How can I build credit if no one wants to give me credit?

Question

I have been trying to apply for the past couple years at various places like, Walmart, Target, Dillards, Macy's, Best Buy, couple of gas credit cards and even local furniture stores. They all turn me down because I dont have any credit information. I'm 24 yrs old and I know 18 year olds who have credit cards and loans on cars. WTF?! And I dont want to do one of those secured card deals. According to my friend's boyfriend I am considered a "ghost" when it comes to credit. I ran my credit through Equifax, Experian and some other big one and they don't have any record. Just my name and former addresses. No credit score, nothing! I dont have bad credit, I have NO credit. Any suggestions?

Answer 1

Well first off, you have WAY too many inquires, so at this time, no major credit card company would issue you a card nor would a bank give you a loan. The only option you have right now is to get a secured card... Check with your bank first, because if you have a good history with them, they may help you. If not, Bank of America has a partially secured card, that you put $99 in a savings account and they give you a $500 limit. If you pay on time and don't go over the limit, they will change your card to unsecured and increase your limit in a year.

Other than that, you would have to wait until all of those inquires drop off your credit. Oh and FYI, do NOT apply for muiltple lines of credit because it makes you look desperate!!!

Answer 2

Credit card companies are eager to get 18 year olds into debt. They were always hanging around my college campus signing up kids left and right for free squeeze toys and other lame crap.

I'd be more suspicious of a 24 year old without credit as well. My girlfriend is 24 and can't finance steam off a hot dog. I added her as an "authorized user" for a few of my credit cards. Now she is building credit.

It's easier to get a car loan than a credit card. It's easier to buy a home than getting a car or credit card. At my bank we'll give you a home loan with no credit score or even a social security number (TIN number only, foreign nationals) with the right down payment.

Credit cards are "unsecured" which is very risky. Try Orchard Bank (google it)or one of those places that offer cards to everyone. They all stink because they charge high fees . Otherwise, get someone (your boyfriend?) to cosign for you or get you a credit card.

Answer 3

since you "cant afford to pay a secured credit card" you might be, in the eyes of a credit card company, a poor credit risk. and that is why you will have a hard time getting credit. here are a few things you should know. usually, you will have a better change of getting a store credit card (sears, Kohls, Etc) than a Visa or Master Card. but these cards have much higher interest rates. usually over 20% the more credit inquiries take place under your name, the more your credit score will drop. so apply for credit carefully and don't just apply everywhere trying to get a credit card. Credit cards are an easy way to get into debt. be careful how you use them. most peoples unsecured debts are because of credit cards. your credit to debt ratio makes or breaks your credit score. the bigger the percentage of available credit over used credit, the better your score.

Answer 4

You can start buy getting a secured Visa or Mastercard.

The way these work is that you put down a deposit, say $500 and they give you a credit line usually double that. Make all your payments on time for a couple of years and they will probably offer to refund your deposit and/or upgrade your card to a non-secured card.

I am assuming you are not a student, because I know I got credit card offers constantly when I was a student ... unfortunately I got in big trouble with them and it took a while to establish good credit later.

Answer 5

The worst is trying to get credit at department stores! The best way to get a credit card is to go to your bank and ask for one! If you have a long time relationship with your financial institution they will give you a credit card based on your history with them or maybe ask you to put money down as security. (a gic, term for whatever amount you want to borrow) If that doesn't work go to a RBC, CIBC and ask for a "student credit card" Even if you're not a student they usually give you one because you have no credit! Good luck and remember to pay it off or at least the min balance owing. Never ever ever forget to pay your bill!!

Answer 6

I believe that store and gas company credit cards are more difficult to get than national cards like Visa and MC.

One way to build credit to buy something on credit like a car, and then pay all your payments back on time. If you can't get it on your own credit, you can co-sign with someone.

Why don't you want a secured card?

Answer 7

Try places like Fashion Bug or other dress places. Someone will give you a small one and then use it and pay it off each month. Once you get one, you will get plenty. Are you working? As long as you can show the ability to pay, you should be able to get credit. Dillards was on campus offering cards to anyone that would take them. They only had a $400 limit but so what, it is a start. My other suggestion is gas cards. Try different places until someone gives you one.

Answer 8

The secured credit card is indeed a great way to start rebuilding your credit history. It helps you gain financial discipline and stay within the credit limits, because of the low credit limit initially you are not tempted to charge huge expenditures on your credit card and pay for them either in cash or by some other means. Thus a secured credit card helps in more than one ways. It is for the credit card holder to take advantage of all the features offered by the secured credit card and regain control over his credit history. Read more and apply online at: http://www.credit-card-gallery.com/Guaranteed_Approval.html

Answer 9

I've heard of this one credit card that helps build your credit. I would probably be open to this and read how it works. This might be exactly what you are looking for. debit cards which offer a built-in credit reporting feature. This is a debit card that offers the power to build up your credit.

Answer 10

Well, doll--hate to break it too you; at this point the ONLY way to establish credit would be "one of those" secured credit cards--UNLESS you start putting bills on your name such as hydro, cable, internet, or you can get a good start with a cel phone plan. BUT if you start out like THAT the bills have to be paid BEFORE the due dates and EVERY month!
--Unfortunately, i dont understand how at 24 you dont have ANY credit!! I f your still living with parents or are supported by parents and have never HAD to actually put bills in your name; it might be time to start OR get parnts to co-sign for a line of crediy, MOST credit cards allow second and third card holders..........here are your options......GOOD LUCK!! :>)