Credit cards are free money, right? Well, that's what I thought until I was about 14. And even then, the concept that you could borrow money from a magical mysterious entity and then pay it back later was beyond my comprehension.
So, not surprisingly, I was late to the credit game. Besides a car loan I took out when I was 20, I had absolutely no credit when I applied for my first credit card at age 21. No company wanted to give me a line of credit -- because I had no credit.
Does that make any sense?
I couldn't get credit because I had no credit. It still boggles my mind, and I can't begin to tell any of you why credit card companies are like that.
However, I managed to secure a MasterCard with a $250 limit and, with good spending habits, increased my limit. I now have a pretty fantastic credit score, and it was surprisingly easy to get
What Janelle Did To Get Some Good Credit
1) She took out an auto loan.
2) She used her credit card wisely and never paid just the minimum payment.
3) She made sure all of her credit card and loan payments were in on time.
. . . that's all.
You can find much more information (and some of it is more scientific than what I have just posted) at the website for the U.S. Federal Reserve. It's important to start building your credit while you're still young, so get on that!