I have been trying to start getting credit and been getting denied everywhere. One person told me, "You have perfect credit!......because you have none!" Any tips or tricks from when you started out? Somebody told me that Palais Royal will give anyone a credit card but I don't think I would want to buy anything at that place. I'm in my senior year of college and want to get some credit established befoe I get out. I have a part-time job also but it has not helped much. Denied: Best Buy, Circuit City, Target, Student Master and Visa cards. Where can I get this credit thing rolling?
Search for a really crappy credit card. I mean 30% apr or like 19.99 with an annual fee. At best try to get a card with 19.99 fixed with no annual fee I've had a few friends with the 30% apr and it sucks so keep ur balance really really low I've had the 19.99 with an annual fee of 82 bucks. That blows also, but it was the only way for me to get finanaced for a Ferrari. Ohh don't u have to be 18?
smashfast, try exploring this sight: http://www.creditinfocenter.com/ Lots of good info. There are some cards that you can get with a security deposit to help you get started. They are very easy to qualify for. Be sure to pay it off every month or risk some sky high interest charges.
Make sure you open a Checking and Savings account and don't bounce any checks. That will show you are trying to establish some financial foundation.
Get a gas card, use it for 6 months, and then apply for a regular credit card. That's how I did it anyway.
Nice site, thanks for the link ima_drummer2k, will check it out more after class. I'm 22 years old if that matters any. Graduating with a Communications degree in the spring and then going straight into Pre-pharm and Pharm D. I know it might sound like a wierd combo but it works for me $$
Smashfast, dont ever try and get credit. If you cant pay for it up front, dont buy it. Unless of course, being arse-raped by banks sounds fun to you.
That sounds good in theory, but wait until it's time to buy a house and you have no credit history. No credit history can be looked down upon just as much as bad credit history.
Sounds like you have been smart to avoid credit thus far...I would just keep that up. I know this goes against what "normal" people believe, but you don't need to worry about building credit. Just remember that most "normal" people are broke!
to get credit you need cash, or income, or a previous history of credit. you lack a previous history of credit, so that's out. If you have a job, that will help. If you don't have a job, you probably don't have much chance for most cards. There are 2 types of cards you can get, and both have been mentioned. 1. the gas card these are fairly easy to get. I don't know if you can deposit money with them to get a card, but that might be a possibility. 2. the card secured by your cash this can be a Visa or Mastercard. you can get one at a bank, at most banks, simply by opening a checking account, and getting a card tied to that account and its deposits. Credit is hard to get, but once you get it, it's easy to get more. Once you pay your credit cards promptly for 6 months, you'll have all the invitations for credit you need. AND STOP FILLING OUT CREDIT CARD FORMS. There is a point system the industry uses, and the more you apply and get turned down, the more it hurts your standing. THINGS TO DO TO HELP YOU GET CREDIT 1. don't stiff any utilities 2. don't stiff any apartment complexes or landlords 3. do have a job 4. do have a checking account 5. do have a credit card backed by your own cash in an account
I thought anyone 18+ without bad credit could get a credit card. Solicitors hand out applications like candy on college campuses.
Actually if you have a good strong downpayment (20%), have paid your rent on time in the past and have a good work history, you will easily get approved for a home loan. It is not hard to save up for a house, a car or anything else for that matter if you don't owe out your whole paycheck in payments...once you get caught up in the whole credit cycle it is hard to get out.
Paying up front for big purchases is usually a bad investment, financial wise. It would be much better to carry a loan on a house than pay cash for it. You should easily be able to get a better return on your money that should outweigh the cost of borrowing right now.
I would disagree with you. The spread you would make is not significant. Owning your house also has no risk, as we all know the stock market has just a little bit of risk to it. Also, when you save what you would be making in house payments every month you will accumulate a lot of wealth very quickly. If you have student loan debts, car payments and credit card debts then of course it is hard to save for a house, but if you have no payments then you can save up very quickly. Just because "everybody else" does it that way does not make it right!
Take it from someone who knows, avoid credit cards because they are the devil. I totally understand taking on a mortgage and even a car note. Those are significant purchases. But avoid plastic as if it were covered in flesh eating virus. If you need to build your credit, consider co-signing with a family member when you need a car or taking on a small loan - a few hundred bucks - like a student loan or something you can pay back immediately - as in within 60 days. That is all that is required to provide good credit for you. You do not need credit cards to do that.
I don't want alot of credit cards or anything, I just don't have ANY credit. I have a debit/credit card from my checking account that all my money goes through and my parents paid for my car and such. I pay all my bills on-time but with checks, so it sucks. I have been told a couple of times to take out a small loan so if I keep getting denied that is what I'll do I guess.
you should never use credit cards to buy consumables, unless you have a practice of paying off the accounts every month. even then, I think it best to pay cash for all consumables, because you fund and feel it immediately. deferred pain is bad in consumer purchasing.
There is absolutely nothign wrong with having credit cards. Its the dicipline that is tough. I highly recommend having credit cards for a couple reasons: 1) Building credit 2) Credit cards have protection. Banks do not. Many people slap their debit cards in every machine and eveyr website. One day it will catch up with you, and your bank will not cover it. Even if they do, you'er out of the cold hard cash till it gets resolved. On a credit card, it can sit there as long as it wants till the dispute is resolved. 3) Credit card bills make great itemization. Its easier to itemize a credit card statement than balance 50 transactions in your banking account 4) Get a card that builds you points, miles, dollars, whatever ... as long as you're paying it off, you're getting 1% back on your spending income. Think: 30,000 a year and getting $300 bucks back to use someone elses money. Not too bad of a trade. I started my credit with Palasis Royal. And trust me, having good credit si a good thing. It could be a difference between a 5.5% loan and a 8% loan, if not more.
Like others have said, if you can, avoid credit like the plague... but if you must, try to get a Sears card or a department store card. Make a few SMALL purchases and pay them off quickly. Then sit back and watch the credit card applications start rolling in! Don't apply for any high interest cards and WATCH OUT!! Credit can mess you up.
