Monday, December 12, 2011

Suggestions on building credit with a credit card? Getting denied by everyone?

This will be my first time applying for a credit card, I'm only 18. I'm in college and been working for about 7 months. I've applied at Chase, got denied. Applied at paypal, got denied. Applied at Citi, and they were specifically for college students.



How the hell can you get denied by a credit card company that says ';Start building credit now! Apply for a college student credit card. No credit history needed';?



I even requested a report from Equifax and it shows I have no credit, so it's not messed up, however, I still get denied by cc companies that even don't require history, or is for college students (which majority of us teens dont start college with credit already).



Now I'm waiting for Discover to see if they'll accept or deny. Since these other companies didnt show on my report, I figured it wouldn't hurt to apply for another.Suggestions on building credit with a credit card? Getting denied by everyone?
Try something more commerical, like a gas card, a card at Kohls, etc. Somewhere where you would shop anyway. Those will give you limited credit, but that is OK, what you need to do is establish that you can make monthly payments.Suggestions on building credit with a credit card? Getting denied by everyone?
You will have to start off small. I would suggest applying with Bank of America to see if you are eligible for a small credit line.
I found this awesome website and you can find more information,about your question,

Take your time to visit ,I hope this helps!



the-credit-score.blogspot.com

the--credit-cards.blogspot.com

secured-credit--cards.blogspot.com
u answered ur own question:



';I even requested a report from Equifax and it shows I have no credit';



the fact that u have no credit is what scares them off, see a major part of how they assess credit lines is by ur past history of paying back credit..since u haven't had credit, they don't know what ur history is and thats y ur being denied.



now, do u have a local bank u deal with on a checking account or savings account? if so, then go in and talk with them. first off they have bank credit cards. secondly, they may be able to give you a 30 day signature loan for say $200. u pay it off after u wait the 30 days with interest and they must report that to the credit bureaus.

try small stuff like a sears card or something on a smal purchase. start small, never buy more on credit than u can pay off at the end of the month, and ur credit will build.



stay away from those credit cards for college students, they usually have a 18-23% interest charge attached to them..bad/bad/bad.
The credit card companies are doing you a favor, you just don't realize it.



The truth is, the credit card companies are having to tighten up because they don't have as much money to lend as they used to.

And they don't have as much money because too many of the loans the banks made in the past couple years never got paid back.



Here's what you need to do:

1) Open up a checking account with a small bank (not one of the big national banks), and get yourself a debit card.

2) After you've had the account for six months, apply for a credit card at that bank.
You may have to start off with a secured card which is like a savings account that reports to the bureaus. If you want to try unsecured cards, you could try Capital One (student card), Merrick Bank and Orchard Bank. Just be prepard, being your young with no credit history, you will probably get stuck with higher rates and/or annual fees.
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 - creditreport.undonet.com

No comments:

Post a Comment