need help establishing credit

mapleleaf7

Hello everybody I'm new to the boards and was hoping some of you could answer a few of my questions.

First off I'm 18 yrs old and am interested in building my credit. I've had a Visa w/ $5000 limit but with my dad as the main cosigner for two years. I pay the bill in full almost everytime and have never been late.

But from what I hear my credit I have built will disappear when the new FICO scoring changes go into effect this fall and I am wondering if I should apply for some cards now while time is still left?

What cards would you guys recommend that I might get approved for. Also will my credit score go down if I apply for a lot and then get rejected by some of them? Thanks

Bokkens

Welcome to MSE,
I take it you are Canadian? living in Canada? or in Europe at this time?
I wouldn't worry at your age about building your credit score you have your whole life ahead of you and if you can be patient it will build itself (almost).
In the UK you would have to register on the local council voting list as the credit checking companies use this as a stability marker (ie.how long you have lived in an area).
Pay local council bills/taxes/housing rents on time or early,set up a direct debit from your bank account to pay this automatically.
Sorry can't help you with FICO scoring!
As in the UK we reconmend that first timers go with their bank's credit card as they know you the best and are likely to let you have a credit card with a reasonable limit.
The first two years are the most important in my view ,you will either spend ,spend ,spend and incur lots of interest and debt,or you will pay off your bills in full every month and beat the banks at their own game and never pay any interest on anything you buy thereby keeping your hard earned cash in your pocket.
Going back 30years the lending system here in the Uk was restrictive to say the least to obtain credit you had to create a debt say £500 wait a couple of months and then pay it off in full.(with out spending it first of course).
Then approach your bank again two/three months later and request a loan of £500 very quickly they up your limit to £1000 and so it goes on.
My bank and American Express are throwing £60,000's at me in pre-approved credit each month.
It doesn't really matter on the exact amounts the responsibility to remain out of debt is the same for £250 as it is for £100,000.
hope that helps a little please post again if you are stuck or if I have confused you as there are lots of others willing to help.
good luck.