THe Future Mrs. APC
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Have you ever heard the saying that "Bad credit is better than no credit"? Well it's true. I know it doesn't seem right but for some reason that's how things work.
Try talking to your bank about getting a credit card with them and make sure that you pay it every month. Even getting a phone that you have to pay on every month or any kind of utilities should add to your credit. Sorry I can't be of much help, I can't remember a time when I didn't have any credit. But good luck.. and Happy Holidays. |
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Trish
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because you don't have credit so they have NO way of knowing that you will pay; however, to be honest.....you're better off......that is how people in trouble and with all the debit cards being able to be used as a credit card.....
you REALLY don't need one. |
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TwinkaTee
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Because creditors have nothing to use as a gauge of whether or not you will pay your credit card bills. I have always heard that the best way to establish credit is to get a secured credit card.
You can get more information here:
http://www.bankrate.com/brm/news/cc/19990823.asp |
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John M
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Because you have no history, people need to know how to trust you. Get a secured credit card and prove you are credit worthy. |
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v b
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Because you have no credit history.
The easiest way to get the first bit of credit:
1. Secured card. You deposit $500 at your bank and they let you have a credit card with a $500 line of credit.
2. Department stores. Sears, JC Penney's, Dillards, etc. are still good places to get your first card. Even a gas station card can get you started. |
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Danielle M
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You're not being punished, you're just not being extended certain privileges. While it may seem unfair, people who lend money want to know that the people they are lending to are reliable and without a credit history that's hard to say. It's kind of a catch-22. You'll probably need to apply for a higher interest credit card to establish a credit history, but use it wisely and make sure you always pay it on time. At first you'll have a low credit limit and high interest but the most important thing is that you establish it. Get started now because it takes a long time to establish good credit, usually 3 years of solidly paying a credit card. Also, car loans are also a good way to build credit as long as you always pay! |
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kaddykat
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you have to build you credit.
it isn't handed out for free.
look for student credit card offers- or first time offers, and don't put too much on it when you first get it. |
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WT
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Because you have no credit history. I know it kind of goes in circles, but you need credit to build credit...just so they can establish if you are a good or bad risk. I established my credit because of paying on my student loans. Maybe you should go to a credit union and take out a small loan just to help establish your credit. You'll also have trouble buying a car and a house, and it will affect you all over the place. |
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Tony d:-)
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If you do not have credit, the lending / credit card companies don't know how you will perform when they do give you credit. Yep, you're in that in between spot. It will take a little time, but try to apply for a credit card with a low credit line. You can also take out a secured loan at a bank and then pay it off over time. Secured loan is like a car loan or home equity loan, etc. That will establish your credit, but may take a while. |
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paul simon
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you need to build up your credit and show that you have a constant income not the odd dribble here and there. turn it round, if someone had no proof of income and they had the odd bit of money here and there would you give them 3000 quid or whatever in the vain hope that they will someday give it back? its a ****** of a world im afraid- i cant get a debit card for my own account and i have a constant income, but they are fussy about my age! |
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TaylorProud
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Get a small loan at a local credit union to help establish your credit, if you don't need the money put it in savings and earn interest on it, and use it to pay it back over 6 months to establish good credit history.
Then get a small auto loan, signature loan something and don't get caught up in the credit card trap. Use your local credit union. They can save you tons, and later when you are ready to buy a car or house, they can really back you up. |
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RT(R)
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you need to start off small. try to get a dept store credit card. no one will give a visa card to someone with no credit, come on. you have to earn good credit. get a checking account and open a wal mart or best buy card account. spend a little and make payments. this may take a year or so before you can get a real credit card. get a student loan and pay that back. you got to work it up. |
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The Cat thinks he's GOD
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Ya, I know. And then you get credit and they say you have TOO MUCH credit. Can't we come to a happy medium here? You can probably get one of those credit cards with a high rate and annual fee. Then at least you have credit, but it'll cost you. Then you can call the credit card company and negotiate a better rate after you have paid every month for a while. Try Capitol One. There are others, just be careful. |
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melfred_20
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You need a credit history to get credit. so basically yes because you have no credit you can't get credit. |
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Angie
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Hopefully you have some savings, since you don't owe anyone. Go to your bank and see if they have credit cards available to their customers. That may get you the start that you need. |
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Toledo Engineer
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I didnt have a credit card unitl August, but I get credit card advertisements all the time in the mail. Just sign up for one of those if you really want credit. You just have to be responsible with it. Another avenue is to get a credit card through your bank, like I did.
They cant refuse you a credit card unless you have HORRIBLE credit. Having no credit is not the same as horrible, or even just bad, credit. It just means that they dont know if they can LOAN you money, since they dont know if you've paid your bills in the past or not. Which is basically what credit is. It's a way for lending institutions to gauge how well you pay your bills on time and in full. And it determines usually how much they'll lend you or at what interest rate.
Also, did you know that having a cell phone in your name establishes credit? |
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gnarlyswine
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It really is a stupid system in North America. In Europe banks show some trust e.g. if you have an account with them they will allow a small limit card and build from there.
When we moved here the only option was to take out a secured card i.e. lodge $1000 funds to recieve a $1000 credit card limit, so you pay interest on the card althoughyou have the funds elsewhere - no coincidence - its basically a racket that the banks have sewn up. Unfortunately NA seems to be credit score obsessed for everything rather than the lender doing a bit of work themselves to judge if someone is a good lending bet.
Really think about it , if you want to buy a house why do you need a credit score, you arent going to pack it up and run away with it.
So best bet start small with a low amount secured and work at it from there. It didnt take us long to build ours |
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Fonz
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I know what you mean.. No experience, no credit. How do you get experience? You need to ask your bank what the smallest amount they will make a loan for. Then take that amount and put it in a CD and borrow that amount using your CD for collateral. Then take the money you got for the loan and buy another CD. Then borrow against it. Pay them on time and you will have more credit than you can stand.. |
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onandonandonanon
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LOL we've all been through it! Getting a credit card from a department store is the easiest one to get. Once you get one from them and show you will pay, it will be easier to get the others. Or if you can show you made payments on something, it will help you get credit. Good Luck! |
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FAA
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You're not punished, you're unknown!!
Banks don't give credit card to unknown persons. You have to earn their trust and they have to know you. One way to earn that trust is to block the amount of the allowed credit for the first year, and when the bank start trusting you you can unblock the amount and still keep your credit card. Negotiate the issue with your bank. |
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JESSE G
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i had the same problem. i would apply and apply but got turned down everytime. but if you have worked at the same job for bout a year bank of america will give u a secured card . where u give $99.oo and they will give you a credit of $500.00 and after a year they give you back ur ur 99.00
or if you havent worked that long you can go to a bank and give them 300.00 and they will match ur cash for a credit card. sucks buts thats the only way to start . |
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sam bam
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find a good credit card company and talk to them
& stick with them. |
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ninjagirl
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I had the same problem. You should try going to someplace like a furniture store and establishing credit by purchasing a piece of furniture and then make all of your payments on time. Or go to a store in a mall and apply for a store credit card. It will build your credit up. Then you should be able to get a credit card. |
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bee thao
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Because the credit company do not make any money of you. You're a smart consumer, so they want to punish you by not offering you credit and given you a score of 500, which is not bad nor good. it just to show lender that you do not have the mind or attitude to take risk. You're the type of person that play safe and conversative. Lender dont like these people and neither do the credit company. They want interest. |
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johnathanapples
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Your problem is, you are not playing the game... you need to be in debt up to your ears... owe everyone... have 10 credit cards all maxed out..;. and you can THEN get even more credit... it's people like you that make the system collapse by refusing to use credit and paying cash for everything you buy... he,he,he... you should be ashamed of yourself... |
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daisy
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cause thats life and sometimes it sucks |
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LA High Rise
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cause your not worthy of paying your bills |
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