Sunday, November 21, 2010

I have no credit /have never applied for a credit card never thought i would need one /?

have a checking account with my husband . but , i am wanting to build my credit up. and it seems i can not get credit i have no credit but , in oreder to get credit you need credit . i do not understand . my bills are never late . have no previous bills or anything . how can i get a credit card or buid my credit up with no credit at all/ anyone have expert advice. no silly answers ... only serious answers please ..........I have no credit /have never applied for a credit card never thought i would need one /?
Every woman needs credit in her name, good for you that you realize this.

Go to your bank or credit union, tell them you want to re-establish your credit, Open up a savings account, save until you have $1000.00, take a loan out against the savings account. Repay the loan on time for at least 12 months.

Also tell them you want a secured credit card, put down $300.00 for the card. Pay your balance off in full each month. Secured cards are meant to be used short term.

After a few months try to apply for a unsecured card. Again pay your balances off in full each month, make sure you make your payments ON TIME.

It takes about 24 months of consistent on time payments to establish your credit history.I have no credit /have never applied for a credit card never thought i would need one /?
First, I'd try applying for a card at the bank where you have your checking account. They should be willing to give you a $500 limit.

Or, some banks offer secured credit cards. They work just like a credit card, and they go on your report, but you have to put up the money first, and whatever amount you put up is your credit limit. Be aware, though, that ';prepaid'; cards probably won't go on your report, because they usually work like debit cards rather than credit cards.
Having no credit can actually be worse than having bad credit! The reason you cannot get credit is because you don't have a track record of how you pay your bills. Utilities etc do not show up on a credit report. Also, do you work? There is usually a minimum amount you need to make monthly in order to get a credit card.

Does the hubby have credit? You could always apply for a card together. Or, you could take a few hundred dollars and get a secured credit card.
Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills. If you have little to no history, there's nothing to go off of to establish your rating, so your credit will be established at a lower rate. There are no prior indicators whether or not you're a delinquent or on-time payer. So, if you want to build your credit, take out a small loan using the savings account as collateral, and then pay it back. This will help you for establishing your credit history. Or get a secured credit card, charge a few things, and pay off the majority of the balance. After a few months of having the secured credit card, apply for an unsecured card. After getting that unsecured card, charge a few things, and pay off the majority of the balance. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.
seems it would be plausible
Some of the others here have the right answers but bear in mind that its preposterous to believe bad credit is better than no credit.

One other suggestion before you apply for the Secured Card at your bank is a Department Store Card. Sears, Marshalls, etc are crazy in need of credit card holders. Apply at Penny's, Sears etc and see what happens. If you apply at the register with the clerk, they get a spiff from the boss and you'll know if you are approved INSTANTLY. Now, don't apply with all of them because multiple credit inquiries will hurt your score and your chance to get credit anywhere else.

Lastly, if you and hubby are happy you can ask him to cosign for a card at your bank. Once you've had the card for a year, go back and start over at step one with Dept Store Cards.

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