How am i suppose to build my credit score if i cant even get credit?

Question

i would like to get good credit and right now i have NONE, and i want to start improving it but credit card issuers wont give me a card due to me not having a credit history

Answer 1

here's some tips I can give you first hand:

get a job, a legit one that gives pay stubs. keep it for a few months (try for a few years, but start out small)

get a checking account - even spring for direct deposit

get a cell phone. even without credit you can. try celltradeusa or letstalk.com (usually gives a cell phone to anyone-credit doesn't seem to matter) or if you know someone who could get one or has one they no longer want, just ask them to transfer the contract into your name and take it over.

never be late on a payment. at least for 1 year straight

get a utility bill in your name. remember not to be late. even if it's only a phone line just basic.

when I didn't have credit, I applied for a providian visa credit card and was approved. I had several of my friends without or with bad credit apply for one and they were approved as well. (but I think they changed their name to washington mutual, check to be certain)

once you get a credit card, every month on a certain day, charge something for a few dollar up to $20. Do not go over $20. Say...get $20 in gas once a month. Do not use the credit card for anything else. Keep the money you would have used in an envelope and get a money order as soon as possible. Then, when the bill comes, pay it immediately. Do not wait for the due date. Paying early helps majorly.

If there is anything else I think of, I'll try to let you know--hope this helps!

~Shawna

Answer 2

Become a co-applicant on a friend or relative's account.
One way to establish better credit is to have a friend or family member allow you to be listed on their credit card as a joint applicant. Because you are a co-applicant, your credit report will be updated with the positive payment record that your friend has accumulated over the years. As your friend continues to charge on their card and pay faithfully, they will continue to build credit for you. Parents can list a child as a co-applicant on a credit card in order to establish the child's credit history early.
Get a secured card.
A secured card is a card for which you forward money to the issuer when you open the account, and in return, the issuer will give you a credit line no larger than the amount you deposited. A secured card allows you to open a credit account that establishes your credit history, even when you are turned down for credit cards because of a bad credit history or no credit history. Before acquiring the secured card, make sure that the issuer will report your payment history to the credit bureau, just like any other credit card would. Also make sure that the card won't be reported to the credit bureau as "secured" by the credit issuer.
Get a merchant card.
Apply for cards from retail stores or gasoline companies because department store and gas cards are usually easier to qualify for. Making reasonable monthly charges and making consistent monthly payments will enable you to establish credit.

Answer 3

The best place to start is with department stores, like Dillards, JCpenny and etc. The interest rates are high, but as long as you pay the amount due when you get the bill it wont effect you. I would open at least 3 accounts and use them maybe 3 times, but make sure to pay off the amount due. Another place would be gas stations that offer cards, Exxon, QT, RaceTrack and etc. Once you have established credit for 6 months then try to get a card or credit where you need it. Also, try the link below...good luck.

Answer 4

sounds like a catch -22, I know. First is to get income. Having a job for, say 6 months will look good on a credit card application. Credit card companies are more willing to extend credit to someone who has an income.

Then when you apply, just start with one card. Soon, the rest will be sending YOU applications.

Answer 5

If you have a checking account, in good standings, start off by seeing if they might give you a small loan (credit unions are great with this) also, as much as it is a waste of money...those rent to own stores (best way, king frog) usually don't run credit checks or rent to anyone...pay your bill on time! Then apply for something a little more. Your checking account, believe it or not is a line of credit, so watch the overdrafts.

Answer 6

You can get credit cards with a charge limit of what you have in an account. They are out there!

Answer 7

Try going to your own bank that was the initial way i got a credit card, all in all it wasn't a great rate but it got me on the ladder, then i got a cataloge and paid that on credit. . . . . . . . . then i got another credit card with a better interest rate and another cataloge and i use them all but in small portions and pay them all off in time, , , , , disavatage to getting credit and it being good is you then have to remember to pay it Back!!!!!! Good luck if you have no luck with your own bank try capital one!!!!

Answer 8

it's difficult to suggest w/o a bit more of your background. try asking for small loans from your bank or credit union. keep in mind, small! if you don't yet own a car, ask your parents to co-sign for a car loan. after 24 consecutive payments (generally) in good standing, the co-signers are released of liability and the credit applies to you completely. speak with a financial representative at your bank or credit union for more suggestions since you will be dealing with them anyhow

Answer 9

if you have a debit card you have credit -- welcome to hell, enjoy your stay. its usually easiest to start with a car loan or something that can be reposessed.

Answer 10

try this site. i think it is the best money advice site at the moment
http://www.moneysavingexpert.com/