Establish credit with a department
store credit card. This is absolutely the best way to get a credit history going.
Establish credit with a secured card. You will pay an amount say
$500 up front and you will be given credit for that amount.
If you qualify for a credit card, it may have a very high interest
rate because you are a very high risk. As long as you know this
and make sure you do not misuse the card, you will build credit
and someday get a lower interest rate.
Auto loans typically are not a good way to establish credit. Your
interest rate will be much higher than the normal interest rate
for 4 to 5 years. You cannot control this, You can control how much
you spend on your credit card.
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