E165- Getting Started With Credit

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[2:7] What did you do when you started building your credit Katie?

  • Kate was added onto her brother’s credit card when she went to college
  • Kate’s mom also opened an account for her and then made the payments
  • When she had to pay for her teeth she had to open a care account
  • A credit card application came after college because she had her student loan that was now due
  • She’s not got the Uber credit card

[6:4] Denis had quite a different story for his credit history

  • He had a platinum credit card in South Africa, however in the US it does not translate
  • Denis was told he had no credit history so he had to start from scratch
  • The easiest way is to open up a secured credit card- essentially you fund the credit card
  • Pro tip- put more money in then you can use the points
  • Eventually after 6/7 months Denis started getting stuff in the mail
  • Denis now had over $60k of available facility on his credit card

[12:11] A good way to keep your first credit card under control is to only put a few expenses on your credit card or only really spending what you absolutely need.

[13:20] What you do eventually get your first credit card, it’s a really exciting time.

Only really use what you absolutely need to.

Check out CreditWise from CapitalOne.

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