I have tried everything no one will approve me of a credit card, loan, nothing. I'm not in school so I can't take out a student loan. I've even tried applying for store credit cards that offer real high interest rates but still I get disapproved. How can I build credit if I can't get it? Can anyone give me any ideas as to what to do or know of any places for sure who will approve of me with no credit.
2006-10-31 03:41:05 · 17 answers · asked by bettyspagettii 1 in Business & Finance ➔ Credit
first off....do you have a clean record??? decent grades, good work history??? those things are often equally as important
it s all about establishing your character and responsibility
2006-10-31 03:43:02 · answer #1 · answered by Anonymous · 2⤊ 3⤋
First, pull your credit reports and make sure there is literally zilch on there. Usually a department store will give you something even if you have 0 credit.
If its clean, then go apply for a card that is specifically marketing towards people like you-- First Premier Bank Visa, or Orchard Bank Visa (aka HSBC) are both cards that will work with no/little credit. They do have fees-- sometimes like $100-- and your limit will only be $250ish.
Or you can do a secured card-- you pay $250, you get a $250 limit.
YOur last option is to purchase a savings bond / CD and then get a loan thru the bank for the same amount or less than the CD and allow the bank tohold the CD as collateral.
Within 6 months of new history, you should have an adequate score for getting a cell phone, a department card, etc.
just remember-- for best results, always keep your balance under 35% of your limit. High balances ding your score.
2006-10-31 11:49:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Make sure your record is correct by getting your credit report. The companies are required to give you one free report a year, you can order them at: annualcreditreport.com
It could be that something is incorrect and that is why they are turning you down.
You can also usually get a "secured credit card" if you have a bank account, talk to somone at your bank about your problem, they can give you other ideas.
FYI, each time a you apply for a loan or credit card, they check your credit score, Multiple inquires in a short time can actually brings down your score, so don't apply if you don't think you are qualified.
2006-10-31 11:52:06 · answer #3 · answered by Ro-bot 5 · 0⤊ 0⤋
Do you have a checking account or saving account. If not open one up. Then after you have banked with your bank for several months try and get a small loan from them. Showing them that you have maintained good credit with your account. (checking or savings) Pay them back on time. Use your account and have them draft the payment if need be. Then after you have done that try to get a credit card. Building credit takes time. Loosing your good credit takes about a split second. So be very careful and good luck.
2006-10-31 11:45:26 · answer #4 · answered by to_sassy4_u 5 · 0⤊ 0⤋
If you have a bank account try getting an account through your bank not from mail in credit cards. You don't want to keep applying to those b/c the disapprovals are also noted on your credit history and can have a negative effect.
2006-10-31 11:45:37 · answer #5 · answered by Sparkle 3 · 1⤊ 0⤋
Some ways I know. (1) get someone with credit to co-sign with you for a small bank loan (say around $500.00) pay promptly. Take this $500.00, put it in the bank, adding more to it each week or month when you get about $2000.00 in the bank, get a secure credit card thru that bank. (2) have the electrical, water, etc of the house you are living in put in your name, pay them prompt, it will take about 6 months, but then you will have acredit score. (3) Get a cell phone and pay the bill promptly. DO NOT GO FOR THE HIGH INTEREST RATES THAT STORES CHARGE, DO SUGGESTIONS 1,2, AND 3 SO THAT YOU CAN GET A LOWER INTEREST CREDIT CARD THRU A BANK.
2006-10-31 12:06:18 · answer #6 · answered by bettyswestbrook 4 · 0⤊ 0⤋
There are options for those with no credit history. There is a website called CreditCards.com that lists credit cards for those with bad or damaged credit along with prepaid debit cards (some of which can help build credit history). There is also a card offered by Capital One specifically designed for those with little credit history (http://www.creditcards.com/credit-cards/capital-one-limited-credit.php).
2006-10-31 15:06:55 · answer #7 · answered by MarketingGrad05 2 · 0⤊ 0⤋
There are loan companies out there that will loan to about anyone no matter what their credit as long as you have a job, some place may require you to be on the job for atleast 6 months.
2006-10-31 12:57:44 · answer #8 · answered by millerlitetime36 2 · 0⤊ 0⤋
You can't have credit without having debt. Do you want debt? Are you working? Buy something for like $500 and have someone co sign for you, but be sure to pay it back on time, never miss a payment. Or ask a credit card company to give you a small spending limit. If you speak to the right person at the right time, they give you what you want. Credit cards are bad things, I wish I'd never had one.
2006-10-31 11:47:14 · answer #9 · answered by Dianne 4 · 1⤊ 1⤋
I first started building my credit by switching my pre-paid cell phone to a monthly plan. I made sure that I paid it all on time. Also, save up some money and get a secured credit card.
2006-10-31 11:51:26 · answer #10 · answered by Anonymous · 1⤊ 0⤋
I was in the same boat as you but I went and financed a ring at harry ritchies jewlers not much just like $150 and payed it off in 3 months and then got my ring and it goes on your credit so If I were you I would go to a jewlry store it is pretty easy to get financed just tell them you are trying to build up your credit
2006-10-31 13:00:31 · answer #11 · answered by freckleface 4 · 0⤊ 0⤋