My friend is 28 with no credit. She has tried to establish credit by applying for loans, credit cards, etc. to no avail. Anyone know what she should do?
2007-02-15 04:10:15 · 7 answers · asked by Live4theWeekend 4 in Business & Finance ➔ Credit
I assume by 'no credit' you mean no credit history and not bad credit history.
Establishing initial credit history is usually the easiest with credit cards and car loans. She may have to bite the bullet and go with a secured card or a higher interest loan for a car to get things kick started. Once she begins to establish a history of using her credit and keeping current on payments, things should get much easier.
Man, if I were her, I'd be knocking on those doors of the car dealships that promise financing or they pay you... etc. etc.
If someone is willing to cosign a loan, that can help too, but most finanical counselors will tell you NEVER to cosign for someone else because it counts against the cosigners credit and if the person doesn't make the payment for whatever reason, then the cosigner is liable for the loan.
2007-02-15 04:31:22 · answer #1 · answered by todvango 6 · 0⤊ 0⤋
She could try to find someone that will co-sign on a loan or that will let her hold a credit card on their account (would have to really really trust them for that). Also, a cell phone I have heard will help with credit, but I don't know if she could get one with out credit to begin with. It sounds like she has horrible credit, most credit card companies offer credit to those with no credit history at all.
2007-02-15 12:20:07 · answer #2 · answered by jwbyrdman 4 · 0⤊ 0⤋
Does she have income problems?
Because normally credit card companies will always give someone with income a chance. Typically they start you off with very low lines of credit ( like 200-300 ) but with regular ontime payments her credit could quickly increase. Just keep checking--someone if going to make her an offer at some point.
2007-02-15 12:21:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
She doesnt have a credit card? I'm 19 and I got approved and when I did I didnt have a job. So maybe she needs to try again with the Credit card...Now witht the loan thing, you haev to have a job to get a loan and most of the time you have to have a salary based job...
I would recommend maybe the Credit Card thing and maybe getting a cel phone in her name...Start with something simple like that.
2007-02-15 12:19:18 · answer #4 · answered by acoats2006 5 · 0⤊ 0⤋
If she has any extra cash she should try to open a secured loan or credit card. That will put something on her credit and also show she can make payments. She may also want to try to get a credit card through capital one. They gave me my first one. Good Luck
2007-02-15 12:18:57 · answer #5 · answered by Jessica S 2 · 0⤊ 0⤋
Orchard Bank gives credit cards to no credit people but you have to pay an annual fee... its a good card to have to build credit.. Paying the fee is like paying your "dues" to build credit. Also Macy's is known for giving people with no credit $100, $200 startup cards until you prove credit worthiness.. I did this 5 years ago and they up my limit every 3 months... its 2k now... and started at $100.
2007-02-15 12:35:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
check out this company called We Teach Credit and they can help you establish credit. they have connections with all banks and can help your friend get credit cards and loans.
www.weteachcredit.com
2007-02-15 15:06:13 · answer #7 · answered by nicirae1313 1 · 0⤊ 0⤋