I am trying desperately to build my credit but am having very little success. The only thing that is on my credit report is a car loan in which I have a co-signer. I got the loan about 3 months ago. I am trying to find something else to add to my name that I can build credit with. I have been denied by mastercard, visa, my bank, bp gas card, and express mens. Since these have all been inquiries, I do not want to keep doing credit applications since this will just further hurt my score. What should I do from here?
2006-07-24 07:20:42 · 12 answers · asked by ryan000 2 in Business & Finance ➔ Credit
Secured credit cards are generally a terrible idea, but it might be right for you in this situation.
Basically, a secured credit card is one where you deposit money into an account, and then receive a credit card where your credit limit is the balance in your account. So you give them say $500. Then you can use the credit card up to a limit of $500.
As I said, they are a terrible deal, but if you have truly terrible credit, it is a way to get a major credit card (Visa, MC) and start building some credit by paying your bill on time.
If you work for a company that has a credit union (or have a family member that works for a company that has a credit union) see if you can open a deposit account there and see if they will issue you a credit card. Often, credit unions are more lenient with their guidelines than banks. They may also be willing to give you a small "signature loan" based on your income. Paying that off regularly would help establish credit. You could ask them about the likelihood of approval would be before you apply so it doesn't ding your credit again. Credit unions are generally more willing to work with you than a bank.
2006-07-24 07:30:33 · answer #1 · answered by TonySabs 3 · 0⤊ 0⤋
Get a prepaid credit card, such as Visa or Master Card. Use it as if it were a checkbook, and pay the balance every month like clockwork. Over a period of 6 months to a year, increase it's value by paying more than you owe. The important thing is to establish a history of timely payments. After about 9 months you should qualify for a regular credit card. Usit IT for everything, paying the balance off completely every month. In about another year, your credit rating should be great. Don;'t worry about getting too many things into your credit history, it's the HISTORY itself that's going to work for you.
2006-07-24 07:29:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Are you credit worthy? The best way to obtain credit is to not need or appear to need it. Savings and Loans are a good place to open a savings account. When you have $500.00 on deposit borrow $300.00 against your deposit. Every 22 days make a payment! While you make regular deposits.
As its reported that you're making regular timely payments unsolicited offers will come your way.
Whenever if ever you get a credit card ensure it has a grace period. Always pay your balance in full before the due date. Not the minimum due but the entire balance in full!
2006-07-24 12:40:32 · answer #3 · answered by i tries 2 help 2 · 0⤊ 0⤋
Cell phones like alltell and cingular is a start in raising your credit score, it shows that you make monthly poayments on time and and establishes credit. You may want to try for a credit card for someone with little credit, utlity bills and satilite bills are on credit reports as well. Make sure the employment history is up to date on your credit report as well and the more you apply the more inquiries that are made and it will lower credit score
2006-07-24 11:28:32 · answer #4 · answered by smurfettewv 2 · 0⤊ 0⤋
The most important field on a credit application is gross income. If it's less than 30K, look for a student type card instead of a regular card. It would have a lower credit limit.
2006-07-24 15:56:07 · answer #5 · answered by Michaelsgdec 5 · 0⤊ 0⤋
Maybe a parent or other family member that trusts you would consider putting you on a credit card as an authorized user. It will build your credit as well as theirs.
2006-07-24 07:24:32 · answer #6 · answered by pkb 3 · 0⤊ 0⤋
Secured CC is the best way to go. Also, continue to pay on time with the car loan.
2006-07-24 07:37:12 · answer #7 · answered by fee20002000 2 · 0⤊ 0⤋
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2016-12-14 12:57:04 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Okay, here is the ticket:
target.com (almost always approve)
orchard visa card
hooters credit card...
2006-07-24 08:59:25 · answer #9 · answered by dreamsykel 2 · 0⤊ 0⤋
Get a cell phone.
2006-07-24 07:29:20 · answer #10 · answered by littlebopeep 3 · 0⤊ 0⤋