TW! Whats the best way to build credit?

It actually won't help your score very much if you pay it iff fully every month a good credit score is achieved by being able to csrry a debt and make timely. Payments many cards actually don't even report the balance for a couple months such means if its paid every month then it will never show any activity. Not all cards are like that. Your score is affected dramatically at several points on thecredit card having some balance but keeping it below 30% of the available credit is very good for your score. Go over50% and your score will drop a little over 75% and your score will drop alot. I see a lot of posts telling you to get the best cards with low rates and while that's great they are going to be harder to get right now credit cards don't have any contract to keep you with them get semantic cards as you can and once you get a good score pay them off close them and get better cards. 3_4 credit cards for a couple months and you should be able to get a good car loan. Hello you probably could now I get people qualified for home loans with no score and no co signer. No credit isn't necessarily bad just make sure to make the payments on time because once you have credit you want to keep it good. It's really easy to build a good score

 

Wow how the hello did you pull off a card at 16 its illegal to lend to anyone under18 that's awesome. I wish I had found a bank to do that when I was younger.

 

Great thread, great info

 

x2 to this, thanks everyone for your input!

 

You can get a card at 16 with parental consent. The banks say it is a good way to build early credit. A lot of parents don't buy into it though, at least mine didn't

 

Pfff I don't remember getting parental consent. Thanks MBNA Canada!!

 

i've been taking out loans to buy stupid worthless stuff that i dont need just to see if i can get a loan. and now i have awesome credit

 

Pay cash for the truck. Screw getting credit. Don't buy it unless you can pay for it all at once.

 

that explains it, i didnt notice you were in canada, in the us federal law prohibits any company like a bank from legaly binding a minor to a contract so while they could isue a card they couldnt legaly collect if you didnt pay them.

 

Yes you can. I've had a credit card in my name since I was 17 and went abroad for the summer. Parents paid the bills. I kept that card through college (for emergencies) and was able to get a very good card with a high liimit when I signed up for my current.

Because of the long standing credit, and the on time bills my credit is above 750 in all 3

 

with todays rates thats actually a bad financial decision, i borrowed the money for my truck through toyota financial at 3.24% for 60 months, anyone with half a brain can invest and make a good amount better than 3.24% in return so if you have the cash to pay for the car and the self controll to do the right thing with it you can actually profit by financing it.

 

yeah with your arents on it you can because they can collect on them if you dont pay. but yeah i wouldnt even have asked my dad to do that. dont think they had cards like that when i was young anyway

 

Exactly right.

 

eh...like i said in the first post, gotta pay for skool but if i did have the cash i would still put down a massive down payment and finance it to have a little extra money in the pockets just in case something came up