Just turned 18! Trying to build some credit heres what i have so far

[Anonymous]

The only things ive accomplished so far which by any means isnt that great is vystar 300$ personal line of credit each month(I have no use yet im afraid to 16.9% interest a day, Im not the best with interest calculations so ive been leary the vystar lady said to use atleast a small charge a month to start building credit but i have no clue on how much the interest on 40$ would be to pay back say 1-14 days later.) and a kay jewelers line of credit for 300$. If you have any advice i will gladly listen.

[dodfire]

Welcome to the forums and congrats for starting your credit journey early in life!

The $300 line of credit at 16.9% daily is something you should run as fast away from as you can!!

[Anonymous]

yeah lol i havent used it sense i was offered it. just trying to figure how to build some credit

[StartingOver10]

Is that $300 a credit card from your credit union or is that an overdraft LOC?

If it is a credit card, the interest doesn't kick in unless you carry a balance.

If it is a overdraft LOC for your bank account, do not use it. It is there in case you overdraft your account. It is not clear from your post exactly what the $300 LOC is ....can you explain?

[Anonymous]

Technically its the Overdraft LOC but the vystar lady said to use it once a month.

[starry1]

I can't imagine a credit union charging daily interest on an oloc. Are you sure you're reading the terms correctly? That sounds more like a payday loan shark than a cu.

[Anonymous]

The banker at vystar told me in person unless she was confused

[starry1]

That's more possible than you might think. I'd read over the terms myself if I were you. If it is daily, do not use it ever. You can do better than that if you have no baddies. Heck, you can do better even if you do have baddies.

[Anonymous]

At 18 i couldn't get much for credit either.....but here are my 2 suggestions:

A) Apply for Wal-Mart/ Target credit card. Reason being is they typically start lines around 300 to 500 for newbies and reports to all three after a few months open, and will raise limits with good behavior every 6 to 8 months. My first official credit card was a walmart credit card....and although i couldnt use it anywhere except wal-mart, it tought me some good credit habits before applying for a new card.

B) "My Priemer Credit Card" there is a 55% APR on it (which is god awful), and the credit limits typically sit around 300 to 400 to start, and you will not be eligible for a credit limit increase for a year, and there is a $95 annual fee you have to pay up front. The good news is out of ALL of this... is that it is a master card, teaches you good credit habits, and also after having it for a year, you can apply for better cards after you establish some history. After 6 months, you can apply to open a second account with a far better APR and a slightly larger limit.

Hope this helps

[Anonymous]

Just got off the phone with vystar this banker said its 16.990 a month she said the other banker was new and confused