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emsbaby | How can I build my credit? helppppp? |
I just turned 18 in October and I need helppp!
I can't get approved for credit cards, even the ones that say no credit history credit cards, or instant approval. I've applied for a small loan. I've applied for a Walmart credit card, a Sears credit card, and I've gotten denied on all of these options.
How exactly am I suppose to build credit!?!?!?
And I don't have a father and my mom is ina lot of debt, nobody can co-sign for me.
:[
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 |
 
Tiana
 |
I KNOW IT'S LONG, BUT HOPEFULLY YOU READ IT!
First of all, Congrats on turning 18! You have officially been introduced to adulthood.... which includes the wonderful world of credit! (haha sarcasm!)
Credit is very complicated, especially with the way that the economy is (unfortunately banks are so weary to hand out loans that even people with great credit are having a hard time getting approved). The best way to build credit is to start small and to manage it well, before aiming high at big loans and high credit card limits.
First, it's best to start off applying for a credit card if you don't have anyone to help you get a loan. Loans are the best way to build credit, but it's unlikely they will give you one without the help of someone who has credit. BEWARE OF PLACES THAT TELL YOU OTHERWISE BECAUSE THEY LIKELY HAVE A CATCH, LIKE A VERY HIGH INTEREST RATE. I would recommend doing a little comparison shopping to find the best card for you, although most of the time the best place to apply for cards and loans is your bank. You have to be VERY careful of interest rates, because that is where most people get in extremely deep. You should only charge what you can afford to pay off in a few paychecks. If you are looking at a loan for school, check out some of the loans that they offer with the school since you'll have a better chance of getting approved there.
HERE IS SOME INFORMATION THAT MY BANK GAVE ME:
**WHAT MAKES UP THE SCORE?
35% = based on payment history (paying on time or
delinquencies) with more weight on current payment
history.
30% = capacity on revolving debt
15% = length of credit
10% = accumulation of debt in last 12-18 months. Number of
inquiries and opening dates impact this.
10% = mix of credit
Installment debt raises vs. revolving debt lowers
# of finance companies loans – the more the lower the
score
**WHAT HURTS THE SCORE?
-Missing payments (it can take 24-months to restore credit
with one late pay)
-Credit cards at capacity (maxed out)
-Closing credit cards out (lowers available capacity)
-Shopping for credit excessively
-Opening up numerous trades in a short period of time
-More revolving loans in relation to installment loans
-Borrowing from finance companies
**WHAT DOESN'T AFFECT YOUR SCORE?
-Debt ratio
-Income
-Length of residence
-Length of employment
**HOW TO IMPROVE THE SCORE?
-Pay down on credit cards
-Do not close credit cards because capacity will decrease
(but do not use them)
-Make payments on time (older late pays will become less
significant with time)
-Slow down on opening accounts
-Acquire a solid credit history with years of experience
-Move revolving debt to installment debt
-Move finance company loans to your credit union
SORRY THIS WAS SO LONG, CREDIT IS COMPLICATED! I sincerely hope this helped because I was in your shoes a while back. If you have more questions, try talking to a loan officer at your bank. Even if they can't approve you for a loan, they can give you advise.
Good luck,
Tiana |
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Campbell
|
One of the first steps to building credit is to open a checking and a savings account in your name. You may already have an account, and it is something many lenders will look at, as it show stability.
http://www.worldbestloans.com/repaircredit.htm
If you are a student, you may be bombarded by credit offers on campus. Its a good idea to get one credit card, so if you find one available with low interest rates and a low or no annual fee, you may want to apply. |
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Kay
 |
Banks have savings backed credit card system for those people applying with no credit history or bad credit rating. This is how it works:
You open a savings account depositing certain amount, say $300. The bank issues you a credit card with card limit of $300. If you maintain your credit card in good standing without defaulting, within 6 to 8 months, the bank will release the hold on your savings deposit. If you default, the amount will be deducted from your savings.
If you establish a good payment practice, the bank might raise your credit limit as the time goes on. |
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Nitin B
 |
First, I would check your credit report, one of the many free credit report websites should help you out. Get the detailed credit report to see if there is anything there that is harming your score, i.e. someone else fraudulently using your SSN and not paying the bills. That could be the source of all of this.
If there is something amiss with your credit report, start the procedures to fix it- it may take a long time so start it ASAP.
Next, make sure you have a checking account to start off with. If you don't have one, open one up. Once you established a month or two at the bank, see if you can get a credit card through them. If you kept a positive balance with them, they will have proof that you are on the positive side, and will be more likely to offer you a card.
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letdown
|
well first it isn't good to apply repeatedly for credit. i, too had a hard time getting credit when i was your age so i went to citibank and got a secured credit card which means i gave them $300 (opened card in january) cash for them to give me a credit line of $300. i used the carda and made sure i made my payments on time and paid more than the minimum due. after 3 months they increased my line of credit to $500, after 6 months to $750 and after 1 year to $1000. the originally $300 i gave them collected interest at like 3% so at 1 year anniversary date they gave me the option of receiving a check for approx $325 or they would credit the amount towards my balance. i, of course took the check. also, after 6 months my credit score improved and i opened a couple department store accounts, got a discover card and with careful usage, on time payments, my credit score was considered great! this really is a great, easy way to obtain credit and save a little cash. oh, $300 was the initial minimum i could give them, but you have the option of doing $500 or $1000 too. PLEASE, only go with an actual bank that you trust like bank of america or chase that's fdic insured. good luck |
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JESSICA L
|
Establish checking and savings accounts
Understand the basics of credit scoring
Piggyback on someone else's good credit
Apply for credit while you're a college student
Get a store card
Use revolving accounts lightly but regularly
Apply for a secured credit card |
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provoke801
|
Make sure all of your current debts are paid off, STOP applying for credit! every time you do it shows an inquiry into your credit, and goes against your score. Get a pre paid credit card and use it to buy small things with, and pay it off religiously every month, your credit gets updated every 6 months so it could take some time to bring it up. It will work though, log on to true credit and watch your scores it's costs like 12$ a month or something but it will help you out. You can keep track of all 3 of your credit scores |
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James Dylan Dean
 |
You've already taken the wrong approach, but I can help with that.
To receive credit and maintain creditworthiness, you need to begin to budget and pay yourself first.
1)Determine your income, what you bring in every month from your job.
2)Create a list of your expenses - food, rent, car, phone, etc.
3)Now that you know where your money comes from and where it goes, you can begin to budget better.
4)Start by saving 25 dollars a week, its equal to 50 dollars every two weeks which equates to 100 dollars a month. It's best to do this incrementally, so you're not pressured into unloading a ton of your hard earned cash to save. "Step by Step, Day by Day - that's how we make it our way." -WAW)
5)Once you have a savings account earning a high yield (http://www.bankrate.com compares interest rates throughout the US) set up automatic distribution through your employer or your bank when you enroll with online banking. This way, the money doesn't stay accessable to you. NEVER accept a debit/ATM card with your savings account.
6)In one year, you'll have $1200 in savings and at that point, you can apply for a credit card with the bank you have your savings account with. They will see that you are dedicated to saving, and have a pay yourself first philosophy, which immediately shows you budget.
7)Once you are approved for your credit card, take the next three simple steps to maintain good credit, after you re-evaluate your budget. By the way, you should re-evaluate your budget on a month to month basis to find where you can spend less and save more.
8)The best way to maintain a good credit rating is to use less than 40% of your available credit. This is the biggest factor to remain in control of your debt. Your first credit card will probably only be 200-300 dollars. As long as you use 80 (of a 200 limit) or 120 (of a 300 limit) you will be able to budget to pay that card off in 3 months.
9)ALWAYS PAY ON TIME - You will get a Grace Period, but don't allow yourself to use it... you'd be tempted too often to do so.
10) PLAN AHEAD - Always know what you are using your credit card to buy. Remember you will be paying interest on your purchases, so make sure what you buy on your credit card you will be using at least the next three years. Don't buy food or cigarettes or allow your credit to manage a habit.
Before you know it, you'll be well on your way to solid creditworthiness and won't feel pressured by debt because your savings account is your nest egg... its secured - it will never lose value - and as long as you continue to feed it, your bank will likely increase your credit limit every 3-6 months.
More than anything, when it comes to finances... always have a plan. We all have dreams and wishes and like to play the game of keeping up with the Joneses but the difference between the comfortably successful and the debtors is proper planning. Good Luck, don't give up on yourself... and remember GOOD THINGS COME TO THOSE WHO WAIT. 8D
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saved_astronaut
|
u can build credit by paying off old debt & pay bills on time. when u pay off debt, keep the receipts so u can update credit bureaus |
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Michael K
|
Open an account with a credit union or a bank.
There are a few things you can do that can help in your quest for establishing credit. The first thing you should do is open and maintain a checking and possibly even a savings account at a local bank. This is helpful in two ways:
When you have active bank accounts in good standing, you are proving that you can manage money. While bank accounts aren’t typically a part of your credit score, lenders can use this information to determine whether or not you are a credit risk.
Establishing a relationship with a bank will improve your chances in obtaining a loan or credit card through them. If you already do business with a bank, they should be the first place to look. They know you and they value your business. This existing relationship should carry some weight when seeking credit.
If all else fails, you can apply for secured credit (again at a local bank or credit union). There, you will have a credit limit linked to an account that the lender can take the money from if you don't pay your bill. If you need to go this route, just make sure the bank reports the secured credit card to the credit reporting agencies. With regular reports to the agencies from that card, after awhile (six months to a year) you may be able to obtain a regular credit card or loan.
Good luck!
I hope that helps. |
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Tim S
|
If you have a bank account pay your cell phone bil yourself, and try other stores, but just watch the high interest. You should also get some applications in the mail, but with the economy today banks don't want to give credit out as much, but keep trying |
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