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  1. #1
    T3h 1337 N00b kryptonic's Avatar
    Join Date
    Sep 2003
    Seattle, Washington.

    How am I supposed to build my credit when.....

    No one will give me a credit card. I went to my bank yesterday and applied for a student loan. I got denied because they said I have to make 12,000 a year to qualify. Then I got denied for a credit card through my bank because my average daily balance is 75.00, I only have a savings account, and I have no credit. So my banker told me to go apply for a target or a wal-mart card. then they denied me. So how am I supposed to build my credit when I cant get a credit card?

  2. #2
    The ******* Shadow dalek's Avatar
    Join Date
    Sep 2005
    Find a rent to own type electronics store or a furniture store and get onsite financing say something for $1,000 or less and pay it off monthly and when it's low enough pay the whole amount, this will create a credit profile, keep the payments going though.

    Careful if you do get a card, the less credit worthy the higher the interest rate charged..
    PC Registered user # 2,336,789,457...

    "When the water reaches the upper level, follow the rats."
    Claude Swanson

  3. #3
    Disgruntled Postal Worker fourdc's Avatar
    Join Date
    Jul 2002
    Vermont, USA
    Get about $500 and deposit in a bank. Then borrow $500 for 6months using the savings account as collateral. Pay off the loan on time and now you have credit.

    "Somehow saying I told you so just doesn't cover it" Will Smith in I, Robot

  4. #4
    IT Specialist Ghost_25inf's Avatar
    Join Date
    Sep 2001
    Credit isnt everything these department stores look at. Age is also a factor. Income is also a big one too. Dont be tempted to go for a credit card, they are too tempting to spend. Get a cosigner to help you get a loan, this will help you get credit and also keep you at a more reasonable APR.

    Good Luck

  5. #5
    Senior Member Aardpsymon's Avatar
    Join Date
    Feb 2007
    St Annes (aaaa!)
    There is a never fail way to get credit. Buy a house. Works every time.
    If the world doesn't stop annoying me I will name my kids ";DROP DATABASE;" and get revenge.

  6. #6
    Senior Member very_unhappy's Avatar
    Join Date
    Jun 2006

    you need to have credit to get house loan...

    this is the stupidest idea i've ever heard
    /dev/humor: not found

  7. #7
    Senior Member Raion's Avatar
    Join Date
    Dec 2003
    New York, New York
    Get a cellphone under your name (If you are starting from 0 you might have to pay extra), and if you pay on time your credit rating will rise. Or if you don't need a cellphone immediately, do something along those lines. Contrary to popular belief, credit cards are not the only way to raise your credit rating

    Also, with time you'll probably get credit card offers by mail, they are willing to take risks on college students and most colleges (at least around here), share your information with credit card companies and banks. Check if your local bank offers a credit card (I know Citibank offers a pretty good one for college students)
    Last edited by Raion; April 24th, 2007 at 11:58 PM.

  8. #8
    Join Date
    Aug 2001
    When I first moved to the US (some 4 years ago), I obviously did not have any credit. I could not even get a cell phone, let alone a loan. I started trying to figure out how the system works, and the "nobody will give me credit, since I need credit to get credit" situation can be frustrating at times.

    I think you need to keep some things in mind: what is it you're trying to do? Are you simply trying to build your credit, or do you have bad credit and you're trying to get a loan? If you're a student and you need a loan, did you try your school's financial department (rather than your bank)?

    If you're simply looking into building some credit, fourdc is right on...

    very_unhappy > home loans often have much lower (credit) requirements than other types of credit. It's not uncommon for someone to be denied for a $500 credit card, but being approved for a home loan. Credit isn't everything (mortgage companies look more at what you make - or will be making - than credit card companies, for example)...

  9. #9
    AO's MMA Fanatic! Computernerd22's Avatar
    Join Date
    Mar 2003
    Miami, FL
    I got mine started by assistance with my uncle. I needed a car and I didnt have any credit. However, I did have a job at the local hospital. Anyways, I bought a car for 2500.00 my uncle put the car in my name to help me build and establish credit. I payed of the loan in a matter of 6 months. Shortly after that I would always get credit card applications in the mail.

    Visa(gold) master card, discover card etc,,,

    you want to look for one with the lowest APR. The higher the APR the worse.

    PS to the guy who side buy a house. It takes MONEY to make MONEY.

  10. #10
    Gonzo District BOFH westin's Avatar
    Join Date
    Jan 2006
    SW MO

    you need to have credit to get house loan...

    this is the stupidest idea i've ever heard
    /dev/humor: not found
    I had an idea like that once... it was a Jump to Conclusions Mat... you see it had different conclusions on it, that you could jump to.

    sorry had to do it...
    \"Those of us that had been up all night were in no mood for coffee and donuts, we wanted strong drink.\"


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