How can I obtain/start a line of credit so I can actually do something??

Question

I'm getting frustrated....everything in this country revolves around credit and credit checks...i am 18, how am i supposed to get student loans, pay for a house, buy anything that needs to be financed, or do anything in my life on my own if i have to have a dang cosigner because i dont have "x" amount of dollars in a bank account to get a loan or any type of help from our rediculous government???? I want to start a business and have it all ready with plenty of available clients ready to sign up, but credit is keeping me from doing so....any suggestions....oh and dont give me that crap about government loans or grants, those things are like looking for a needle in a pile of scrap metal...

Answer 1

I found a card that was great for building credit. The way it works is you pay 0.5% of your limit down for example 10,000.00 dollar line of credit you have to put down $500.00 dollars. There are no credit checks or inquires 100% approvel now this is just for building credit not to max out.

http://robertscredit.com/ Far right side there is a link

Answer 2

Well, you have no income. Despite a business plan and clients waiting, you still have no income and no job history and no credit history. I woudl start by putting whatever you can in an account and try to get a secured loan against what is in your savings. Smaller banks will extend personal loans, especially if you have $1500 in a savings account and are getting a loan for $1000. It will start to build your credit.

But get a job, and start your business part time with the clients ready to sign up. You can gradually make the move to full time as you gain more experience and get more clients.

But keep in mind running a business is about alot more than jsut doing the work. There are legal aspects and tax stuff and office managing stuff that you need to know as well as just how to do xyz for your customers.

You are looking for someone to take a chance on you. Sorry, but a bank isn't going to do that without some sort of history of fulfilling financial obligations. But contact your local SBA. They may be able to help you find alternative forms of financing. If you aren't willing to dig through haystacks, looking for needles, you probably aren't cut out to own your own business.

Answer 3

You need to provide more information. Do you rent, live in school dorms, or live with parents?

Are you currently employed? If so for how long? Full time?

(Are you attending college? If so you can probably get a student credit card.)

What is the nature of your proposed business? Do you have a business plan?

Answer 4

Welcome to the real world. You have to build your credit history slowly, just like every else. Start with something like a store credit card or secured bank card. Rome isn't built in a day.