How do I build credit?

Sport: How do I build credit?
I’ve never taken out a loan before. I want to buy a new car and a new house. I though if I took out a loan for a car I could build credit, but the bank said I have no credit “history”, How do I build credit if they dion’t let me start somewhere??
Man, this is frustrating.

Answers and Views:

Answer by richard_acourt
Although it may seem unfair they do it to protect you as much as themselves. They want proof that you can repay what you borrow without getting yourself into more debt than you can handle. Ways to help get you started on a decent credit score and history:

1) Ensure that you do not keep changing address.
2) Start with something small, a credit card maybe.
3) Make regular payments and more than the minimum.
4) Have a bank account that remains in credit

You could always ask if they would accept a guarantor, like a mother or father that would sign it for you. Be sure to ask them first though as they would need to agree and know that they would become responsible if you didn’t make the repayments.

Answer by Napoleon
Ways to start that worked for me:
1. Get a secured (money-backed) credit card (they will refund you your money later).
2. Open a checking and savings account at your local bank and take out a CD that’s guaranteed by your money in those accounts.

These work. After six months, the credit card offers will come pouring in and you’ve established credit history.

Answer by Truth Always
Monitoring of course your credit reports at all 3 credit agencies!