I need help building CREDIT!

[carlitos]

I have no credit history and just recently fixed aproblem due to identity theft.

I'm 18 yrs almost 19 already. As soon as I turned 18 I tried applying for a few cards but they told me I was not approved due to collection. Turns out that i was a victim of identity theft. Now that is fixed and I have no credit history whatsoever.

I am a student in college and work part time making 10,400 a year. I have researched about Discover student card, Bank of America student card, Macy's , Sears Kmart, Home Depot, Best Buy, and PacSun credit card.

Which credit card will approve me and will benefit me to establish credit?

[qwerty]

store credit cards are terrible. build your credit by buying something, like a car. thats the best way. credit cards are not as great at building your credit as you think. credit cards are the scourge of the world! but with only 10,400 a year, its hard to get any credit at all.

[thirsty mind]

Do not get a CitiBank, or Chase.Orchard Bank Visa/MasterCards are good.Just make sure you know all the fees associated with the card. Reward points are good, but they may not be worth the fees.Just make sure you use the cards carefully.

[Aaralyn]

Easiest ways to get better credit:1) Get a secured card. There is very little risk to getting this kind of card. It is like a savings account. You are basically using your own money as credit instead of theirs.2) "Piggyback". Does anyone in your family have good credit and use their cards regularly? Ask them if you can be a joint card-holder on their account. Tell them they can keep your card, because you don't want it, you just want better credit. They will keep on spending and paying on time like usual (since they have good credit, remember?) and your credit will go up. This is legal, and you can do this with anyone YOU TRUST to not mess up their own credit.

[bankladyt]

Generally a department store card will be easier to get approved for. They will probably give you a low credit line of $200. It will be important to keep your balance at less than 50% of your limit and make all payments on time to generate the highest score.Once you have accomplished that, the other thing that you will need is an installment loan. Many times, people get a loan for a new car. At first you may need to have a co-signer. Once you have paid that loan off in good standing, you should be able to get credit on your own.I am a mortgage lender. Our criteria for credit when buying a home is 2 years of credit history. 3 accounts, at least one of them being opened, and at least 1 account that had a credit line of at least $3,000.

[charlie m]

First, open an account with a major charge card company and use it but not much. And pay it on time every month, and, if possible, pay it off every month. Get a card that has no annual fees. There are plenty of banks that want your business. I've used Citi, Bank of America, Chase, they are all good. Barclay's is good, too. For the most part, Best Buy cards, etc that are only used at that particular store are a waste. A major charge card is all you need even tho the Best Buy-types have special offers etc.By paying on time your credit ratings go up. As for savings, I always suggest a Credit Union for savings and loans. Better rates every time. You might like to try INGdirect.com for a paperless savings account. They have checking, too. Pretty cool.I'd stay away from debit cards only because the charge card guys will back you up in case there is a dispute while the debit cards have nothing like that.