Hey Everyone! I'm an International Student, graduate, major - Accounting. Just got my SSN about couple months ago. Tried to apply for credit card. All declined.
Now what to do?
Thanks.
2006-12-22 05:35:52 · 5 answers · asked by thewrathofthedungeonspirit 1 in Business & Finance ➔ Credit
Hey I've gone through this. First of all STOP APPLYING. Becuase first they will decline saying "No Credit history" or something like that. If you keep applying, they will refuse with the reason "Too Many Recent Requests For Credit". What happens is follwoing: your first application started your credit report.
Now, make sure there are no negative items added to it.
Go to any bank and ask them if you could get a personal loan secured by a CD or saving account.
Open a CD for $1000, and apply for that loan. Becuase this loan is secured they will give it to you. Get the loan for about 12 months. You can pay it off a little faster, but no less than 6 months or it will not give you enough credit reference. If you can afford the payments do it at several banks, three would be ideal.
Do not apply for more credit cards for a year. At the end of the year apply for a card and you will get it.
Whatever you do DO NOT APPLY FOR CREDIT OFTEN. Inquiries kill in your situation. Trust me this will work, I 've gone through this process myself.
2006-12-22 06:54:25 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
Since you have no credit history, it will be a time consuming task, but the good news, it CAN be done. You can do several things, all in parallel. Apply for a "prepaid" credit card at your bank. This is an easy one as essentially you put money on deposit and you can use the credit card against this amount. You are not borrowing any money, but it IS a form of credit card. Open a charge account (apply for) at a department store, such as Sears. Many department stores will open a charge account with a very low limit. Buy something "small" for maybe $100. There will be some minimum amount due when you get the 1st bill. Pay double the minimum. Pay it off exactly on time every month until paid for. Doubling up on the payment amount will quickly reduce your balance to zero without too much in interest charges. Consider this interest the cost of obtaining and starting your credit history. The department store will do the necessary things to get your records started with the credit reporting companies, which gets the ball roling. Once you have done this with a department store, or maybe several department stores, THEN approach your bank for a credit card. Or, apply for one of the many ads which come in the mail or are on display somewhere at your school. Once the department stores have done their thing abd started your history, doors will open for you with other credit cards through banks and such. This is not all that hard to do, it just takes a while to build a history. Oh, and most important, never make a late payment or pay less than the minimum. Both of these raise red flags and cause interest rates on credit cards to jump to as high as 30%. Read the agreements carefully, especially regarding the interest rate and what can cause it to jump to a higher level.
2006-12-22 06:20:43 · answer #2 · answered by rowlfe 7 · 0⤊ 0⤋
Why were you declined? Whenever you are declined credit, the prospective creditor is required to tell you why your application was declined. If any of your creditors say something like "too many inquiries" as a reason, you should wait a few months before applying for credit again.
If you don't have a US bank account, open one. Usually, credit applications ask you what bank accounts you have, and it's good to list at least one.
Are you a graduate student? If so, consider applying for a student credit card. It is very easy for college students to get credit this way with no prior credit history.
You could also consider opening a secured credit card. To do that, you have to save some money at a bank, and they will give you a credit card with a credit limit of up to your balance. These are often available through credit unions.
2006-12-22 09:15:24 · answer #3 · answered by bige1083 1 · 1⤊ 0⤋
All your needs about credit card details here.It's help you hope http://www.freewebs.com/creditcard4all
2006-12-22 13:08:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
keep applying... it will happen then it will be all down hill from there
2006-12-22 06:14:11 · answer #5 · answered by michael f 2 · 0⤊ 0⤋