NEED TO START CREDIT, BUT HOW???
2006-10-13 09:38:14 · 5 answers · asked by GATA25 1 in Business & Finance ➔ Credit
make a deposit of several hundred dollars with a local bank. go back 2 weeks later, tell them you want a loan for slightly less than the deposit (90 day note is good) then offer to secure the loan (you will not withdraw) with the money you have in their bank. pay the loan back a month early. add some money to the account. get a bigger loan next time, pay back even earlier. keep doing this, three or four times, then see if they will give you a loan without the money in your account as collateral, called a signature loan. stay with 90 days, easy to remember and track.
you'll have master card and visa offers coming in the mail with much bigger credit lines offered to you, and you'll still have the bank. then try capital one on line, ask for a $300 credit line on their master card. then up it to $500, etc.
2006-10-13 09:46:24 · answer #1 · answered by The Advocate 4 · 0⤊ 0⤋
Lets see? You want to start an I Love Debt account so you can over pay for every thing? Congrats! you'll be like every other working in debt poor person.
Hint Do Not Get Credit Cards they are the 21st century form of slavery.
Visit DaveRamsey.com to learn what the banks and your poor broke in debt friends don't want you to know.
Did you know you can buy a house with out a I Love Debt score and you get better rates. Cars can be bought without credit even new ones.
You don't need credit you need serious money knowledge and the bankers are not the ones to get it from.
2006-10-13 10:30:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Have you been in a job for quite some time? If you have then apply for Capital One. They let students or people who have no credit establish credit. If you got rejected by Capital One, then go to the dept. store and establish credit. Use it wisely once you get it.
2006-10-13 09:41:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
rewards 666 card
or
total visa
You can get those just they have 300 limit but charge you 250 in fees so when you get you will only have $50 avail But it will help you build credit
2006-10-13 09:42:28 · answer #4 · answered by tashafleming25 2 · 0⤊ 0⤋
Consult ur bank.
2006-10-13 09:40:34 · answer #5 · answered by roymark 3 · 0⤊ 0⤋