 When you're applying for credit and it asks you if you rent or own, but you live with your parents for free..? |
my dad might start charging me rent soon, but that's not an offical financial transfer like renting a house.
which one is the one you're suppose to choose?... |
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Additional Details
without having to put a credit card in.... |
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Bailey123 | Declined for credit cards? |
i am 18 years old, I have a loan from a bank for my car..ive had it for about a year and i half and i have a year and a half to go, but i have never missed a payment. i tried applying for credit cards to build my credit and they keep declining me...i applied for about 4 in the past couple of months...i checked my credit report and there doesnt appear to be anything wrong so why cant i get a credit card...is it because of my loan? should i wait untill it is paid off? or is it because i am so young?
Additional Details
yea i dunno i guess my parents cosigned but they definately take 150 a month for my car payment so i guess its not impossible... |
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$m¤¤v¥ £¤¢¤
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The problem isn't with your age, it's just that you haven't established enough credit. My suggestion would be to stop applying for random cards and see if where you bank offers what's called a "secured credit card". A deposit which is used as collateral is required upfront, but this is the easiest card to get. And as long as you pay on time like you did with your loan, you get the deposit back at some point in time. I posted some links to some secured cards you can look at. In my personal opinion, Bank of America offers the best overall secured card. |
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Reality Check
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If they deny you credit, they will mail you a letter in the mail stating why.
What do the letters state?
That would be your answer why you're being denied. At 18, you just don't have enough established credit to have a car loan, and credit cards. You said that you had your car loan for a year and a half...that means if you're 18 now, you would have had to get the auto loan @ 16 or 17 years old, which cannot happen. So someone must have gotten the loan for you, or it's a secured loan borrowing against collateral.
Are you seeing your car loan on the credit reports? |
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denise2orderavon
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To be honest, the denying is doing you a favor. Don't rush to get a credit card...it will most likely only get you into trouble. Get in the habit of living within your means - i.e. spend only what you have and less than what you bring in.
It would be good for you to learn that if you don't have money for those new shoes, don't buy them. Take it from me...I learned the hard way and I am currently paying off a lot of debt! |
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archivalk
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I don't believe age plays a factor but your assets would. Do you have a permanent job? Aside from the car do you own property or have any investments (i.e. RRSPs, stock, etc.) ?
Also each time you apply for a loan or credit of any type it is recorded on your credit history and so if you keep applying lets say every couple of weeks then that looks bad.
With regards to your loan, are all your payments made on time, as even being a day late will affect your credit history.
You may want to try and contact one of the company that declined your applications for a credit card and ask them why they declined you.
Best of luck |
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Starry Eyes
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well if you say you have had this loan for that long, your credit should be fairly good and they would't deny it because of that. but one thing that sucks is that if you haven't been at your present job for more than a year they don't give ya one. |
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Kaia
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In my experience there are two types of Bad Credit Credit Cards. One is a secured card, and the other has a much higher rate of interest. Both can be used to rebuild your credit worthiness after getting back on your feet. Secured credit cards are great for rebuilding your credit. You send the credit card company a pre deposit amount set by the company<!--This amount will be equal to your credit limit. Pay over your minimum every month and send your payment in before the due date and you will build your credit up gradually. Never miss a payment, be late on a payment, or go over your credit limit even by a small amount.
http://best-loans.awardspace.com/credit-card-for-people-with-bad-credit.htm
http://bestcreditcards.freehostia.com/
You don't want the company to ever have to take from your pre deposit amount because they want you to handle your account just like you would an unsecured card. A great thing about this pre deposit amount that you send in is it can act as a savings account even earning a little-->bit of interest for you. After establishing yourself with the credit card company, they may decide to give you a unsecured credit card or increase the limit on the one you have with them without having to make another deposit. Secured credit cards are a good choice for anyone wishing to rebuild their credit history. |
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Debbie s
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Chances are you haven't built enough of a credit history yet. Are your bills in your name? That is a good place to start. |
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aquilla
 |
Many credit card companies require you to have a minimum annual income of $30,000 to be accepted. You might not be applying for the easier cards to get. Like department store cards. Don't get one of those though, their interest rates are unreal.
Just wait it out for now. Apply again in a year. The more you apply, the worse off you'll be. When a creditor sees you were denied 4X in two months they're going to deny you too. |
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John W
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http://credcards.noneto.com - try this one. You can just get a credit card from this bank in your situation. |
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