start rebuilding their history. While these could be expensive, there are circumstances where it could be quite helpful. Rebuilding your credit is the primary reason.
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