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Posted: 10/29/2006 8:46:42 AM EST
Alright. A little background.

Im 22 and will eventually be married to my gf. Im in college, I work a part time job, and have a small busieness on the side.

Ive never had a negative balance on my 2 bank accounts. Ive always had over 1000 dollars in the account for the last 7-8 years. I have never bounced a check. I have ZERO debt.

My problem is that the credit agencies have NO information on me because I have kept such a good record I guess. However I need to start building credit to eventually purchase a house. I have applied for "OK" credit cards and have been rejected because hte creditors have no information on me.

How can I build credit if no one will give me credit to begin with.
Link Posted: 10/29/2006 8:51:43 AM EST
Keep yourself out of debt....never make late payments on anything, ever....steady work history and steady earning history....when you do get a credit card use it for relatively small stuff poeriodically and pay off the entire bill when it comes (like charging gas and just paying it off every month)

Getting rejected will lower your credit score, as will applying too often for credit.
Do some research on FICO scores - that is the key to your credit rating.
Link Posted: 10/29/2006 8:59:57 AM EST
Are you a student? If so check out the students CC's.
Every few months someone in your position posts something like this, but I always find it odd since I got approved for a (Student) CC the week I turned 18, and ever since have been showered with pre-screened CC apps every week, which I promptly shred.

Have you tried a secured credit card? Maybe you should stop in at your bank and talk to a personal banker and see if they can help you start building credit.
Link Posted: 10/29/2006 9:02:46 AM EST

Originally Posted By Nlinc:
Are you a student? If so check out the students CC's.
Every few months someone in your position posts something like this, but I always find it odd since I got approved for a (Student) CC the week I turned 18, and ever since have been showered with pre-screened CC apps every week, which I promptly shred.

Have you tried a secured credit card? Maybe you should stop in at your bank and talk to a personal banker and see if they can help you start building credit.


Well I was hoping to get a normal credit card not a student one as Ive heard that it will hurt your credit score because htey are so crappy.
Link Posted: 10/29/2006 9:06:59 AM EST
[Last Edit: 10/29/2006 9:07:58 AM EST by Landrace]
Buy a $1000 certificate of deposit (CD) for one year. This is basically a loan you are giving the bank. They'll pay you 3-5% interest. You can then get a $1000 general purpose loan from the bank. The loan will be secured by the CD and so you won't need any credit to get approved for it. Make your payments on time and this will build your credit.
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