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getting credit
How the heck am i supposed to get credit if I don't have any??? In this world we live in, you can't get credit unless you already have some. I have been turned down every time I have applied, and I don't know what to do! ANY SUGGESTIONS please
JLH
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Want to answer more questions in the Work & School category?
Maybe give some free advice about: Personal Finance?
If you are a student, there are student credit cards available. Yeah, they usually have crappy rates, but they will help you establish credit.
From what I understand, a car loan is one of the few things that goes on your credit either good or bad. Apartments, phone bills, etc, only make a note on your record if they are bad from what I've seen.
If you've been turned down due anything that came back from a credit check - including there not being a record - you have a right to get a free copy of your credit report. Get one, even if your sure that there's nothing on it, just to be really really sure.
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The easiest way? Get a secured credit card.
This means that if you get a card with a limit of 500 dollars, you pay that upfront. So when you charge a $30 shirt, for example, you are actually spending your own money. If you are prompt with your payments - don't ever be late, pay more than the minimum due - this will build up strong credit quickly.
You don't need to be a millionaire to prove that you can be responsible with money. Good luck.
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Whoa, I really don't know about that, But I thought that since someone doesn't have any credit than that could be good credit...You could try asking your school. Go to student services, I'm sure they could help you out. *goodluck*
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I will tell you what a good friend of mine did and hope that this works for you. First of all, she took out a small loan against a car that she completely owned. The loan was for $1,000. She kept the $1,000 in a bank account that she had and used her own money from her job to make the payments for 4 months. At the end of the 4 months she took the thousand that she had held back and paid off the full amount of the loan. 2 months after she took out the loan she applied for a gas card with a local gas station. She was able to get a gas card with a $150.00 limit on it. She used it 2 times a month, paying off the total amount owed on it each month. After she paid back the loan that she had taken out she applied for a credit card with the bank that she had the loan with. She was able to get a credit card with a limit of $1,000. For 6 months she would charge $45.00 a month on the card, paying off the entire balance at the end of each month. At the end of that 6 month period she was able to apply for and receive 2 additional credit cards with limits of around $2500.00-$3500.00 . She is now 27 years old and has perfect credit. If you get a credit card as my friend did and try her method, buy things that you would normally pay cash for ie: gas, groceries, clothing, books, etc. It really isnt costing you that much more if you pay off the total balance at the end of each month.
The trick is to always make your payments on time or even early if possible once you do obtain credit. Now, taking out a loan of $1,000.00 may not seem like much but it establishes your credit history. You might have to have a cosigner as well as a car or something else to put down for collateral but it is worth it later on in life. Establish your credit early, you will regret it if you dont. Best Wishes!
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They often have high-interest rate credit cards for people starting out. Apply for one of those with a very low credit limit (like, $500 max). Demonstrate that you can pay off your bill every month. Get a job with a steady income, then you can ditch that credit card and apply for a better one elsewhere.
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