I have been turned down back after back on credit cards and loans because I don't have any credit. I don't know anyone with good standing to co-sign for me.
I have recently started a savings account, but my bank doesn't have a secured credeit card, so I don't know what else to do.
How can you build credit, if you can't a loan or a rcredit card.
2006-07-23 07:24:41 · 9 answers · asked by Candi 3 in Business & Finance ➔ Credit
1. To establish credit there's an account at certain banks just designed to build credit. Works really well for students, bankruptcy clients, and immigrants who have a social security number. I know at LaSalle Bank in Chicago for example, they have the "Dreams Begin's Account". The way it works is that it's a savings account that allows you to pay about $67 dollars per month for 1 year. At the end of the year it looks like you have been paying a $1000 consumer loan on your credit report. You can opt to do it again after a year or at that time you can just turn it into a regular savings.
2. As you stated before, keep in mind that each time your credit is checked you lower your credit score. I believe after three inquires per yr every inquiry brings your credit score down 5 points. To stay in good standing once you get credit just pay on time, minimize inquires, minimize open accounts, and stay away from department store charges because they charge extremely high interest rates.
2006-07-23 10:30:59 · answer #1 · answered by JenniferE 3 · 1⤊ 0⤋
The best thing to do is start out with a "store card" they are the easiest to get and once you have established a good payment history (normally 6 months to a year) major credit card companies will consider you. Be sure to choose your card wisely because cards marketed as "build good credit or improve poor credit" could work against you.
Check out www.Bankrate.com about credit card advise.
2006-07-23 19:12:39 · answer #2 · answered by Crazy girl 2 · 0⤊ 0⤋
Well, depending on how old you are. You can try applying for a Gas Card and yes Gas Cards DO help your credit a little. Another way is furniture stores or appliance stores that don't require credit checks or stores that have the option for people with good credit, bad credit, no credit.
2006-07-23 07:34:02 · answer #3 · answered by sirsabbat 1 · 0⤊ 0⤋
first you get a cash backed secured credit card. You know the kind where you give the back 500 dollars then they give you a card for 500 limit. And just keep using that til you start receiving more credit card apps in the mail then you apply and i'm sure you'll get it.
2006-07-23 07:28:00 · answer #4 · answered by no1special 5 · 0⤊ 0⤋
Get a credit card with low APR or a student credit card, use it to buy inexpensive things or medium expensive things, and pay back the bills on time.
2006-07-23 07:29:03 · answer #5 · answered by ? 5 · 0⤊ 0⤋
A secured card is the way to go but if you can't get one of those then you could try:
Applying for a card at a store, many stores offer them and they are usually less discriminatory when they are approving people.
Get some bills in your name (Phone/Electric/Cable) and make sure you make your payments on time.
2006-07-23 07:32:01 · answer #6 · answered by c_u_b_s_f_a_n_81 2 · 0⤊ 0⤋
Look for a "student" credit card, or a store card.
2006-07-23 07:27:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
get a secured card for atleast $500.
pay your bills in time.
here are some banks that give secures card.
http://www.credit.com/products/credit_cards/secure.jsp
try orchard bank they have been there from a long time
2006-07-23 07:31:48 · answer #8 · answered by paribest 3 · 0⤊ 0⤋
pay off your bills on time
2006-07-23 07:27:45 · answer #9 · answered by fuilui213 6 · 0⤊ 0⤋