I’m 23, been working at the same place for 3 years, have successfully paid for my cellphone for 3 years, and did pay rent on an apartment with no problems for one year (even though that was co-signed). So how the heck am I expected to build my credit, so that I could get like a car loan, or an apartment without a cosigner, if no one will give me a credit card… because I have no credit?!?
How does one build credit if they are not eligible for a credit card?
February 3, 2012 By 9 Comments
It’s a vicious circle, My boyfriend was recently denied a credit card because he had no credit, he actually called the telephone banking and spoke to a lady and spoke to her about how he is working full time, hes just graduated how the hell is he supposed to have credit.. anyways he actually convinced her to issue him a low limit credit card to start, its since then been increased… you should try talking to a financial rep. and explain to them that you have to start somewhere!! Hopefully they understand like this lady did
keep applying for credit cards one will accept you i had my first credit card at 17 captail one for just a few hundred dollars but just having one help me getting bigger better credit cards just be careful which credit you chose since you dont want a high apr one
Most banks and credit companies now offer secured and partially secured credit cards as a means for people to start building their credit. The way it works is that you pay a deposit of $XXX, which becomes your credit limit. There is usually an annual fee, and you have to pay it off every month, but think of it as an investment in building your credit, not a way to shop more. Use it once a month for a constant value, like a cell phone electric bill and pay it off. If you get it through your bank, you can just pay online through your current online banking system.
Whatever you do, don’t keep applying for credit cards over and over again. A high volume of hard checks on your credit will show up as risky behavior and lower your credit score.
Very easy…you get a co-signer or take out secured credit.
I had a friend go through almost the exact same thing. Most banks now offer a prepaid credit card that they report to credit agencies just like a regular credit card. They are real Visa’s & Mastercards, so you do actually have to go through an approval process. But they have you put down a deposit and lets say, $200 and you use it like a credit card and pay it back like a credit card and every couple of months they report the activity and it starts to build your credit.
go and get like a small loan for like 200 dollars, and pay the bill until it is paid off don’t just get the loan and then pay it off. thats how my husband did it
Dear, I suggest u see http://ebiznus.com/ for this.
I hope this will be resolving your problem you can also browse more for this on answers.yahoo.com but i think you better look at what i suggested instead of wasting ur time.
Best of luck.
The easiest way to establish credit is to open a secured credit card.
To do this, take $500-$1000 in cash to a local bank and tell them you want to open a secured credit card. They will take the money & deposit it into a savings account. The amount you deposit becomes your credit balance. Use the card for small purchases weekly & pay off the balance in full monthly. After six to 12 months of on time payments, they will return your deposit & switch the account from secured to unsecured.
If you don’t pay your bill in full monthly, you will be hit with interest charges, reducing your credit limit. If you don’t pay on time, you will be hit with late fees (again reducing your credit limit) & be reported to the credt bureaus for not paying on time.
Personally, I opened a card with $600. I bought $5 worth of junk food a week on the card & paid the balance in full when my bill became due. The next month I started doing the same thing at a different bank. In the end, I had six secured credit cards going for six months before the first one became unsecured & raised my credit score (I didn’t have one when I started!) up to over 680 in a single year. It takes practice & dedication to do this, along with a good paying job to save up the money to do those deposits but it can be worth it. I ended up closing all but one of the cards and have had it for several years, the only card I use.
I think creditcardlocators can help you with what you need.
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Whether you are looking to rebuild your credit, have a new credit history or /and earn rewards and points.
just search creditcardlocators on the search engine for more information.