How do you borrow money from the bank when you have no credit history?

Question

This is my first time doing this... I'm 22 years old and this is my first time doing this, my dad will not let me learn how to drive because he is afraid I'll crash the car, neither of them will let me learn how to cook, and my mother threatens me with physicla violence every time I try to quit my job which consists of me sitting around for 8 hours a day doing absolutely nothing and collecting money from the boss.

Answer 1

Time to move out of Mom and Dad's house. Get yourself a secured credit card to establish yourself- It may take a year or so (use public transportation until then). What do you need a loan for? A car I assume. Unless you establish credit, you will need a cosigner, like one of your parents. Tell them, they are only setting themselves up for you to be dependent upon them much longer than you would otherwise.

How could you do this? Well, have a friend rent a car for you- you pay. Have them teach you. Seriously, you are 22, grow up.

Try and look at how you are approaching the situation. My Dad will not allow me to learn how to drive. Why is it your Dad won't let you? Maybe, it's you are not doing enough yourself. Get a friend to teach you. I learned how to drive when I was 14 for godsakes. QUIT BEING SO DEPENDANT ON YOUR PARENTS, DO SOMETHING FOR YOURSELF.

I just wanted to add more, becaue I felt bad for how I cam off. Listen, if I thought that everything I wanted to accomplish in life included going through my parents or using my parents to teach me, I would be nowhere today. You seem to be under the impression that all of your hurdles are due to your parents not allowing you to do them - that is wrong. Find other ways to accomplish what you want to do. That means, think of other ways to get done what you want to - without the help of your parents. I am certain you can.

Answer 2

Be very careful. Establish a savings and a checking account. Put money in the account. Ask the bank to borrow for a personal loan and get yourself into an apartment and out of that situation. Speaking with the bank about it will ease your mind. They will help you to have an easy payment plan to pay back the money. Just make sure you pay on time each month when your bills come and you will keep good credit. Good luck!

Answer 3

First off: You've gotten some good advice from some of the other posts. All I'd like to add is:

Even if you don't like your job, don't quit it if it pays enough to support you. (Part of growing up is doing work you don't like in order to achieve a long term objective.) If the money there is bad, find another job before quiting.

As far as the loan goes, don't expect to get loaned money in order to get an apartment. No one will rent to you without a credit history. (Some people will rent out rooms in their house without doing a credit check on you. This might be an option but the living situation will be like living with mom & dad again.) Your best course of action would be to locate a room mate. Room mates are risky but looking for one would get you out of the house a little bit faster than waiting for the ideal money situation.

The other thing to add is besides socking money away you need to come up with a financial plan. Check out lifehacker.com as a gateway to some decent personal financial sites.

Good luck.

Answer 4

Geez, act your age. I understand parents wanting to protect you from everything with the potential to hurt, but you're way overdue to rebel against being coddled before it turns you into some creepy adult who never grew up.

Forget the loan. Without credit, you'd need a co-signer, and that'd be mommy or daddy, allowing them to further control your life. Instead, get a credit card, use it a little, and pay the bill promptly. You're establishing good credit.

If you're working and living with your parents, start socking away most of every paycheck. You will need a first month's rent, a last month's rent, a security deposit, and enough to buy the basics you need to occupy your own place, like a mattress, a chair, and a table. Yeah, more would be nice, but it can wait. Make sure you have enough money to buy groceries and cleaning supplies.

Spend some money at thrift stores on dishes, pots and pans, glassware, and silverware. Now you can cook at home. Don't know how to cook? Buy yourself a very basic cookbook aimed at beginners and teach yourself through doing. You're ruin some stuff, but you'll learn. You can also watch whoever cooks at your house and pay attention to what they're doing.

When you've got several thousand dollars saved, start looking at apartments near public transportation. Figure out what bus route (or subway) leads nearest to your place of employment, and explore the neighborhoods on the same bus route. Look for one where you'd feel safe and where you can walk to do a lot of your basic errand-running. This will probably be urban rather than suburban.

Once you've rented a place, just tell your parents flat out that you're moving out, that you're an adult who needs to learn to fend for himself/herself rather than be cooked for, driven places, and so on. Do not allow them to intimidate you as a way to keep you safe and warm in their arms, because this is not healthy for adults.

Answer 5

best bet is to opened up a small savings account and put say 300 dollers in it and than a checking account at the same local bank -- watch that you do not write any nsf checks and after a few months figure how much it will cost to live on your own and make arrangement to move out of the nest!!!