Advice please!!!!!!!!!?

Question

If i apply for a credit card and i get denied does my credit score go down?? Im 18 years old never had a credit card never had anything to affect my credit i guess i just got denied because im barely 18 and havent had my job enough.. but someone said today everytime they look at ur credit or you get denied for a card it lowers your credit score.. and how do i go about getting a new credit card?

Answer 1

Go to your bank and apply for a credit card. You may have to get a secured card -- you pay a deposit which is used as collateral. After 7 months of using the card and paying it off in full every month, you'll have some history and can get a regular credit card.

Answer 2

I have been around the credit card block so to speak, so I say this with all sincerity, YES it does cause your credit to drop a few points.

I recommend that you go to your current bank and do this.

you need to ether have a savings acct. or open one. but then
you should get together $1,000.00 one thousand dollars. or as much as you can get together. (don't worry you will get it right back) you need to get at least $300.00 to make this work.

put the money in your savings acct. to secure the loan.

Ask to take out a Secured Loan using the one thousand dollars or the amount you have. (that is in your savings acct)

You will need to put in an extra amount to cover the interest. or get the loan for slightly less than what you put in. (Usually 1 payment)

Then put the loan on an automatic payment plan that pulls the payment out of the savings acct. you used to secure the loan.

Now this is where you can ether save money and increase your credit or you can just increase your credit.

It worked for me, so I know it does work.

you can ether add the amount of the loan payments to the acct when the loan is due or you can just walk away and let the loan pay itself out.

With it being on automatic payment and you having put in the acct enough money to cover the interest you could literally just be out the cost of the interest you will pay over the term of the loan.

this is a really good way to start your credit, true it is secured credit, but having the payments come out automatically it really helps the credit score go up every month.

The really sweet part is you get back the money you just put in the acct. in the form of a loan.... lol

I did this on a loan that I set up to go for 1 year ( kind of short time though) and it allowed me to take out a car loan with just my credit no co-signer. I did have a job for that 1 yr. and I didn't have any bad credit during that time.

I hope this helps everyone.

Answer 3

well... i guess that wont affect your credit card score...
take this advise from me....focus only on your current credit card ...you only need one...use it and pay on time so that you u can establish a good credit.
i am barely 21 years old and i have only one credit... i had the same situation when i was at your age but now, all of the credit card companies are bugging me to have their credit.

Answer 4

If you're a student, there are many options that are available. Try to look for them online. You can check out this resource: http://www.buildingcreditforstudents.com, which I find to be useful especially when it comes to students building credit.

You see establishing good credit is very important that's why you have to take into consideration all the options at hand.

Answer 5

YES! When any company or potential creditor makes a check on your credit worthiness it means they pull you credit history and try to determine if you are a good credit risk. Any time they check your history it cuts into your credit score. The less time they check into your score means the less impact
they see

Answer 6

no it doesnt, the only way your credit score will go down is if u have a bill and u dont pay it right away

Answer 7

go through your local bank, in 6 months time