nestkeeper
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When I was 16 I went to my bank and asked a loan officer this question. This is what he told me. Good credit takes time to build. Lenders want to see a history of payments made on time.
You didn't mention whether or not you have student loans, so I will assume you don't.
Go to your bank and explain your goal face to face with a loan officer. Apply for a small loan, maybe a couple hundred dollars and make the payments on time. Don't pay it off early, the goal is to make every payment on time. If they are reluctant to loan you the money, offer to put up your savings account as collateral.
Don't get a credit card. You will be tempted to make impulse purchases and before you know it you will have thousands, or tens of thousands of dollars of debt. It takes years to dig yourself out of that pit.
Another consideration is protecting your credit from identity theft. Keep a close eye on your credit reports with the various reporting agencies (a whole other subject.)
Your credit is worth more than all of your money in the bank, and years worth of income. Guard it with your life, and it will serve you well. |
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ga.peach67
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I hope you are not running around filling out credit applications all over town. Every single time you apply for credit, it will take up to 12 points off your credit score.
It seems department store and gas credit cards are the easiest to get. They start you with a low available credit but if you pay on time and pay the balance each month, they will increase your credit line. Then, after you have a couple of those cards showing you can make on-time payments you should be able to get a major credit card.
The only other thing I can think of to get your credit history started is once you are out of school, a parent or other responsible party can co-sign a car loan for you. |
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Kristi and Matt
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I got my first card from Macy's.The best way to initiate credit is applying for a department store card... that is how I started building my credit at your age. If you are out shopping and they ask you if you want to save 15 % or whatever by applying- say sure... it will be 15% off your purchase and you may or may not be approved. (and usually they can tell you right away if you have been pre-approved or not)
Also, if you have a cellphone in your parents name- it might be in your benefit to get it switched into your name... that is a great way to help build credit as well.
Good luck, and remember don't go crazy on applying for too many cards at once- that can actually hurt your credit if your credit is checked that often. (I used to work at a bank)
Happy credit building!!! |
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katydint
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Walk into department stores and request credit there ("I'd like to open an account"), it's easy to get and just as reliable in building a financial reputation.
Even while I was in the middle of bankruptcy I received solicitations to accept major credit cards. |
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lizarddqueen
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apply for a student credit card. its easier to get approved cuz they know ur in school, i think Discover has a student card |
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Rigo
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Apply for a secure credit card at your local bank. You will have to pony up money for it as a security to the bank, but it's a start.
Also consider a gas card. Charge only enough that you can afford to pay off in full at the end of each month. Chevron and 76 gave me one when i had no credit history, so that can be an option for you too. |
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Jenny S
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I understand your frustration. It is something many of us went through when we were starting out our life. People above have given great suggestion. I think Orchard or First Premier is your best bet. Your limit won't be that high at first but you'll build your credit soon enough that you can apply for a better card. If you want to find all the cards mentioned above at a consolidated place, try the link below. You'll find cards from Orchard, First premier and many other banks. You can also try applying for a student card that are on the site below. |
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<3 Obama 4L
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my econ teacher told me to build good credit you should take out a small loan and pay it ack in full every month. This will improve our credit score cause it is showing you can pay in full and on time.
JMT |
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Got Any Grey PouPon?
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First premier bank-try them I did and I got a card with a $300.limit the min.payment is only $25 a month it's a good card. |
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tee
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get a department card.. macy for starters |
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C o n f u c i a n
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Merrill Lynch approved me with no credit history. My bank denied my 3 or 4 times before I contacted Merilly Lynch. They gave me a credit line of $1,000. |
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Ebbie
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Have you tried Capital One? I went through a business bankruptcy which also effected my personal credit rating. I waited a year and applied with them. It was approved with a low limit but over the years that limit has increased. Give them a try ! |
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ShannonW
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Try a secured credit card. These are cards that require a cash deposit. You can use the card for purchases up to the amount of cash you have on deposit with the credit card company.
They're easy to get because the company isn't taking a risk of you not paying what you owe. Using the card and paying off your balance each month will build your credit rating so that when you graduate you will have an established credit history.
If you take out a small student loan and then make your monthly payments on time you will also contribute positively to your credit history and rating.
When you acheive your credit rating and become eligible for loans and credit cards, please don't use credit to purchase things you can't afford. Many people have gotten into big financial trouble and even been forced to declare bankruptcy by using credit unwisely. At the very least, abusing credit results in paying way too much for the things you buy, so use it as a financial tool, not as a way to artificially improve your standard of living. |
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harmonyplz
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You can get approved at Orchard Bank.com. All you need to have is a bank account.
However the smart way would probably be to go to your own bank and get a secured credit card. This may cost you up front money but it is the best way to start to build your credit. ONce you have great payment history for about 6 months then you will be able to get a regular credit card.
Good Luck!
:o) |
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