 I have no credit! How do I get good credit fast? |
| Can you tell me what I should do step by step in order to have good credit fast? I have no credit right now and i wish to have good credit in about 1 year.... |
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The less you have to worry about identity theft?
Additional Details
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woohoooooo!!!! | How do you build credit from nothing? |
A friend of mine has no credit...no bad, no good. So, no one will loan her anything. How does she go about building her credit so she can get a credit card. She's applied for cards and cell phones etc..but, they won't approve her because she has none.
Additional Details
She has NO credit and NO debt. She's starting from scratch. She's had the same job for at least 8 or 9 years too. |
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The easiest way for your friend to build credit would be to open a secured credit card. How it works is that money is used as collateral to establish a matching credit line, for example, $300 would get a $300 limit, and so on. Usually after a year or so of keeping the account in good standing, the collateral is given back and a regular credit card is offered. Major banks like Citi, Bank of America, Wells Fargo, Washington Mutual all offer these cards. |
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SG
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Usually you can get approved for a credit card, something basic like a capital one, if you have no credit. That is typically how you start building your good credit, by getting a card and paying it off every month.
If you're not getting approved it may signal other debt issues, things like bills that have gone to collections would negatively affect your credit. There could also be a mistake on her credit report. Your friend should get a copy of her report, which can be done for free online, and make sure everything is correct.
Also, store credit cards are easier to get approved for, something like a Sears credit card that you can only use at Sears. You could try that if you're still getting rejected elsewhere. |
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Anjell
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Hopefully she at least has a chequing account, so that would at least create a credit profile. What she can do is get a secured credit card from Capital One for $500 or more if she can afford it. Start with charging less than 10-15% of the card balance each month for real expenses...like gas, groceries, etc...tell her to pay in full and on time for no less than 6 months. This will establish a positive repayment plan and kick start a credit score (mind you it won't be too high yet). She can then apply for another secured card or loan and do the same thing. Just leave those 2 accounts there for at least a year and let her credit score build up.
After the initial 6 months she can apply for a cell phone. It is imperative that she's diligent in paying her bills on time. |
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stan c
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You can either get a small loan for 24 months and pay it back in 12 or get a secured credit card. If you go for the loan, do not go the credit union because most do not report to the credit bureau in order to keep the cost down. That also applies for secured credit cards. |
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DEE CON JESTED
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wow i love these answers from people who KNOW nothing on credit.
first she should subscribe to a paper like wall street journal, seriously and then the credit apps will come flying in, just subscribe for a few months, and fill them out via the internet, do not apply for too many at once as is sends a flag up on your credit report.
if she has no credit all the better.
do not be to informative. as in DO NOT APPY FOR American Express,, she will never get one, just go to chase or captial one or better yet a store card like mervyns or walmart to start. |
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TaylorProud
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Join your local Credit Union, establish a regular pattern of saving and your credit union will guide you and give you a loan when you can afford one, without tons of credit card debt....
TIP: Dave Ramsey Financial Peace university... |
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Tara K
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save up some money, open up a secured loan and then pay it off. The longer you take to pay off a loan the better credit you will get. |
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mawmow
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There are some credit card companies that will give you a credit builder card, just for the very purpose. They charge a horrendous rate, usually double the usual but if you just buy one thing a month and pay it off immediately, the credit rating starts to go up. The credit scoring doesn't care how much it is, just whether you can pay it or not.
http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx
has some good ideas as well. I once got a guarantor for a loan but that got me started. |
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