I have no credit ...besides opening a checking and saving account. With this little amount of credit..can I get a cell phone turned on in my name??? If I can does that build credit?
2007-05-24 12:18:04 · 7 answers · asked by Dagainesexyback 1 in Business & Finance ➔ Credit
yes and yes.
2007-05-24 12:20:59 · answer #1 · answered by george 2 6 · 0⤊ 0⤋
Having a checking or savings account does not build credit but it is a great start to managing your money. Regarding your cell, sometimes having no credit is as worse as having bad credit. Creditors don't know if they can "trust" you because you have no credit history. However it is a cell phone not a credit card. My advice would be try it. Some cell phone companies specifically T-Mobile offer Smart Access programs it comes with some limitations but you'll have your own phone. If a cell phone company denies you try a low limit credit card to at least get you some credit started, then try back to a cell phone comany within 6 months. Be wise and research if you go this route. Pay your bill ON TIME. Hope this helps
2007-05-24 19:32:47 · answer #2 · answered by K.C. 5 · 0⤊ 0⤋
I have had cell phone accts and the only time I ever seen them report to my CR was when I didnt pay my one of my bills and it went into a collection agency so i dont think that by having a cell phone acct you can build credit. I received my first credit card with no credit history thru chase, it was only for $200 so you should try them. if you get approved you should also open a store credit card like macys or something. that was my second card, but you must have an existing credit card to open up credit with them. if denied you should just simply apply for a secured credit card, you basically apply your own limit and it is reported to the credit bureaus every month so your actually building credit history which is what you want. remember just simpy having a credit card is not what it is all about. for best possible results you should not max out your cards, do not keep a balance of 25-30% or more on your card, do not try to get too much credit because if denied inquiries can affect your score, and too much credit is also bad. make sure you pay off your bill every month on time, Late payments cause a huge decrease in your score. be careful. good luck.
2007-05-24 19:33:15 · answer #3 · answered by Celz 2 · 0⤊ 0⤋
a candid answer with out the sugar.
congratulations you have no line of credit.
you haven't fallen into the commoners trap of debt slavery. learn to own your money b4 it owns you.
get a trak type phone with prepaid minutes so you can be in control of your bills else u end up with a 300-880$ bill you can't pay.
that really messes up your credit.
visit daveramsey.com to learn what the credit slave cards and bankers pray u never ever learn or worse apply in ur life.
how to own your money.
u can buy nice cars cash. building credit only teaches u how to make others richer,
2007-05-24 20:40:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
YES IT DOES HELP...in my experience I had a cell phone in my name for 6 mths and then I applied for a BEST BUY credit card and was approved for like 800.00.....BUT PLEASE BEWARE OF CREDIT CARD DEBT...i learned the HARD WAY! I knw t-mobile is easy to get a cell phone with a low deposit for no credit people!
2007-05-24 19:23:56 · answer #5 · answered by Shooting Star 4 · 0⤊ 0⤋
yes and yeas however ask your bank if they have a credit card that can be linked to your account in this way what you have in the bank is your credit limit
2007-05-24 19:22:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes and yes.that is all i can say.
2007-05-24 20:00:28 · answer #7 · answered by Nancy 2 · 0⤊ 0⤋