who is to say my credit is not good enough?

Question

All my life I have paid for anything i need in cash. Now that I want to build my credit no one will give me a chance because my score is not high enough. Who's to say that I am not a decient enough human to pay my bills, when I have gone this far in life without accumilating such. How do I build credit if no one is willing to give me a chance.

Answer 1

Start by buying something on credit from a department store or local furniture store. Or with a gas station chain. After 6 months the pre-approved MasterCard and Visa applications will come flooding in.

Answer 2

Credit worthiness is based upon factors that prove you not only can afford to pay monthly for what you purchase on credit but that you actually will write a check.

Paying cash has nothing to do with proving you are a good person or decient. It means you live within your means - responsible, yes - a credit risk - not necessarily since you have not demonstrated a history to prove you will continue to pay for things you now have in your possession - ie credit...


TV Example...

People who want a tv and save money to buy it save until they purchase it and decide whether or not they want to go to pizza this weekend or get the tv.

People with good credit, get the tv and dont spend other money unless they have made their payment on the tv

People with bad credit, get the tv and do not pay the payments on time.

People with no credit (you) could either pay or not pay. It is a big risk. You could get the tv and pay like clockwork or you could get the tv and not pay.

Noone knows with no credit history to base their guess on. Since the goal to get the tv is achieved, is the willingness to pay for it still there? That is the question.

Get a bank secured card (find a bank who offers them with no fee). Tie it to your checking account with an automatic payment set up to make sure it could never have a late payment. Buy the tv and pay for it. Instant credit history with your bank. It will take 3-4 months to get on the credit bureau.

Answer 3

Apply for a credit card, or a small bank loan. Most department stores will give a card to just about anyone. Use it, pay your bills and your score will increase over time. I doubt you have horrible credit, so try to stay away from any card that requires you to pay them up front or put down a deposit. Only use those as a last resort.

I agree it's a total racket. If you aren't in debt enough, your credit is bad and if you have too much debt, then you also have bad credit. Having savings accounts, etc, also affect your score to a minor degree, so also consider opening one if you haven't already.

Answer 4

I know what you are going through.

In 1973 (I was 18) I had a very good job. Bought everything in case, including a new car. A few years later I had saved enough to buy a home. Planned on putting down $10k (about 15%) and still had money for furniture and set up costs.

I got turned down or my mortgage.

Reason: No credit history. I had to talk to the head mortgage officer and plead my case to him before they were convinced. That may be what you need to do.

Lesson Learned: Start building your credit as early as possible (even at age 15). Borrow often and pay your bills on time.

Answer 5

you are the one who says your credit is not good by getting credit somewhere or a credit card then purchases made and paid of in a timley manner raise or lower your score . The best place to start is having a bank account and after having it for 3 months get a cash advance of like $50.00 or $100.00 . When yo upay that off then get around 2 or 3 more . The first place to go after that is either Drive Time for a car or Conn's for a big screen

Answer 6

That happened to me too. I never wanted to have a credit card because I didn't want to owe money. I finally got one after so many years and I was happy at first...and had them all paid up for ten years...
Then I had a predicament with homeowners insurance and had to pay for the bulk of my bill when I had a couple of leaks within a year....
I slowly started getting in debt....... and then I had health problems..and employment problems, now I'm in a mess.
They were always tempting me with credit cards and I finally gave in...and...
The thing is.....there great if you already have a lot of money..and just need one cause you don't want to carry around cash, or write out checks all the time.....but that is it...
When we bought our house in the eighties they actually wanted us to purchase a credit card to get the house...so I got a store credit card...that way I would get good credit.
The world is so hypocritical nowadays...one side is telling you to do something this way...and then someone else tells you to do it that way.....
You could start with a credit card in a store you go to frequently...try to pay it up each time the bill comes...do this for a while and you will earn your good credit...Just pray nothing horrible happens..

Answer 7

It is very easy to get started, you just have to know where to look! In order to build good credit, you need to start building a good history. You need to partner with companies that will report to all three (3) credit bureaus, but won’t pull your credit. Crown Jewelers is a great company that will give you a small credit line and report to all three (3) credit bureaus. Easy approval.

http://www.crownjewelers.com/

Second, open a secured credit card. New Millenium Bank is an excellent choice. They won’t check your credit and report to all three (3) credit bureaus. You can even pay your bill online.

http://www.nmbonline.com/

Revolving trade-lines are highly weighted in credit scoring, so keep your balance –to- credit limit ratio low. Never miss a payment. Before you know it you will be on your way to better credit.

Answer 8

Unfortunately you need to get credit in order to build a credit history. Here are a few options in building credit:

1) Try www.orchardbank.com or www.capitalone.com and apply for their credit cards. They are pretty good at helping establish credit with a low limit credit card.

2) Open a secured Visa or MasterCard or line of credit with your bank or credit union. This will allow you to establish credit based on the money you already have.

3) Ask someone to help you by co-signing on a small loan or credit card.

Answer 9

Why don't you just get a credit card, and buy simple things not over 300 or less. Pay back within the first 6 months and this will help you raise you credit score.

Answer 10

No one is claiming you won't pay your bills. They are pointing out they have no way of knowing you will. You could try asking utility companies to report your payment history. I don't know if they will, but you lose nothing by asking. If you own a car or other significant asset, you could get a loan secured by it to establish a credit history. A secured credit card is also an option. As long as you pay it of every month, use it for everything you can.