I am trying to build my credit and I am having a hard time at it. No one wants to give me a credit card. I have been working at my job for over a year and been making over $1500.00 a month. For a person that lives out of vegas that is a little over descent. I want to start building my credit as soon as possible. Does anyone have any suggestions!!!1 Please HELP!
2007-01-08 14:56:02 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
The best way to establish credit is to try to get a secured credit card.
Go to www.bankrate.com and do a search for secure credit cards.
Basically, you invest your own cash (ex. $500) and this is your credit limit. You make payments on it the same way as a credit card. The problem with building your credit is that is takes time. There are other, back door routes. For example, you could inheret credit from a family member or close friend that you trust. Basically you get them to sign you up as an authorized user on their account. 1) They do not need to actually give you the card 2) Once you are added as an authorized user, their debt now becomes your - so this can be risky. That is why you need to inheret from someone who has a low balance on their credit card, NEVER has late payment and most importantly - YOU TRUST THEM TO KEEP THE CARD IN GOOD STANDING. After inhereting the credit card, go out and apply for your own credit cards. MAKE SURE YOU KEEP YOUR CARDS IN GOOD STANDING. And a good rule of thumb is to make sure all your credit card balances are less than 30% of what your total available credit line is. If you have any additional questions, feel free to e-mail me at longoriadiane@yahoo.com
2007-01-08 15:09:06 · answer #1 · answered by Diane 2 · 0⤊ 0⤋
You are likely going for credit cards that require a longer credit history to be approved. With no credit at all, you can apply for a secured credit card. Many banks offer this type of card, and they are great for building credit if you don't have any.
Another easy way to start building credit is to apply for a couple of store charge cards. The approval process for these is typically more lax because the interest rates are higher and the credit lines lower.
If you are a student, or are thinking about going to school in the near future, many financial institutions will issue you a credit card just for being a student, even with no credit.
If all else fails, you may need to ask someone to be your guarantor. This means they use their good credit to guarantee your credit card to lower the risk.
2007-01-08 16:30:48 · answer #2 · answered by tina9999 2 · 0⤊ 0⤋
its a great line. I've been studying up on it and what is helping construct your credit score is to have a steadiness at the oldest card you've got and make the per thirty days repayments plus alittle extra. So paying all of it off without delay wont harm your credit score, but it surely would no longer spice up it both. I consider it is dependent upon what number of you've got open with a steadiness and what the whole steadiness is. I learn additionally that you simply will have to by no means have greater than 50% of your whole prohibit used. Because that may positioned a terrible to your ranking.
2016-09-03 18:42:29 · answer #3 · answered by sirolli 4 · 0⤊ 0⤋
Read some useful credit tips and more on this site to help you with it
2007-01-08 15:00:34 · answer #4 · answered by . 1 · 0⤊ 0⤋
your phone helps, get a loan to buy a car. These are good if you pay your bills on time.
2007-01-08 15:03:09 · answer #5 · answered by itry007 4 · 0⤊ 0⤋