How do I establish me some credit?

Question

I'm trying to get approved for a 15,000 loan BUT they wont give it to me BC they said I dont have any credit! WHAT SHOULD I DO?

Answer 1

If you don't have one already, you should open up a checking and savings account. Though it won't directly build your credit, it will show that you have a way to manage your money.

Then you might want to check to see if they offer low limit or secured credit cards. Bank of America, Wells Fargo, Orchard Bank, are some that offer secured cards if where you do your banking doesn't offer them. I posted the links to apply directly to the cards below. They're the easiest to get becuase you have to deposit upfront the same amount in a savings account. For example, if you depost $500, you would get a $500 credit line. If you pay the card on time and keep the balance low or 0 preferably, you'll get the deposit back usually after a year, with possible interest. My advice would be to make small purchases ($20-75/month) that you can pay off on-time, in full every month. I would only use the card in emergencies.

Another thing is to see if a close friend or a family member with good credit can add you to their credit cards as a authorized user, but you don't get a card. They're only adding you for credit reporting purposes only. Make sure that they make sure that the credit card company reports that account on your credit too.

Lastly, check out this website http://prbc.com/default.php?

If you pay rent, cable, utilities, insurance, day care, phone, cell phone, etc. every month, you can report previous payments from up to 3 years back and current payments, have them verified and scored in a report that can be used with your regular credit reports. Look this site over, there's too much for me to explain, but I feel that this is perfect for your situation.


Good Luck!

Answer 2

Financial companies want to know that they'll get their money back, so to get a loan you need to show that you're financially responsible. There are no quick fixes - building up a good credit history takes years. Any time you have a loan (car loan, credit card, etc) it goes in your credit file, and potential creditors can pull that up to see if you pay your bills on time. (There are actually 3 main companies which each keep a file on your)

To start establishing a credit history, you can apply for a low-limit credit card (a secured card if necessary) and be sure to pay it on time.

If you need the loan urgently, you might be able to find someone to cosign it for you, which would let you use their credit. This would, however, make them liable for the full amount of the loan, should you default, and puts their credit at risk as well.

Answer 3

"Buiilding credit can be done in many ways. If you are disappointed at your loan application being turned down, it is mainly because of absence of credit history. You should learn how to do build your credit.

Do not buy unnecessary items. If you are looking to build credit start spending properly.

If you see any errors in your bills or credit, reports, contact the concerned persons immediately.

If you have purchased an item using your your credit card that later turned out to be defective or gave poor service, then you need not pay the charges.But you have to dispute the charges with the parties that were responsible for the act. If they do not replace the item or compensate you for a service or product, you are justified in refusing the payment."

Answer 4

If you have little or NO CREDIT, there are a variety of ways to build up your credit history. Many credit card issuers offer credit cards designed for people with poor / no credit. While these offers tend to have higher interest rates and some additional fees when compared to standard credit cards-- with regular, on-time payments-- you'll be able to start building a positive track record to improve your credit score. Here's where you can find some of these offers:

http://www.asapcreditcard.com/unsecured-offers.html

Eventually, you'll be able to apply for better credit card offers with lower APR's and less fees. And hopefully you'll be able to get that loan (without a co-signer) too!

Hope this helps! GOOD LUCK!

Answer 5

Try to take smaller loans and pay them off good. Maybe get a credit card or two and charge a little bit a few times and pay them off good also.

Answer 6

Start with a signuture loan first/
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