I keep getting denied for Credit cards because I have no credit history, how do I start?

Question

I am a college student

Answer 1

Start small. Put the utilities in your name and pay the electric, gas, telephone and cable TV bills on time. If you've just graduated from college and have a student loan, be sure to make regular, on-time payments. Your payment history will be collected by at least one of the three major credit reporting agencies—Equifax (nyse: EFX - news - people ), Experian or TransUnion—and will help establish you as a good credit risk.


If you're offered a t-shirt for opening an account with a major credit card company while at school, seriously consider it. The card issuers are betting on your future earning power, and it will never be easier to get a card.


Don’t go overboard on the number of credit cards you get—or with your spending.

Remember: A credit card isn't free money, and you must use it wisely. Keep monthly charges small—some recommend no more than 30% of the credit limit—and pay the amount due in full each month.


Always understand the grace period and interest rate before signing up.

The number of days you have to pay the account before getting hit with interest on the unpaid balance is spelled out in the contract. Read it. The annual percentage rate is likely to be in excess of 20%, so plan to pay the balance in full each month to avoid the stiff interest charge.


If you don't qualify for a major credit card, consider opening a charge account at a local department store or with a large oil company such as Chevron (nyse: CVX - news - people ), ConocoPhillips (nyse: COP - news - people ) or Exxon Mobil (nyse: XOM - news - people ). In general, the credit standards for opening such an account are not as stringent as those required by major credit card companies, such as Visa, MasterCard or American Express (nyse: AXP - news - people ).


If your payment history has been spotty in the past, consider opening a secured credit account with a major bank. Typically, the amount you can charge each month is backed by your deposits at the bank. The credit limit is often small and is likely to range from 50% to 100% of the amount on deposit.

Again, keep the balance low and pay it in full each month. How you handle your money is another step in building a solid credit rating.


After you've shown you can handle the basics by making regular payments on utilities and other routine bills, consider taking out a small loan from your bank. The bank will review the way you've handled your checking and savings accounts, review your employment history and ask for a detailed list of income and expenses. It takes time to gather the needed information, but it's just routine fingerwork and can be done easily in an evening or two.

Read More at this link..
http://www.forbes.com/personalfinance/2005/07/25/credit-loans-finance-cx_sr_0725credit.html?partner=msnbc

Answer 2

Go to your local shopping mall and tell the department stores that you would like to apply for a store credit card. That's the best way to start building credit. Almost all will give you one without prior credit history.

Think of it another way: Even with no credit history, you're a better credit risk than someone who has bad credit history. So yes, a store will take a chance on you with probably a $500 credit limit.

Answer 3

Maybe it's just me but it seems like girls can get credit cards like capital one and chase much easier than men, my boyfriend and I had no credit but I wasn't denied for any of my applications, he was, everytime. The way we worked up his credit was by going to Bealls, the clothing store, bought a few things here and there and paid them off at the end of every month, we never made payments, only paid in full. Then a year later we got a two year cell phone plan at cingular and things took off from there. Make sure you have a checking and savings account and a job. The applications shouldn't ask for you're account numbers, it's just a kind of reference to see that you can handle money well when its not sitting in your hands.

Answer 4

If you are in college, you can contact Discovercard at discovercard.com. They have a student program. If you aren't, try them anyway, they are the easiest. You can also try a store card. Also, when you get a car loan or mortgage or college loans it will slowly build up. You can also go to your bank and ask them for a credit card. They may give you a small limit but its a start.

Answer 5

To possible solutions.

1. Try getting the citi platinum mastercard - they claim that people with no credit can be approved (no credit - not bad credit). - see resource link below.

2, Try getting a secured credit card - make sure they report to the three credit bureaus so you can build a credit history.

Answer 6

try a credit card issued through your bank,they might be more willing to help you...get a cell phone and pay the bill on time..or even a store card,like sears,jc penny.make some purchases and pay the bill off each month in full

Answer 7

more than crdeit card accounts show up on reports. how long-where you live, work at a job, have utilities can show up. you could start with a card from a deptment store and make charges on it. the key is to never- be late on payments, go over your limit and try to not let the balance get over 50% if you carry a balance.

Answer 8

https://www.firstpremierbankcards.com/?trkid=7&SourceID=premiercreditcard.com You might try here, I had no job and bad credit and got a card thru them.... Another way to build up credit is to get a secured credit card...alot of companies will allow you to switch to unsecured after so long with timely payments... Good luck

Answer 9

Try to get a co signer. Also get a very lo limit card.

Answer 10

wit a cellphone contract t mobile gives every1 credit just make sure u pay on time.