Hey you kids - How to build up a credit history

[pauldun170]

Instead of trying to make that stupid purchase of whatever crap you'd probably don't need at an interest rate that leaves your asshole a lil bit wider at the end of the day.....

Borrow from Yourself – This is the easiest method to establish your own credit history without a credit card. Buy a Certificate of Deposit (CD) from a bank. Then take out a secured loan against the CD for the same amount of time. Put the money you borrowed in a high-yield checking account. Then use the money you borrowed to payback the secured loan. You'll be establishing a credit history and earning interest on your checking account and CD. There are some downfalls to this method. You need the starting capital to fund the CD. You could end up paying more interest on the secured loan than earn through your CD and checking account; however, it's probably less than what you'd pay in fees and interest if you used a credit card. Just make sure to weigh the true costs before going down this road.

http://lifehacker.com/5464401/build-...t-credit-cards