I've never had credit, could i have bad credit without even knowing.. and how did i get this bad credit without having a credit card in the first place? i don't get it not one credit card has accepted my application what should i do? how will i build credit?
2007-09-26 17:30:47 · 10 answers · asked by Jamers 1 in Business & Finance ➔ Credit
Your credit is being pulled too often. Stop applying for about 3 months, then apply for a card that you think your would qualify for. go to www.creditcards.com and look around, it will tell you what kind of credit you need to qualify for the card. look for "Fair Credit OK" the bad credit card offers are for people with charge offs etc, so stay away from offers like orchard bank, first premier, Tribute, Aspire, etc. You can get a credit card for a regular bank, just wait it out and don't apply becuase its hurting your score, and making lenders think that you could potentially have accounts opening soon, and that you will over extend yourself with too much debt. After about 3 months it won't have as much weight on your score, but keep in mind that inquiries stay on your report for a whole 2 years. So, don't apply for a new card every three months. I would suggest applying at Chase or Capital One, they gave me my frist cards 2 years ago and I didn't have any credit either...now 2 years later my credit limits went from an average of 500 to over 8,000 dollars. Just keep up the payments and don't exceed 30% of your available credit. Say you got a card for 500 dollars, never ever ever owe it more than 150. Keep that in mind and you will have excellent credit in the next year or so. Goodluck, and stay away from those nasty offers.
2007-09-26 17:51:13 · answer #1 · answered by Mark 4 · 0⤊ 0⤋
It happened the same way with me.
Do you have a job?
If you do ask someone to co-sign a loan for you. For example: I needed a new bed. So I went to Ashley furniture and financed a bed for $1,300.00. They wouldn't finance it without my mom or dad co-signing. So my parents co-signed for the loan. I make my payments on the 15th of every month without fail. I've only been 1 day late once. Now that I'm 20, almost 21 I have a credit history. And, because I have the Ashley furniture on my credit I was able to finance a new flat panel TV at Best Buy on my own. All I did was give $75.00 down and I pay the rest in payments of $41.22 a month. I'm now going to try and get a car (finance) on my own. As time goes on it becomes easier to get credit.
Also if you try and apply for credit too many times it will negatively impact your credit report. The creditors will see that you're "credit-hungry" and you're just looking for anything. Most likely they look at your credit inquiries for the past 3 months and ignore the previous ones.
You want to protect your credit now, while it doesn't have any blemishes. Because in the future you need a decent credit score to go to college, get auto insurance, buy a house, buy a car, get a credit card, or finance a big purchase. With more negative reports you will have much higher interest rates with loans/credit cards. Insurance will also be expensive.
So if I were you, I'd ask your parents if they would co-sign a loan for you. You could even go to your bank and see if they have a secured credit card available. I have one with Wells Fargo Bank (where I have my checking & savings accounts). All you do is deposit a set amount of money to your secured credit card (I deposited 400.00) . So 400.00 is your credit limit. When you use the card you get a bill with a minimum amount due. If you pay that on time it will show on your credit report. That will build your credit history.
2007-09-27 00:45:50 · answer #2 · answered by Dude 4 · 0⤊ 0⤋
You don't have a credit history, so you shouldn't look at yourself as having bad credit.
Everytime you apply for credit, the credit bureaus are tracking these numbers. Too many inquiries can lead to credit denial.
Is your income (your ability to repay) in line with all the requests that you are making?
You should at least be able to get a Sears card, just about anyone that can fog up a mirror can get one. If you are patient enough, you should be over-run with pre-approved credit applications.
2007-09-27 00:40:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit cardwhich credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.
2007-09-27 00:38:35 · answer #4 · answered by Cool B 1 · 0⤊ 0⤋
Every time you apply for credit your credit record is checked. When there are a lot of hits on your credit record it shows up to the next company to check your credit. It might be easier for you to start out with a prepaid credit card.
2007-09-27 00:38:21 · answer #5 · answered by kim h 7 · 0⤊ 0⤋
It's because you haven't established credit yet. Try starting off with something small like a gas credit card or department store credit card. Once you establish good credit with those then you'll receive more offers.
2007-09-27 00:38:55 · answer #6 · answered by I'm Bored 2 · 0⤊ 0⤋
You have no credit history yet so you have no credit. You will have to get some credit and this takes some time and doing. If you go to college they might give you a cedit card then.
2007-09-27 00:36:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
because you don't have credit
eventually you'll get one
I think it might be easier to get a cr card through a department store I got my first one from Macy's and my other one was through a college thingy. also there are student credit cards. they are specifically for students so you might have easier time getting one of those. don't have more than 3 credit cards at any time and try not to charge more than 30% of your credit limit on any of them when you get them and of course always make payments on time (even if not in full) to keep you FICO score the highest; also when you apply for credit and lenders check into your credit score you score will decrease so don't apply for every card out there, make strategic decisions.
2007-09-27 00:36:07 · answer #8 · answered by mishkin 5 · 0⤊ 0⤋
If you have no job and no co-signer that may be the problem.
You should contact the credit companies and ask why. By law if you contact them within a certain period of time aftera rejection, they have to provide you with a copy of your credit report.
2007-09-27 00:36:43 · answer #9 · answered by anon 4 · 0⤊ 0⤋
do you have a job?
2007-10-01 00:01:02 · answer #10 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋