I'm young and need great advice about building credit.?

I'm going to be 18 in September. My mother's in a sober living and my father's 70 years old and lives in Thailand most of the year. I stay with my older brother and his wife and kid. I'm going to be off to college very very soon. Adulthood is approaching rapidly and I don't really have ';grown ups'; around to teach me about credit. None of the adults in my life are very ';grown up';. I need help. If there's advice you can give me. How to start to build my credit right away. What not to do, what to do, etc.





Also, I have unpaid magazines in my name all from age 15-17. Do those go into collections? Can they go into collections and count against my credit at that age?I'm young and need great advice about building credit.?
First, pay for those unpaid magazines.





The most important advice is:


Build a positive long term relationship with a major bank like Bank of America, Chase, WAMU...and such. Once you save up $1,000 then you can use it to get a secured loan. Make payments for 6 months then pay the balance in full. You have just built credit history and a positive relationship with your bank.I'm young and need great advice about building credit.?
I hope that my answer has helped you, if you need more advice then visit http://www.thecreditrepairmanu鈥?/a>

Report Abuse

Yes they will go to collections. They may not get reported to the one or more of the credit score companies. If they do then I recommend writing a letter to the companies that have bad reports on you and explain why you didn't pay. Most of the time they will remove the negative report. Open one or two credit card but have the disipline not to spend anything on them and make sure to get ones with no monthly fees for not spending anything. That way you have them, build up credit and it costs you nothing. Theres many more tips but this is just one answer.
Always pay your bills in time and consistenly.





If and when you get credit cards or loans, never spend more than you can afford to pay, in full if possible, the next credit card statement.





For more information visit http://how-is-your-credit.info/