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9/22/2017 12:11:25 AM
Posted: 8/29/2005 6:04:10 PM EDT
how do you build credit? credit card companys wont give me a cc
Link Posted: 8/29/2005 6:05:45 PM EDT
You havnt look around much then. There giving accounts to literally anyone.
Link Posted: 8/29/2005 6:06:40 PM EDT
1. how old are you?
2. are you near a college campus where solicitors will practically BEG you to open an account with them?

That's how I started 12 years ago...at college. My early limits were meager--$500 bucks with bad interest rates to boot.

Year after year goes by with you making payments on time and at least making the minimum. You build credit. Then you'll be getting platinum cards with $30K limits and all sorts of perks you may or may not want.
Link Posted: 8/29/2005 6:07:08 PM EDT
Go to a local bank and open a checking account.

Don't bounce checks and handle your business professionally. Go in after a few months and tell them you need help building your credit.
Borrow a small amout of money and never be late on the payments and you will be on your way.

Good Luck.
Link Posted: 8/29/2005 6:09:59 PM EDT
im almost 20
Link Posted: 8/29/2005 6:20:12 PM EDT
You buy credit. Borrow whatever the bank will lend you and open a checking account with it or deposit it in your existing account. Use it to make the payments and add your own money to pay the interest. When it's paid off, you have credit. Do this a few times and you will have more credit than you can use.

Paying off a loan early doesn't impress them and make them want to extend you more credit. They like to see what you can do over time.

You might need a co-signer to get started.
Link Posted: 8/29/2005 6:27:05 PM EDT
Once you get that credit card - handle it like a snake. It can bite you very quickly.

I rent homes and I do run credit checks. If you don't pay your bills, you don't sleep under one of my roofs.

Last week, I had a married couple with 3 kids that were getting evicted from their current residence and wanted to land on mine. One quick credit check later, and it was "I'm sorry, but we're declining your rental application."

I sure do feel sorry for their kids though.
Link Posted: 8/29/2005 6:32:35 PM EDT
Find any CC company that will give you a card. Once you get it use it, BUT pay it in full each month. After a few months of doing this they should increase your limit.
Pay it in full each month. It's not free money, the intrest can kill you. My daughter is fine with hers, my son got in over his head in a very short time.

Good luck.

Link Posted: 8/29/2005 6:35:38 PM EDT
A few suggestions:

Check your credit. www.freeannualreport.com can get you all 3. Check it to make sure it's accurate.

Stop applying for credit with every Tom, Dick and Harry. Everytime you apply, an inquiry is placed on your report for future lenders to see. When you have 10 inquiries on your report, lenders will think you're in dire straits and desperate for credit - red flags for not giving you any.

Get some positive accounts open. No, you may not qualify for AMEX Platinum, but you will probably wualify for a Target card. Or a Chevron card.

Keep credit card balances under 50% at all times (preferably under 30%.) THis is utilization, and you want it low.

Never ever be late. Ever. Lates stay on your credit for 2 years and EVERYBODY hates lates.

Your local credit union is a good place to get credit, especially if you've been a member for a while. You do belong to a credit union don't you? Regular banks are not the best way to go.

If you really can't get any credit, then your credit obviously sucks more than you're letting on. You need a secured credit card. You deposit $1000 in an account you cannot touch and the bank gives you a credit card for $1000. If your credit is this bad, then you need to check your credit reports again to see what all you have. www.creditboards.com

Link Posted: 8/29/2005 6:37:56 PM EDT
Join the military, you'll get more CC offers than you'll know what to do with.

Also it'll be really easy to get a carloan through a bank like Navy Federal who deals mostly with military personnel.

This is how I did it. NFCU gave me a $11,000 blank check to buy a car with, because I was in the military. I had no meaningful credit history before that.
Link Posted: 8/29/2005 6:39:03 PM EDT
Link Posted: 8/29/2005 6:45:15 PM EDT
I got my first credit card when I was 21, just filled out a brochure/application I found somewhere on campus with a little $500 limit. Look around the student center of the local university.
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