Ok so i tried to get a credit card from Best Buy but i was denied due to the fact my credit was too "good" is there any way i can establish enough credit to get a credit card. I currently have only 1 bill in my name that i have been paying for over a year now.
2006-12-11 07:08:33 · 6 answers · asked by Chris 3 in Business & Finance ➔ Credit
find a local credit union and ask about getting a credit card and possibly even a small personal loan.
You should get a $500 personal installment loan that you pay back in full no sooner than 6 months. it takes 6 months of payments for any account to really impact your credit rating.
Never owe more than 50% of the limit on any credit card you get, or you will hurt your credit.
Credit unions are here to help people like you get credit. They're the guys who will give you a car loan at 8% with no credit history, versus 19.9% from a dealership. Get a good history going with them, and they'll be there to help you for a long, long time.
2006-12-11 07:13:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I agree “too good” is another way of saying no established history. Stay away from Best Buy. The interest rates are in the 20’s. In addition, it is too temping to charge because of all the electronics (I opened, paid, then reopen, and then repaid my Best Buy card).
If you do not have one, try for a Capital One. I see many new customers qualify for Capital One. My wife’s first credit card is with them. Citibank is decent, but I always see higher rates than what Capital One offers. HSBC is fine, but once you screw up (i.e. over the limit or late payment) they really stick it too you (fees and higher interest rates).
If your one bill is a credit card, you need to use it. Unfortunately, just having a credit card is not good enough. I recommend using the card and keeping a balance of no more then 25% of the credit limit. I have a friend that is a mortgage broker. She had seen clients that have open, but never used credit cards. The problem is there no transaction history. The clients’ credit is not as good as it could be.
2006-12-11 15:43:09 · answer #2 · answered by jynxx25 2 · 0⤊ 0⤋
Too "good" probably means too new, which means your score is fine, but you have zero history to support any credit, so nobody wants to give you any credit.
Try getting an instant approval credit card first, and if it works out, pay it on time and keep it open. After a while you'll get more offers, and eventually Best Buy will accept you.
But I wouldn't use a BB card, as the APR is outrageous, and you'll pay extremely high finance charges.
Learn about mortgage, credit, and finance:
http://www.thetruthaboutmortgage.com
2006-12-11 15:34:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I am assuming you have attempted to get a regular cc, too? What you can do is go to http://www.bankrate.com/brm/rate/cc_home.asp. This site has a list of secured cc's. A secured cc allows you open a savings account and then your credit line is equal to amount of deposit. This can be for as little as a couple hundred dollar, but is an excellent way to establish credit.
2006-12-11 15:16:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Apply for a regular credit card and don't use it.
2006-12-11 15:25:12 · answer #5 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
tips for "credit" matters at icebergtips com
2006-12-12 01:52:24 · answer #6 · answered by Like2know 1 · 0⤊ 0⤋