im fixin to be 23 and i have no credit. I have filled out a few cards for wal-mart and target and they reject me because i have no credit. I've had bills for 2 1/2 years under my name and i still have no credit. I just got told that utilities dont count toward credit. Does anyone know of anything that i can start earning credit???
2006-12-01 08:32:48 · 12 answers · asked by xsuga38x 1 in Business & Finance ➔ Credit
Well, assuming you have a good job and a checking account, go talk to your bank about getting their credit card. They should start you off with a small credit limit and increase it as you show you are a responsible person. Then apply for the wal-mart, gas cards, etc.
2006-12-01 08:43:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Begin by opening individual savings and checking accounts in your name. Over time, your deposits, withdrawals, and transfers will demonstrate that you can handle money responsibly.
Applying for a loan is another option, but be aware that this method of establishing a credit history will cost, since loans require the payment of interest.
You could take out a bank loan secured by the funds you have on deposit or by items you own, such as a car. You could also ask a friend or relative who has good credit to cosign a loan, which means that he or she shares liability for the loan with you.
You could also apply for department store and gasoline credit cards, which generally are easier to obtain than major credit cards. Before you apply for any credit, however, make sure you understand the terms. For example, how long is the grace period or the time you have to pay the current balance in full before finance charges are added? Is there an annual fee or other fees associated with the credit? If you believe that you will carry a balance, you need to know how finance charges are calculated.
Patience is important in this process. It takes time to establish credit and build a record of consistency in making payments to demonstrate your creditworthiness. And it is much better to go slowly and develop a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle.
Start slowly, be cautious, keep track of your overall debt, and pay on time. Most importantly, remember that credit actually represents real money and has to be repaid with interest.
Try to apply for prepaid Credit Cards at www.creditcards.com. Having no credit is just, if not more difficult, to estabilish your credit. So you need to start somewhere. For example prepaid Credit Cards or higher interest Credit Cards.
2006-12-01 16:44:48 · answer #2 · answered by Neil 2 · 0⤊ 0⤋
Funnily, the only way to get credit is to get a loan, mortgage, credit cards and make sure you pay them on time. The more credit you get/have goes on your credit rating and as long as they are paid, your rating goes up. If you are being turned down by companies it suggests you have already defaulted somewhere down the line, (sorry if I'm wrong). Your income matters a lot too, residential status, renting, mortgage, own your own home? Keep trying once you get one of them, keep it paid up and then they all start accepting you. Hope this helps. xx
2006-12-01 16:49:35 · answer #3 · answered by RUTH M 3 · 0⤊ 0⤋
You Can Get An Unsecured Credit Card Even If You Have A Bad Credit Score. It is a credit card that is not secured by a security deposit or any outside collateral. They can be used nationwide, anywhere Visa or Mastercard is accepted.
http://badcreditresources.com/bad-credit-credit-cards.html
2006-12-01 17:38:31 · answer #4 · answered by aleish 2 · 0⤊ 0⤋
Just apply for a regular credit card, no matter what the interest rate. As long as you pay the bill at the end of the month you wont pay interest on the amount.
2006-12-01 16:45:04 · answer #5 · answered by us citizen 5 · 0⤊ 0⤋
take out a small loan at the bank. just a couple of hundred.. pay it back it will establish credit for you.. also check with getting a credit card through your bank, but when you get the bill pay it off.... other wise you'll end up in the credit card nightmare,
2006-12-01 16:42:20 · answer #6 · answered by TC_43 3 · 0⤊ 0⤋
stay away from those store credit cards. go down to the bank that you work with and ask them which would be the best way to build your credit. it may be a personal loan or a credit card. but whatever way it is they will know the best.
2006-12-01 17:38:54 · answer #7 · answered by Starry Eyes 5 · 0⤊ 0⤋
I was the same way. Walmart and target turned me down but I have a Macy's credit card
2006-12-01 16:58:42 · answer #8 · answered by ღStarzzღ 4 · 0⤊ 0⤋
Start with a gas card, and then try for a credit card. If you don't want to wait, try this site http://www.creditcards.com and try to find the card that's right for you. But your best bet is to start with a gas card. Good Luck!
2006-12-01 16:41:25 · answer #9 · answered by Renee W 2 · 0⤊ 0⤋
If you have money in savings, try getting a $1,000.00 secured loan. Make timely, monthly payments. This is usually a great way to start credit.
2006-12-01 16:40:59 · answer #10 · answered by ssstinagail 2 · 0⤊ 0⤋