Starting with a good credit rating?

Okay, I'm 19 and know next to nothing about credit ratings. I have a debit card linked to my bank account, but I've never had a real credit card of any kind. Can anyone tell me the basics, and how I would go about getting a good credit rating? I want to become a homeowner as soon as possible and I know I need a good credit rating.





Thanks in advance!(ten points to the best answer!)

Starting with a good credit rating?
Bob, you're in a perfect position to begin a lifetime of good credit. It will take a little time, but building a solid credit foundation will be one of the best things you will ever do.





Firstly, your debit card linked to your bank account in no way affects your credit report, so let's cut that out of the mix.





Next, I could say everything that these articles say, but they've done all the work for me. Check out the tips on these pages for people like you starting out with no credit - they are tried and true:





http://financialplan.about.com/cs/credit...


http://www.360financialliteracy.org/Life...








Also, here are some websites to read when you have some time. They will teach you the ins and outs of credit, including your credit report and credit score. Understanding all the information is important in making wise decisions in the future!





http://www.credit.com/credit_information...


http://www.crediteducation.org/


http://www.mymoney.gov/mymoneyinfo.shtml...





The more you know, the better you'll do. :)





Good luck,


-AskYourQ
Reply:Well since you have NO credit history to get a credit card you would have to pay at least $200 for fees to get one. Ive tried applying for credit cards b/c I dont have any credit history either and get turned down I only get offered the ones where you have to pay $200 just to get one. When you get a credit card just buy what you can pay back. Be aware of APR fees. When you buy something divide the APR by 12 and times by the amount of whatever it is you buy. Thats how much you have to pay back. Make sure you pay your bills on time or your credit score will go down. Dont go overboard when you buy things with your credit card. Having bad credit history makes life hard. Remember a credit card is CREDIT not money.
Reply:First let me say that you sound like a well informed young man. Now, check with your bank to see if they offer a credit card. BofA has credit card with low credit limits. Build your financial relationship with your bank...but if your bank is small then consider moving to a National bank that has more options. Lastly, my wife and I used this site http://www.mycreditadvise.com to research and learn more about building up her credit rating.


Good Luck!
Reply:The previous person is incorrect, you do not need to pay $200 fee to open a credit card.





Soon after my 18th birthday, I applied for my first credit card and got approved. I started with the Target Store card. I also got a Sears card. (oh the power of being 18) Not too long after that I got "real cards" such as a CitiCard. One of the keys to having a good credit rating is always paying on time (I always paid off the balance completely). Currently, my credit score is in the mid-700s, which is pretty good. Also, never overdraw your bank account. Basically, just do what you are supposed to and you will gain credit. Good luck!