how do I begin credit?

Question

I have a very low credit score - that's what I've been told. I haven't been approved for any credit card because of this. How can I begin credit if I cannot even get 1 credit card??? How can I improve my credit score and is there any specific credit card that could approve me???

Answer 1

Start off with a secured credit card i.e. deposit cash/bonds/other securities and against that get a credit card. Banks usually are quite willing to do that type of a deal.

Answer 2

Right now if you were to pull your credit you would see that your score is an insufficient score. The best way to get a high credit score is to get a higher dollar amount loan then a a $200 credit card. I suggest that you try to get a car loan. By being on a car loan it shows that a bank has faith in you and when other creditors see your report they will be more likely to give credit. You might have to put money down or get a co-buyer but its worth it. The number one rule though is to pay on time!!!Try not to have your credit pulled very often because this will hurt your score.

Answer 3

1. Go to a bank and ask about a secure loan.
2. Try applying for starter credit cards, these cards have low limits, but will help you build credit.
3. If you are a student you might want to try credit cards meant for students, again low limits at first, but will help.
4. You could also see about getting a parent or other relative to co-sign a loan or credit card, just make sure you pay it off, because if you don't the companies will often harass the cosigner first.

Answer 4

This is not true. You can get a credit card. You will have to call around to the different credit companys and ask what they have for "secure" credit cards. These are cards where you give them say $300 and then they give you a credit card for $300. You will use the credit card as you would a normal one, making payments each month as though the $300 doesnt even exsist. They hold that money to be safe incase you ever bail on them.
If you one day close your account they will apply the $300 to your remainig bill and send back the rest.
Its what I had to do.

Answer 5

I am in the same boat as you. I tried all the major stores (Macy's, Nordstrom, Best Buy, Target) to even the little ones (New York, etc) I even tried Capitol One and I was denied. I talked the the manager at my bank in Wamu, she advised me not to apply for any credit card for 6 months, then re-apply with them again, and make sure my checking account stays in good shape.

Harvey S,

The Imagine card says that you get a starting credit of $350, but with initial credit of $200 and annual fee of $150. So every year I'm going to pay them $150 just to have a credit card? Orchard Bank, I think, has a $35 annual fee. Im kinda confused with Imagine.

Answer 6

One way is to take out a loan, even if it's just for a car. Also, if you decide to not use a credit card (assuming you have one), don't close the account, as closing it may lower you score. I would suggest talking to a banker of financial advisor.

Also, make sure you don't put more on your credit card than you can pay off. (i.e. Don't charge $500 unless you have $500+ to pay it).

Hope this helps.

Answer 7

If you want to get a credit card quickly without the research, try this one. My friend used it to get her credit back on track. There is no credit check and you are guaranteed acceptance. The limit starts out low, but gets bigger as you pay on time. It also reports to all 3 credit agencies so you can rebuild your credit and get a different credit card later. Check it out:
http://creditoffernow.com/imaginecard

Answer 8

Do you have a checking account? You may be able to get a secured credit card where the limit is set to a low amount that is based on the checking account.

Answer 9

unquestionably particular,, they're stated as secured credit enjoying cards and function a optimum spending cut back,, they're funded by ability of your economic company account,, so in case you dont have the money,, you wont get the transaction,,, it facilitates to cut back your spending and to stay away from overages and late expenses and the severe activity that comes w. those huge marketplace, markup credit enjoying cards,,, its the terrific thank you to commence,, then once you have well-known the credit,, get a small activity, cut back card,,w/ like $500 or so use in hassle-free terms for issues like a automobile apartment backup or for gas , or areas,, and continually pay back formerly the due date,, and be sure you pay the completed volume ,,, dont spend what you cant locate the money for, promptness is fundamental this might show you how to construct a favorable credit portfolio you could build on

Answer 10

Best place to start is with a secured loan. Just go to your bank or credit union and they will give you some info on it. But a secured loan is the best place to start.