How in the heck are you suppost to get credit, I been trying to get credit cards through stores like, meijers, sears, but all were turned down, so how in the heck does it work because they give you credit, but you need credit to get them. I have been also trying to get a cell phone but cant because I am not paying the down payment they want me, only because I have no credit.

How did you get your credit established?

 

I had a job, I had a bank checking/savings account, I took out a loan for school and my parents co-signed. The loan was paid off OK, and bingo, I had credit. That was years ago, I don't know how it is done today.

You better get a credit check, maybe some illegal alien stole your social and has been running up alot of debts.

 

My dad co-signed my first couple loans (small). I paid them back on time. Got another small one myself, paid it back. Of course this was a credit union in a small city (Miami, OK), and twenty years ago.

If you have some money in savings, you can sometimes take a loan against that. Basically borrowing against your own money. I've done that a time or two although it's kinda pointless once you have credit.

 

Try your local credit union. Maybe start with some small secured loans.

 

Just like mikebon said, borrow against your own money, or, if you have a vehicle paid off, hock the title for about $500 and pay on that just stretch out the payments. Start small, credit dont come overnight, you wont be able to take out a $1000 loan today and next month buy a $50000 truck on credit. Store credit cards are the hardest to come by, try signing up for a regular visa or mastercard and charge a little on them and be on time on all your payments.

 

One - see all of the above. (Including having a GOOD paying job, with some tenure.)
Next, not knowing your age, MOST corporations will NOT give credit to someone under 21. When I bought my first new car, my Dad co-signed for me. He instilled in me, the necessity to make and keep good credit. I was 19 when I bought my first new car.
From there, I got a couple of store cards, including Sears.

Get your feet into credit, but don't get in up to your neck.

Getting into debt is easy. Getting out is next to impossible.

Like my dear old Dad said, "If I can't buy it with cash, I don't need it."

My 2¢.

 

I am 18, I will be turing 19 soon, I want to get credit for my future, and so I can get a cell phone, My dad was saying what some of you said, go ask the bank for like a 100 dollor loan, if they give it to me go later or something and take 100 dollors out of my account and pay that loan off. Would it work?


Does anyone know if Bank one reports to the credit bureru?

 

BTW, A job that pays above board, is better than getting paid cash. The whole world can find out what you make if it is a legal job and you pay taxes.
Another important thing to have is collateral. Any bank will give you credit as long as you can prove you own something they can track down and take from you if the loan doesn't get paid.

PS tell your father to buy the cell phone for you in his name, this will do two things, 1...It teaches responsibility...Your father will cut your fingers off if you run up a 400 dollar bill.
2...It gives you the chance to test your credit worth while off the books....if you pay him every month, that is great, you are happy and he is happy, if you can't pay the full amount, at least your father may be able to give you a loan to help pay your bill, this keeps you off the credit bureau "radar" , just in case you don't have any money for a couple months. Your dad will be unhappy, but at least, there won't be any negative marks on your credit report. No credit history, is better than a bad one.

 

How I got mine. I got a cell phone. No credit card, so I had to pay the deposit. I got the deposit back after 6 months, which I then told the phone company to use against my monthly bill. Basically, I didn't have to pay my cell phone bill for 6 months, because they already had my money. They didn't give me any interest for holding the $500 dollars, and they didn't give me any interest when they released the deposit, but the upside was I was never late in paying the bill because of it.

After that, I was getting pre-approved credit card applications about once a month. I picked the one that came from Chevron, and another from my bank, then chucked the rest.

Last year I was buying a tool at Sears, they offered me 15% off my first purchase if I applied for and was instantly approved for a Sears card. Heck yeah, I went back into the tool section and got about $300 worth of tools, 15% off. When the bill came, I went and paid it, then cancelled the Sears card.

Use that to your advantage.

But also as mentioned already, don't get in up to your neck. Just today I put my Visa in a filing cabinet so it isn't in my wallet anymore.

 

I started at 17 when I bought a $500.00 stereo system.
Paid it of as agreed to.

4 years later I borrowed $1400.00 to buy a 67 nova ss
Paid it off as agreed to.

4 years later, I borrowed $6,000.00 for my Truck.
Paid it off as agreed to.

12 years later maxed out a credit card with no income.

Turned debt into chattel mortgage of $7500.
Paid it off as agreed to.

1 1/2 years ago got a $ mega buck line of credit to purchase a house.
everything is going according to hoyle.

I can borrow a fair amount as of today of a need it./

It's all about establishing & continuing showing you are a responsible & honourable person.

 

Try a secured credit card. Providian offers this program. It's how I started. $150 deposit, and I had a credit card with a $150 limit. Pay it every month, but don't always pay it off. It won't accrue much interest for such a small amount. In about three months I had an unsecured card from Capitol One ($300 limit). In another few months, I asked Capitol One if they could up my limit, and they did it right away (now it was $500!!). I got rid of the Providian (they actually offered me an unsecured card soon afterward) and got my deposit back. But I still wasn't getting the greatest interest rates on auto loans, though, so I married a woman who had great credit. Now I have two vehicles (both Fords) and a house, all on pretty good terms! Okay, that's not the real reason I married her, but it worked out pretty good. It really just takes time, and my credit isn't as good as I want it to be, yet, but soon it will be, and I'll be getting the best rates available when I re-finance my home.

 

BigdaddyII is right start out with your local banks bank cards
visa mastercard and buy something small a couple times and
pay it off on time but not in one lump sum make a few payments
to show a pattern. And as others have said credit is'nt cheap
so be responsible about and it'll start to work for you. also try
some gas cards.

 

Citibank/Citicards used to have a program for full time college students. If you were a full time student (without bad credit), they would approve you for a Visa/MC with a $500 credit line to help you get established.

Also, every time you apply for a loan or credit card, your credit is checked. If you've applied all over the place, everyone will start turning you down because you have too many inquiries (ie, appear desperate?). You may want to get a copy of your credit report just to see who has been checking on you.

 

Just work your way through the card offers and see what fits the best. 00BlueOvalRanger was right- a good job with some decent tenure (2+ years) can make up for a bunch of credit issues, or pave the way for someone that isn't established. In the case of buying a new car or truck (and yes, new is typically easier to get done than used), a good strong down payment and a decent job will get 'r done.

The upside to not having a lot of credit is that you can't buy stuff you don't need, to impress people you don't know, with money you don't have.

 

I applied for a few loans, tried to get a sears card. Nothing, turned down for all. What do I do, Actually now I do need to get a loan for my insurance,should I go to where I have my checking account at Bank one and try to get a loan?