Friday, November 19, 2010

How do you establish credit when you have poor or no credit and no one will give you a loan or credit card?

When you are just starting out and trying to get your self established how do you get credit when you have poor or no credit, banks and credit card companies will not allow you to get a loan or credit card. Are there any trusted companies that can help with this?How do you establish credit when you have poor or no credit and no one will give you a loan or credit card?
This is such a tough issue. A few years ago, it was very easy to get established but lenders just aren't willing to take the chance on people now. What you need to do is get a secured credit card. You will put down a deposit and that will become your credit limit. In most cases the minimum is $300. About 50% of banks and credit unions will offer them so check with your bank. Usually after a year, they will review your account and if you've managed it will, they will send back your deposit, raise your limit and convert to unsecured. After having a secured card for 6 months, you can usually get a unsecured card too.

There are a couple of credit cards that might help you but I would really, strongly, suggest you stay away from them. They are Orchard and First Premiere. Horrible cards, tons of fees and will never be a good card to keep. Unless you have no choice, stay away from them.

There is also a jewelry store that will give you a no credit check account. I have to be honest and tell you the jewelry is not great and is expensive BUT you get a very nice credit line which is worth it. I used this when I was building and it really helped my score.

You can read more about these options here.

Now you have an easier time than someone trying to rebuild from bad credit. Within 6-12 months, you'll be in a position to get a car loan, unsecured cards etc. Keep the balances on your cards under 30% of credit limit though for the best impact on your score.How do you establish credit when you have poor or no credit and no one will give you a loan or credit card?
You get a secured credit card. You give the company 200. You have a 200 limit. Use it responsibly and in 6 months apply for a regular card. Your 200 is refunded.

No credit is better than poor credit.

This is a prepaid credit card that I use for my disability direct deposit. They report to all 3 credit unions, and you can't overdraw. There is a $10 monthly service fee. And being prepaid there's no APR on the money you spend.

They also have what's called IAdvance line of credit that will grant you loans that will be automatically repaid as soon as there's money on the card.
Hello every one,

My name is Mrs Rose Smith I live here in USA and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender,Mr Steve Davidson Of Davidson loan financial Incorporated, he was the savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 US dollars and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via OR

because he is the most understanding and kind heated lender

i am posting this message in yahoo answers every day in order to express my ever lasting gratitude to Mr Steve Davidson
I am Mrs Jacque Thompson from Texas, If you need loan I will advise you to contact Alhaji Musa Loan Firm they can help you because when I was in need of loan someone refer me to them via yahoomail and I was given the loan without delay there is no credit check no cosigner,no collateral needed with interest rate of 2% this is the email

No comments:

Post a Comment