How do you go about .......
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Elder User
Joined: Nov 2003
Posts: 810
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From: Pocahontas, AR
How do you go about .......
Getting credit when you dont have any to begin with. I dont have any credit at all, and am trying to get some built up. Any know of how to do this, or where to start? Im sick and tired of not being able to do/buy anything cause i need credit i.e. motorcycle, house, new truck, etc.
New User
Joined: Jan 2008
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Start off small with trying to get a small loan ,then develop a positive trail of paying it off like they want.
Get a credit card & do the same thing.
It may take a while (2 years), but if you do positive things,they will return your respect.
Get a credit card & do the same thing.
It may take a while (2 years), but if you do positive things,they will return your respect.
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Elder User
Joined: Nov 2003
Posts: 810
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From: Pocahontas, AR
Ive tried credit cards, and have been turned down for not enough credit. Go figure. Ive tried getting a small personal loan from the bank, and they want a co signer and all of that stuff. I dont have a co signer, and would prefer to get it on my own. Ive thought about rent to own places, but never looked into it that much. The place im getting the bronco from, said they would put it on my credit report for an extra 500. I shouldnt have to pay that much for it to be put on my credit. I have other credit references but nobody will take them. Ive bought and paid for (on my own, no help from parents) 4 cars since i was 16 (im 23 now). Yet i still dont have credit cause none of them would turn it into the credit bureau (sp?). Any other suggestions on where to start?
Postmaster
Joined: Jan 2004
Posts: 4,758
Likes: 7
From: colorado
try to get a visa debit card from your bank(you will have to deposit enough money in an account to cover the limit on the card) than if you charge stuff on the card pay it off, you next step is to get a dept. store credit card(some will give you one with another credit card and your id, the credit card being you visa debit card) once you get a dept store credit you have to buy something on it and make payments on it for at least 6 months(anything less will not show up on a credit report) once you have one for that amount of time try and get another..and so on. do not be late on the payments and dont go out and apply for 10 credit cards in one day(to many iquires on your credt in a short time will hurt it) it takes some time. as far as buying a house that is not very hard as long as you have the down payment and can prove you have the income to make the payments.
Senior User
Joined: Apr 2004
Posts: 262
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From: Flagstaff, AZ
i know how it is im in the same boat i just got my first credit card 2 months ago $300 credit limit WOOHOO try going to your credit union if you have one thats how i got my credit card. Good luck man
Post Fiend
Joined: Mar 2002
Posts: 19,402
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From: Bonita Springs FL
A bank debit card doesn't help your credit, unfortunately.
I had the exact same problem a few years ago, and this is what I did.. I found two secured credit cards. You send the credit card company a check, and they issue you a credit line equal to the amount of the check. This will build up your credit quickly, especially if you can get 2 or 3. Then, use them regularly, paying off the balance each month. if you don't use them, it doesn't help you at all. In about 6 months, apply for a credit card, either a store card, or a major credit card.
The trick to this is to lie about your income on the application. You have to be smart about it, though. Don't get in over your head, it's very, very easy to do.
Yes, lying is wrong, but when I told the truth, I was refused credit from everyplace I went, even though I was making GOOD money in the computer field. When I fudged the numbers, I started getting credit. I paid the balances off every month, and I've been able to get credit on everything I've ever wanted since.
I had the exact same problem a few years ago, and this is what I did.. I found two secured credit cards. You send the credit card company a check, and they issue you a credit line equal to the amount of the check. This will build up your credit quickly, especially if you can get 2 or 3. Then, use them regularly, paying off the balance each month. if you don't use them, it doesn't help you at all. In about 6 months, apply for a credit card, either a store card, or a major credit card.
The trick to this is to lie about your income on the application. You have to be smart about it, though. Don't get in over your head, it's very, very easy to do.
Yes, lying is wrong, but when I told the truth, I was refused credit from everyplace I went, even though I was making GOOD money in the computer field. When I fudged the numbers, I started getting credit. I paid the balances off every month, and I've been able to get credit on everything I've ever wanted since.
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Elder User
Joined: May 2004
Posts: 836
Likes: 2
From: Shreveport, LA
Yah, what they said.
See if you can get some sort of student card. You dont actually have to be a student for most of them.
Start buying small things like dinner or whatever you can pay off in a month. Do your best to NOT have to pay over time. You'll have enough of that later with cars, houses, student loans, and all of that other stuff that some how helps you do better in life.
In my experiance, I've learned to steer clear of anything that has that stupid stage coach being pulled by horses. What a rotten, dishonest company.
I got some stories about THOSE guys.
See if you can get some sort of student card. You dont actually have to be a student for most of them.
Start buying small things like dinner or whatever you can pay off in a month. Do your best to NOT have to pay over time. You'll have enough of that later with cars, houses, student loans, and all of that other stuff that some how helps you do better in life.
In my experiance, I've learned to steer clear of anything that has that stupid stage coach being pulled by horses. What a rotten, dishonest company.
I got some stories about THOSE guys.
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Postmaster
Joined: Jan 2004
Posts: 4,758
Likes: 7
From: colorado
andym, you are wright about the bank debit i said to get a bank debit VISA card (there is a differance)
psychlopath said "do you best not to pay over time" that is not right if you are trying to establish credit. you have to pay over time, even if you have the money to pay it off you should pay on it for at least for six months. this will establish a credit payment history that will be reported to the credit bureu, thus establishing you credit. you have to have a payment history to get credit,the only way to do this is to make payments(on time or early)
i am a partner/broker in a mortgage company, i deal with peoples credit every day.
start small and work your way up. i will tell you the places not to try first SEARS,BESTBUY,CIRCUTCITY. places like these have high priced items and have alot of fraud. you have to have good established credit to get credit from these sort places your best bet is like JC penny, home depot, lowes, and clothing stores
psychlopath said "do you best not to pay over time" that is not right if you are trying to establish credit. you have to pay over time, even if you have the money to pay it off you should pay on it for at least for six months. this will establish a credit payment history that will be reported to the credit bureu, thus establishing you credit. you have to have a payment history to get credit,the only way to do this is to make payments(on time or early)
i am a partner/broker in a mortgage company, i deal with peoples credit every day.
start small and work your way up. i will tell you the places not to try first SEARS,BESTBUY,CIRCUTCITY. places like these have high priced items and have alot of fraud. you have to have good established credit to get credit from these sort places your best bet is like JC penny, home depot, lowes, and clothing stores
Post Fiend
Joined: Oct 2002
Posts: 11,314
Likes: 4
What I would suggest --- and this takes a LOT of will power --- is to use the secured credit card for your essentials which you need all the time.... gas, food, etc...
but WRITE IT IN YOUR CHECKBOOK as if you had written a check...
that way at the end of the month when the bill comes in you have the money set aside to pay it off.... within 3 to 6 months you can ask for your limit to be raised or go get another secured card...
ALWAYS pay on time - ALWAYS pay off periodically - you WILL be establishing credit...
make sure you're establishing GOOD credit !
And once you establish credit - you'll cuss because you have too much and can't pay it off :-)
but WRITE IT IN YOUR CHECKBOOK as if you had written a check...
that way at the end of the month when the bill comes in you have the money set aside to pay it off.... within 3 to 6 months you can ask for your limit to be raised or go get another secured card...
ALWAYS pay on time - ALWAYS pay off periodically - you WILL be establishing credit...
make sure you're establishing GOOD credit !
And once you establish credit - you'll cuss because you have too much and can't pay it off :-)
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