Monday, December 12, 2011

Confused on how to build my credit!?!? :(?

Im 18,dont work, but recieve monthly ssi money of $835. I want to build credit and even get a credit card! BUT I CANT SEEM TO!FRUSTERATING! i THINK I AM GETTING DENIED BECAUSE OF THE FACT I HAVE NO JOB/SSI. i applied for a credit card/student credit card/macys card and got denied right away. question is what can i do to build credit and what can i do to get a credit card ? i have a checkings and savings acount ...with $1,900 in my savings.





MUCH LOVE %26amp; PEACEConfused on how to build my credit!?!? :(?
With no credit you will not be approved for an unsecured card. You will have to start with secured credit.

Go to the bank or credit union you do business at, see if they have a secured credit card, if they do open an account with $300-$500. Use the card each month for small purchases like gas or groceries and pay it off in full each month.

After a year convert the secured card or apply for a unsecured card. It takes 24 months of consistent on time payments to establish a good credit rating.Confused on how to build my credit!?!? :(?
you can get a bank secured credit card to build your score. As you have already checking/savings account in bank, approach the same bank and ask for secured credit card. They might link the credit card to existing savings account or they may open another one with some deposits like $500. Then they will give you a credit card with same limit or more.

you might find the articles useful
try not to apply for a lot of credit cards bcoz every application is gonna make search on your ssn...thats gonna bring down your credit score...what i would do is to first know your credit score...coz if you dont know your score then you cant fix it....having a job would not really fix your credit coz thats just gonna increase your bank your bills right away...decrease the ssi income...its a negative for your credit score
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments -

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