Limited Credit History- How can I start building my credit?

Im 18 years old and lack credit history..the only thing I have as of now is a Macy's card which I've been using for just one month. Can anyone give any suggestions or recommendations as to how I can start building my credit? Or which credit card companies will be willing to take on a customer with limited credit history? I've applied for several but got rejected due to my lack of credit history.

Public Comments

1. trust me and every one in the world,the last thing you want to do is get a credit card.find other ways of get credit get a cell phone are somthn simple might take longer but the last thing you want in your hands is a credit card. when i got a credit card i told my self i would just purchase a shirt then cut it up and throw it away now im 10.000 in debt. i dnt know u but im just tryn2 help u out. u can im me if u want with yahoo.
2. Applying and getting rejected hits your credit by one point or up to six points ( or thereabouts) for every hit within a six month period. So first off let that rest a while. At least the six months need to go by. In which time I would Keep up the payment of the macy's card. Buy something of at least half the balance and get that paid off. Even if you have the cash for a twenty dollar purchase, put in on the card and take your 20 cash and put it in an envelope. Mail a check or money order of course on to Macys AFTER the bill comes in. What they look for is someone who pays the bill on time and in full by the specified date. If you have to have the bill at balance Zero every month do so. If not, make a payment aproximately 10- 15 % Over the minimum balance until its paid. If you plan to make a purchase again, pay off the old balance before adding more. Secondly you can go to the bank where you have your/savings/checking account and apply for a student credit card, take a cosigner. Student cards are easier to get and the cosigner ( with good credit) should seal the deal. Do the same in payments for that one as for the macy's card. Or mayhap, don't use it at all for six months. Having Open zero balance lines of credit looks Marvelous! You can in fact open a line and cut the card up so you can never charge to it. Keep the cut up card though in a Sealed envelop with a note marking the date. I dont think you ever have to even Activate the card so it CAN'T be used fraudulantly. I know it seems dumb to have lines and not use them but this will help with house loans, college loans and car loans later.
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4. PIGGYBACKING: Despite its' virtually unlimited potential, piggybacking is not used by nearly as many consumers as it should be. It's easy, effective, and extremely fast. Unfortunately, it's mostly used among parents and siblings while those who can really benefit stay in the dark. How it works. Almost every credit card or credit account will allow the primary account holder to add on (at a later date) what's known as an "Authorized User" or "Secondary Account Holder". In most cases, when this is done, the entire account history (retroactively) gets posted to the authorized users credit report regardless of their current age or credit history! For example. If it's a credit card with a $10,000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to the authorized users' credit report. I once saw a clients' credit report who used this technique with his mother. He was only 24 at the time and he had a $15,000 Gold credit card on his report with history going back 11 years! I laughed as I thought to myself that this kid would have had to be approved when he was 13 years old for this account to be his! As you can see, this strategy is usually only used by parents and their children and in most cases with no regard to the benefits the children are reaping credit wise! In fact, in recent years, due to its' effectiveness, this technique has led individuals with excellent credit scores to "rent out" authorized user accounts on one or even multiple credit cards in return for a fee! I once recall seeing an ad in USA TODAY for just such an opportunity. Like most good credit loopholes, I'm sure this methods' days are numbered much like what may be the case with... For more information on the CREDIT SECRETS BIBLE you may visit: http://gaby1221.niesong.hop.clickbank.net
5. In order to get credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestion: OPEN A BANK ACCOUNT Open a bank account and use it responsibly. This is the first step in establishing a financial history. CO-SIGN One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history. SECURED CREDIT CARD Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history. DEPARTMENT AND GASOLINE CREDIT CARDS Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.