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June 19, 2007
Credit and the College Graduate
Have you just graduated from college and just landed your first real world job?
Now you are looking for a credit card but you aren't sure how to establish a good credit rating. Don't worry, you might already have an established credit rating because of a bill that was in your name. Possibly a phone bill, a cell phone, or other utility bill will usually report to the credit bureaus.
The first thing you should do is order your credit report and check your credit score.
FICO scores range from 300 to 850. A FICO score of 680 is considered good.
Once you know your credit score you can apply for the right credit card.
If your credit score shows above 680 then consider applying for cards with added perks such as points towards merchandise, gas or travel.
If your credit score is lower than 680 or you don't have a credit history then you should consider applying for a credit card with the lowest credit limit and lowest fees.
Out of all the credit cards I have reviewed I strongly recommend the Imagine card because it offers the best deal for establishing credit.
If you get the lowest credit limit, which at this time is $75, the fee is only $15. That's the cheapest way I have seen to establish or re-establish good credit.
Of course, you will have to make sure you are paying all your bills on time as well in order to boost your credit score.
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