I have absolutely no credit. I am 20 years old. I would like to get a loan so i can build credit but I need credit to get a loan and I tried to get an old navy card the other day and I couldnt even get that. I would like to go about this without a co-signer if its possible. any suggestions would be greatly appreciated.
2006-06-21 18:42:45 · 7 answers · asked by daveyboy 2 in Business & Finance ➔ Credit
join your LOCAL credit union. these places are basically just like banks, but typically have better rates and help you build credit. one thing you can do is to open a savings account at the credit union, then borrow from yourself (they kind of freeze the money in your account while you "pay it back"). i know it sounds funny, but this is a great way to build credit. either way, join a credit union and see what they can do for you - credit is their specialty.
2006-06-21 18:48:12 · answer #1 · answered by the_biggest_bear 2 · 5⤊ 2⤋
apply for a secured credit card from either Visa or Master Charge. You'll have to send a minimum of $300, which they hold for 18 months (and pay interest to you). Your credit limit will be set at $300, but after the 18 months you get your money back and they'll issue you a card with at least a $5000 limit, if your income is $30000 or more a year. It's a long, but easy way, to start building credit without having to depend on a co-signer.
2006-06-21 18:58:00 · answer #2 · answered by WhoMe 4 · 0⤊ 0⤋
First, do you have a job? If so , open a checking account. Get a cell phone or any monthly bill. Pay on it every month. This will start your credit record. Also, get a copy of your credit reports from each of the three credit reporting agencies:Expertain, Equifax and Transunion. This will tell you your credit history. This will also tell you what is wrong with your credit history. For example, my credit history stated that my lack of a morgage was hurting my credit score two years ago. Look to see what the reports say. They will give you advice to improve your score. The best advice to building your score is to pay each bill every month no matter what.
2006-06-21 19:04:41 · answer #3 · answered by daddyspanksalot 5 · 0⤊ 0⤋
I don't know why these people keep suggesting that cell phone accounts are credit builders. Utilities such as phones, electricity, cable never show up on your credit report unless they are in collection.
Someone suggested a credit union, which is a good idea. You should be able to get a secured credit card at any bank. This will assure you of a credit building opportunity,
2006-06-21 21:03:56 · answer #4 · answered by David H 3 · 0⤊ 0⤋
get a secured credit card from your bank. it's the only way. or, try capitol one credit cards. the apr is like 22%, but it'll build ur credit til u get a better card offer, and believe me, you will.
2006-06-21 18:48:27 · answer #5 · answered by jenniferb 3 · 0⤊ 0⤋
get a cell phone in your name not your mom or dads and then pay your bill on time
2006-06-21 20:04:09 · answer #6 · answered by rjm_333 4 · 0⤊ 0⤋
get a job to make money first...then you can get a loan based on your salary and your job's collateral...
2006-06-21 18:47:08 · answer #7 · answered by jims_bong 5 · 0⤊ 0⤋