I know, I know. Apply for a credit card. I did that. And they rejected me, on the basis of....uh, I have no credit. So...what am I supposed to do? I know I have no credit...and to build it I need to pay bills on time, pay credit cards early, etc. But if no one will give me a credit card because I don't have any credit, or no one will give me a loan because I have no credit, and no one will let me be on my own cell phone account because I have no credit, how am I supposed to BUILD IT?
2006-12-24 01:28:15 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
it will help you if you have a cosigner but it doesn't hurt to go to several banks or loan dept and ask for small loans. and build your credit up. And i had your problem when i was your age. I went in the bank to the loan officer and ask them too how can i build my credit if you don't give me a chance. and he gave me the loan and i built it up from there. don't ever be late on payments.try to pay the loan off early. not to early because they need some intrest on the loan
2006-12-24 01:51:12 · answer #1 · answered by timothy c 1 · 1⤊ 0⤋
Your best bet would be to get a secured credit card or loan (or, if you have the money, both)
Secured credit is when you give the bank or credit union a lump sum (say $500) They put that money into an account and freeze it. Then you gradually pay the money back in installments (if a loan) or they give you a card with that amount as your credit limit that you pay off each month like a regular card. Then, once either your loan is paid in full or you close your secured card, you get the original $500 back.
Banks and credit unions don't mind giving you this kind of credit since there's really no risk to them. Ask around, a lot of financial institutions have programs like this specifically to help people build or repair credit.
Good luck.
2006-12-24 03:24:19 · answer #2 · answered by Vadalia 4 · 0⤊ 0⤋
The only way to build credit is to establish payments and then make payments on time. The easiest way is to buy something on one of those same as cash offers. If you read the fine print you will find that if you don't pay it off in say the 90 days same as cash that the interest rate will be 25% through some credit agency. They will give you the credit and then if you pay off in 90 days they will show timely payment and you will begin building a FICO score. Also, if you have a job, then there are places that will give you credit. Try Sears, most car lots, secured credit cards, etc. Now for a piece of advice. Pay cash for everything, and when you feel diciplined then get a credit card or same as cash offer, make only occasional purchases and always pay the balance in full. This will give you the credit you need because your credit score will affect your car insurance cost, and untimately be important when you buy a house.
2006-12-24 01:42:14 · answer #3 · answered by toledogolf 4 · 0⤊ 0⤋
Get a credit card. You will probably have to start with a secured card -- you pay a deposit which is held as collateral against the line of credit. Use the card every month and pay it in full. In a year, you should qualify for a regular credit card. Use both cards for small purchases and pay in full every month. This will give you a good payment history and a decent score. Experts recommend 3 or 4 credit card accounts and 2 installment loans to get the best mix of credit for the best score. Credit is build over years, not months. You'll need 10 or 20 years of good payment history to get close to perfect credit.
2016-03-29 05:33:22 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I know exactly how you feel. I worked for Sears and they turned me down 2 times for a credit card. I finally got it on the third try. You just have to keep on trying them over and over again. Eventually you will get someone who will give you a credit card. Remember, companies have different people who look at your applications and there are no laws or rules they have to follow to give you credit. It is entirely up to the person who is looking at your application.
2006-12-26 17:15:17 · answer #5 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
-First have your money go into a checking and saving account.
-If you had some kind of loan in the pass or have paid bills, check you credit report.
-See if your parents will Co-sign a credit card for you. It will help you establish yourself real fast.
- If you go to University or College. There will be booth when you start school that will sign you up.
Good luck and Merry Christmas!
2006-12-24 01:55:28 · answer #6 · answered by jewelsthomas 5 · 0⤊ 0⤋
Head to "US BANK" with some money and fill out papers to open a "secured credit card".
Say you have $500.oo, you will get a credit card with $500.oo limit. Each month your will get your bill and each month YOU MUST pay it off in full. Your $500 sits in the bank like an insurance policy to the bank. You don't pay your bills, they get to keep it. SO SIMPLE.
Pay off your credit card each month for one year then you get to up your limit and get your $500.oo back. Thus the credit cycle has begun!
Pay off the card IN FULL each month and life will be good !!
: )
2006-12-24 03:46:05 · answer #7 · answered by Kitty 6 · 0⤊ 0⤋
Do you have a bank account? That will start your credit. The bank then can see that you are a good customer and will extend you credit based on your income.
2006-12-24 01:33:36 · answer #8 · answered by pamo 3 · 0⤊ 0⤋
householdbank.com they are a credit card company for high risk people i just reestablished my credit and thats what i could get but the interest rate sucks @ss
2006-12-24 01:41:22 · answer #9 · answered by b 2 · 0⤊ 0⤋
get a credit card and make sure you pay it off.
2006-12-24 01:29:21 · answer #10 · answered by texascomet 4 · 0⤊ 0⤋