I've applied at places like Kohl's, Sears, local grocery store, and online. They all say I have no credit. I even got my credit report from one of them and they said I don't have bad credit, just no credit. I've looked into secured cards, but they all want a high annual fees. I've paid my rent on time for the last 3 years. It should count for something shouldn't it? Thanks for any ideas.
2006-06-28 16:22:59 · 16 answers · asked by FastEddie 5 in Business & Finance ➔ Credit
Sorry homey. I look at credit reports all day. You can pay it till your blue in the face and no one cares. Credit is when you OWN something (like your house, your car, the shoes you bought with your credit card) and pay it off later. You pay your rent UP FRONT for the next month. If you don't pay, you get your *** kicked out onto the street. The best way to build credit at your young age is to purchase things on your credit card that you ALREADY HAVE THE MONEY FOR and pay it off right away. You're max will go higher and your credit will too. Don't ever keep your card higher than 50% of your limit for too long. If you can get someone to co-sign for you right now (like a parent) and you buy what you want and pay it off, that looks good too. It's a lot harder to build credit than it is to knock it down. It just takes a while. Your young I'm guessing- so heres the best advice I can give you. Care more now about what your credit score is and what's on your report than what it can get you. You can ruin your credit now by buying a 2000 dollar plasma and then it will hurt you a lot when you go to buy a $300,000 home.
2006-06-28 16:33:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No rent doesn't count for credit, along with having a bank account doesn't count towards good credit only counts toward bad credit if you bounce a check or have a delinquent balance.
Try going to a Cash place and get a small loan, the most you can get the first time is usually 75 dollars and each time you get a loan you can get more but you have to make sure you pay it off early and or pay on the pay date that it is due.
However having no credit is better then having bad credit. You still will have to pay to get a good credit.
2006-06-28 16:29:37 · answer #2 · answered by Not a Daddys Girl 4 · 0⤊ 0⤋
Nope. A mortgage counts because there is interest involved and timed payments to a bank. You're landlord or association, is not.
Open a checking account. Pay with checks. That's a start. If you use a credit card. Be careful. Am-ex forces you to pay at then end of the month. With that you'll force yourself to be very frugal. That will establish credit for starters. car payments too. Just be careful!
Good luck.
2006-06-28 16:26:27 · answer #3 · answered by Quasimodo 7 · 0⤊ 0⤋
It counts as credit, but only towards other things that are rented, I believe. Like, when you apply for an apartment, they ask for your rental credit. I rented for years too, but still had no credit, according to credit card companies. I found the best and easiest thing to do is get a store credit card, like Sears, etc. They're the easiest to get and you can begin building your credit.
2006-06-28 16:25:41 · answer #4 · answered by Sunny Christian 4 · 0⤊ 0⤋
Yes, your rent does count as credit. I shows you pay your bill on time. Sears is a hard to get when first starting out. If you have a checking account, borrow money from your bank, about $500. wait about 3 weeks and pay it back. This will give you a lil more. If you have a Circuit City near you, they will prolly give you a credit card. Personal experience has taught me that.
2006-06-28 16:26:54 · answer #5 · answered by TJ 2 · 0⤊ 0⤋
It does count toward your overall credit score, but only a percentage of it...and typically only if it's bad. You are seen as a credit risk because you don't have a credit history. You aren't out of options, however.
Perhaps you can find something here that will help you:
http://financialplan.about.com/cs/creditdebt/a/NoCredit.htm
2006-06-28 16:33:50 · answer #6 · answered by tiggs_qa 3 · 0⤊ 0⤋
Nope, but you can go to the bank and take out a small (500.00) loan and pay it make in like 3-6 months. When you do this a couple of times it will buildyour credit, really. I use to work in a bank.
2006-06-28 16:29:31 · answer #7 · answered by abbasgirlie 3 · 0⤊ 0⤋
Usually not, because most landlords don't report your payments to the credit bureaus. You could ask your landlord to report your payment history. He's not required to do so, it's worth asking.
2006-06-29 14:44:24 · answer #8 · answered by shunniem74 5 · 0⤊ 0⤋
doesn't count for much.
try a gas card for the first one
don't carry a balance, pay off when the bill comes
2006-06-28 16:25:10 · answer #9 · answered by bava 2 · 0⤊ 0⤋
I would think a secured credit card would be the answer. Try searching the web or ask at your bank where you have your checking.
2006-06-28 18:01:55 · answer #10 · answered by Classy Granny 7 · 0⤊ 0⤋