2006-09-24 01:10:49 · 7 answers · asked by spike 72 1 in Business & Finance ➔ Credit
just applied for loan with my bank ive never had credit have a debit card and overdraft working full time and money paid it to my account every month but still said no any ideas what i can do
2006-09-24 01:13:01 · update #1
Easiest is a co-signer, buy a set of tires at Firestone or some place like that, or get a secured credit card for 6 months & that
should start the ball rolling.
2006-09-24 01:21:38 · answer #1 · answered by nbr660 6 · 0⤊ 0⤋
Probably not. A credit card is like a open personal loan, and personal bank loans are the hardest to get, of almost all the loan out there. Probably not be accepted. Why not ask your bank for a credit card instead? A good way to start is to get a secured credit card to start,, after about 6 mos, the non secured offers start rolling in. That's how i did it.
2006-09-24 08:22:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I suggest you check out www.prosper.com Prosper is an on-line micro-lending community. You just register and Prosper assigns you a credit risk. Then you put out a request for funds. Let’s say you want $5K for medical bills at 15%. Individuals will then typically pledge between $50-500 at the interest rate of their choice. You get to decide if you want to pay that amount. If your loan is fully funded Prosper gives you the money and acts as a loan servicer. You pay Prosper, Prosper takes a small cut and divides up the rest to the other lenders. Take a look.
You are going to have to pay a high rate, but if you borrow, say, $1000, and pay it back over a few months, your credit will go up and your rates will go down. After that, banks will start lending to you.
2006-09-24 09:32:04 · answer #3 · answered by Fermat 4 · 0⤊ 0⤋
Banks don't like to take risks, and first time credit appplications carry a lot of risk for them.
Open a gasoline station credit card; that establishes a little bit of credit. You can also get a Visa with a low credit line, use it for normal purchases only, pay it off each month, and that will establish credit too.
You weren't rejected because you have bad credit; you were denied the loan because banks are afraid of first time loans.
2006-09-24 08:24:29 · answer #4 · answered by n0witrytobeamused 6 · 0⤊ 0⤋
See if you can obtain a qualified Co-Signor, the bank will change their mind. Also apply for a credit card, buy and then pay off, wait three months, and you will have established some credit anyway.
2006-09-24 08:20:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
http://finance-girl.blogspot.com/2006/09/building-credit-from-scratch-have.html has tips for people starting out. If your a student it's easier to obtain a student loan or student credit card than most other forms of credit.
2006-09-24 08:24:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You could get a secured loan. One secured with a CD or stocks. This will get the ball rolling.
2006-09-24 11:19:01 · answer #7 · answered by mss04 3 · 0⤊ 0⤋