Friday, November 19, 2010

I am 18 with no credit history, what is a good way to gain credit in order for me to get a credit card?

I have applied for student credit cards and other credit cards that don't require no credit to apply and yet I am still declined. I have applied for three department store credit cards such as Walmart, and was declined on them all. I have no idea how I am able to gain credit. Need some suggestions. Thanks.I am 18 with no credit history, what is a good way to gain credit in order for me to get a credit card?
Buy a plan cell phone and make sure you pay the bill in full on time. After two months, try applying for a credit card. Your credit should be in good standing then. It will be costly to get the cell phone without credit, but in the long run, it'll be worth it.

Another possibility is to buy a prepaid credit card, and use that for a couple of months. This will train you to not go over the limit, as well as gaining good credit. Again, you should wait about two months of using your prepaid credit card to apply for a real credit card.

Or, you can try applying for one of these cards.



This mastercard should also be of use for those with no credit.

Hope something here can help. =DI am 18 with no credit history, what is a good way to gain credit in order for me to get a credit card?
Start by going to your local bank and getting a secured credit card. You will need a small deposit but it will begin to build a credit history, and after several months they have the option to make it unsecured. You need a small credit card or two, purchase with them, then pay off the balances when the statement comes. It will be reported to the credit bureaus, and will begin to build a good credit history.
Go to your local credit union and become a member. Once you establish membership apply for a secured credit card. Usually they can be as low as $300 to start. You have to put your money up front but is a good way to start. Credit Unions are not for profit financial cooperatives, theydon'tt practice the same nasty tricks the banks do to make money.

If you don't have the money to put up front, start a savings plan. Take a certain amount of money from each paycheck and put it in aseparatee savings account. Once you have it you will appreciate it that much more because you worked for it. After 6 months your credit union can look at you history and if it is good they usually can give you the money back and you keep the card. Keep doing this every year and they will bump your credit limit up each year. Never get more than 2 credit card, you'll just get yourself in trouble. Never spend more than half of your credit limit, in your case this would be $150 dollars. Creditbureauss look at how much you are spending and you will shoot yourself in the foot once you pass the 50% limit. even if you pay it off the following month the balance is still reported to thebureauss.

Credit cards are for emergencies only. Youre 18 years old and Im sure you think buying a ps3 or going out with your friends is an emergency but dont be a fool.

There are only two things you should use credit to buy. A house and a car (sometimes) Everything else should be paid cash.
i would suggest what i did. Go to your bank and get a secured card with your own money. This will open the door for your credit to begin.

Pay it off every month and youll be good. I would suggets bank of america . They are great after 11 months they will upgrade you to a

unsecured creit card and then send you a check for the original amount you opened you card with. I have 2 with them and they are both at high limits. REMMEBBER your debt to ratio is very important on your credit score 30%of score also it is important that you pay all your credit cards on time even if its just the minimum 35% of score.

Hopes this help.
Try capital one card when i was 18 i applied for one and it was approved with a $500 limit and after 7 months i had a limit of $3200 and after another month i got a letter asking me to apply for a Capital One Platinum which i took out im now 20 and Have my Platinum Card through capital One with a $6000 Limit I also have other cards and my total limits are $23000 and im now about to take out a mortgage with my wife I owe it all to Capital One !
sounds like you are applying for the wrong card, you might have to start off with a lower end card to stablish some credit then after 6 months apply for a better one with lower rates, check out under no credit section here you will find a few cards that will get you approved.
You might have to go the secured credit card route, if you're getting declined for all college cards. Did you try the popular student credit cards site ';findcollegecards';? They may be able to help you establish your credit.

Good luck!

No comments:

Post a Comment