My boyfriend is 28 and has never had a credit card because his father discouraged it. Now that I have talked him into getting one to build credit, he cannot get approved for one. He has applied for a Visa card, a credit card through his bank, and a gas card, but all turned him down. I know a store credit card is am option, but every time he applies without getting approved, it can hurt his credit. Does anyone have suggestions on how he can get approved or build some credit? I know financial advisors work more with investments, but would it be worth for him to talk to one about advice about his credit?
2007-09-06 08:17:00 · 4 answers · asked by vagirlhi 4 in Business & Finance ➔ Credit
Sounds like his best option would be a secured card
Wells Fargo
US Bank
National City
are all good choices and usually can unsecure in 12-18 months
You can also try applying for an Orchard Bank card, usually if they turn you down they will offer you a secured card
2007-09-06 08:24:48 · answer #1 · answered by Craig T 6 · 1⤊ 0⤋
Find out from the bank he applied, what does he have on his credit report. If he never had credit, then he should have nothing 'bad' on his report, just 'lack of credit'. Better still, get a copy of your credit report to see if there are any discrepencies, but the most important point would be to find out WHY he was turned down (could be many things, but getting a gas card is easy except for Shell--that needs excellent credit, but Phillips 66 (conoco or mobil...all owned by the same company) and also BP Amoco isn't difficult to get. Also, they may start out (gas card) with a low credit line (200-400), but IF you pay this off each month...you can build your credit and therefore get another card (Visa or Mastercard) that much easier.
Most banks, too, have their own credit card so I do not know why they wouldn't give a customer (in good standing) at least a lower credit line if he has a good credit history. Be careful applying for many cards (at once) since it does look bad on his credit report when he gets turned down--they look at that too. Since he was turned down for both cards (gas and Visa), he can get a free credit report. Go into the bank and do talk to someone....preferably the department that handles credit cards and they should be able to talk to him and tell him why or what to do. Hope this helps?
2007-09-06 08:39:28 · answer #2 · answered by Kathy 1 · 0⤊ 0⤋
There are cards that are called secured cards. you make a deposit in a account and they will issue a card with your deposit being your credit limit. you can get one of these and if you have no trouble with paying you they will make it a regular card. No one knows it is secured and they report the activity to the credit reporting services and you can build a credit history. You might try a credit union for a card. Discover card is fairly easy get.
2007-09-06 08:56:08 · answer #3 · answered by redd headd 7 · 1⤊ 0⤋
hi there, I have signed up for NHBS free ebook on credit building and repair...its a very useful tool I follow in my daily credit and finances
have a great day
2007-09-06 10:29:54 · answer #4 · answered by Gee L 1 · 0⤊ 1⤋