fire4511
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The easy way to start building credit is to open a savings account with a local bank or credit union. Make regular deposits to the account. When you have saved up $1000, apply for a $500 secured loan from that bank. With a secured loan, you are in essence borrowing your own money. The bank will freeze $500 in your account as collateral for the loan. Put the $500 back in the savings account.
The bank has no risk doing so, they can not lose. Make the loan payments on time. When the loan is paid, you will have a payment (credit) history, and $1500 in the bank. Take out a $1000 secured loan next, doing the same thing. When that is paid, you will have enough history with that bank that you should qualify for a Visa or Mastercard with them |
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cherry
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do not get a credit card i got one when i was 18 it only had a 400 limit i ended up owing them 700 with interst and charges ive paid back almost 800 in dribs and drabs and i still owe them 250 pounds i am 21 now it
i would suggest not geting 1 unless u know you can pay it back or definatley make regular payments every month otherwise you end up paying so much it feels like free money when your spending but for every pound you spend your really spending 5 |
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THAT'S FOR MEEH !! :D
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No it won't. |
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Wallflower
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if you pay your own cell phone bill, and keep it up every month, and never pay late, that will build your credit. |
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imtheboyfromlollypopland
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pay on time |
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me26
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i had that problem. I got a secure credit card from BOAmerica. I used it and made sure I paid the bill every month. Then after awhile I was able to get a loan. |
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svgsmom
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Get a bank account. Get a gas credit card and pay it off every month on time. Pay all your bills on time, for example your cell phone, insurance, car payment etc. (although you probably don't have a car loan, lol!, I'm a dork!) Anyway what I did was the gas credit card and used it every month and paid it off every month. The other thing is paying all bills on time. |
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Karl L
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Its simple get into debt and voila you have a credit history. Seriously the way i understand it thats the only way you can get a credit history just be sure you can pay it back in a timely fashion because the more you do that the more confidence lenders will have about you. My advice is to talk to a relative or friend who knows more about this sort of stuff.
By the way dont get into debt untill you have a job and your able to pay off your debts. |
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Mike J
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get a bank account first, after u start paying ur bills u should be able to get a card then |
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Brutus
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you could be applying for the wrong one that is why you keep on getting turn down when starting credit you need to get a lower end card and work your self up to a discover or citibank, go to www.fastcreditcardapprovals.com go under no credit section and here they have some cards that will get you approved, use it for a few months just enough to build a little bit of credit one you have build a little bit of credit you could apply for a better card. Good luck |
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If i knew would i bother to ask?
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some banks will give you a secured card!
is a card in which you make a deposit and can only charge the amount you have in the deposit after a year they usually give you one without the deposit depending on how you make your payments.
or start at one of those stores that give you credit by having a job only at least here in california they do there are lots of stores like furniture store they only require work address and some bills as proof of residence. |
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Bart M
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what are you trying to accomplish? |
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BIKER DUDE
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Put money in a checking account that will let you have a debit card. use your own money with the debit card. When asked at the store if it is credit or debit chose credit. most debit cards will also work as a credit card avoiding the debit charge and records indicate that it is a credit card to anyone who sees it other than your bank. it is your money though. Do this for 6 months then try again for a credit card. |
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xbabe82517
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This is a really bad time to apply for any kind of credit, unless the companies and banks know for certain that you're able to pay it back. Thanks to the recession, everyone is tightening their belts - and that includes the banks and credit companies!
Your best bet is to stay away from credit cards for a while. Maybe get a mobile phone contract, or a contract with any company, eg. internet or cable TV, and as long as you continue to pay your bills on time, you will gradually build up your credit rating. Credit companies need to know that you're reliable and can make repayments.
Also, I'm not sure if you realise this but credit isn't free - if you want a credit card, you need to make sure that you do have enough income to make the repayments. In our current economic climate, you will no doubt need to be in full-time employment before anyone will even consider giving you a credit card. |
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C V
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Getting a checking account and paying your bills on time will help.
There are a lot of credit card companies out there that will be very happy to give you a card, but you will have a low maximum balance, high interest rates, and possibly a monthly fee. Don't charge more than you can pay off every month and you'll avoid paying the interest.
I would suggest you try American Express, CapitalOne, or Chase. American Express charges all of its customers a fee and will not let you carry a balance (so you'll be forced to be good.) CapitalOne and Chase will probably not charge you an annual fee, and they tend to give cards to people with marginal credit. You should be able to apply for these cards on line.
Good luck.
PS: I'm serious - don't carry a balance - that's the #1 way people get into trouble with money. |
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whiteangel
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if you don't have a credit history the best thing you can do is go to bank of america and apply for a Secured Credit Card. it requires you to deposit money to secure a credit line. good luck |
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JennyKS
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Go to a major bank, such as US Bank and ask about their secured card. They will give you a credit line equal to the amount you can put into the account. After 6mos-12mos, you will have established some credit history and then might be eligible for more cards.
If you are a student, some major issuers offer student cards.
Be careful with inquiries, they stay on your report 2 years and you can be denied for too many inquiries.
Also, please do not confuse prepaid cards with secured cards. A secured card from a major bank does not have any fees, other than maybe an application fee. If the card has a monthly charge or fees that are almost equal to your credit limit, then they are a scam. You don't have bad credit, you have NO credit.
In the meantime, research all you can about credit scores and how to improve yours.
30% of your score is utilization (how much of your cards are you using? The lower the better)
35% is payment history (are you paying on time each month).
Keep your eye on those two major factors and you'll be good to go from the beginning.
Good luck! |
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Need 2 Win Lotto
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Well, I've read all the answers before mine, and I wanted to tell you how my mom advised me to start my credit. See, I had got hit by a car crossing a highway in Atlanta while drinking when I was in college at Morris Brown College, and afterwards, my dad wound up suing his own car insurance company to pay for damages since I was a minor at age 17. So, I wound up with $3,000 dollars or so after the lawyer got hsi $6,000; (you're gonna get fukkked out of your money anytime you deal with a lawyer.) What I did is bought a cheap car for $300 dollars and took it to the bank to take out a loan where I used the $3000 dollars I had in a savings at this same bank for collateral. The money I had in the bank was worth way-y-y-y more than the car, but it worked to get me some credit started. |
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Bassman1
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No a prepaid card will not help.
1st. Open a small savings and checking account.
2nd. apply with the same bank for a credit card with a small limit, say $200.00 and pay it regularly after charging a small amount ti it, the bank may ask if you can have some one co-sign so ask a parent, sibling or friend that no's you if they are willing to do this in advance.
3rd. Pay all your bills on time, car payment, school loans, insurance any time you are late or fail to pay it will go against your credit rating and hurt you later when you want to buy a big ticket item. |
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lkoskiniemi
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get a bank account, when the bank sees that theres a steady flow of money coming in then they'll give you a credit card, thats how i got mine |
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FoxForceFiveVega
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Open a bank account first of all. Since you don't shop at JcPenny then maybe try to get a card at Best Buy, or somewhere you would shop at. Start out with a small item like something $200 or less. Make the payments on that, not paying more than the minimum amount..if you pay like the payment is set up it looks better believe it or not. Why would you get a prepaid credit card? That's not really a credit card. I wouldn't go that route. Just purchase something small...a radio, a tv, muscial instrument..just something to show that you can and will make payments on something...that's the best way to build your credit. |
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ashleyholloway20
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apply for a small loan...say 500 at your bank..then pay it back on time..do this several times if need be...you could also purchase a car to make payments on and have it financed... |
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whotsit
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try getting a job |
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Zachary A
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Apply for a yearly cellphone plan. Pay every month, for six months. After one year- reapply for those credit cards. |
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THE MAN FROM IOWA
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GET A CO-SIGNER FOR AT LEAST 1 YEAR |
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Jess
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Start with a student credit card, that you can get through your bank. It only has a limit of $500 usually, but if you put little bits on and make every payment on time and efficiently-your credit will grow.
No debit carbs help you with credit. |
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jackdaniels_cbgb
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Get someone to co-sign a loan for you and be good on payments. I got my first credit card when I was 18 through the Credit Union I banked with. I had no credit at the time. |
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Sierra
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The Easiest Way to build your credit is to have your parents take out a loan in your name. But they pay it off. That's what my family did for me. And you will not get approved by a major credit card company until your credit is substantially built up. Macy's will give a credit card to just about anyone that applies. And i hear American Eagle will allow people to open up credit cards if their parents co-sign.
The Pre-paid visa card will not work because it shows that you already have the money. The point of credit cards is to borrow the money you don't have, and then pay it off. That's how you build a credit score. |
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TK
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Trying getting a secured credit card or renting something cheap
from rent a center. (Rent to buy). If you always pay on time, you
will build an excellent credit history and this will allow you to
apply for unsecured credit. |
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