How the hell do i get credit????

[invisibledemon]

im so fucking aggrivated and out of ideas. im 21 and have ZERO credit.
i cant even get a goddamn credit card. one of those " Limited history credit cards" for young adults from capital one even rejected me.

its a retarded fucking loop. cant buy anything bc i have no credit. cant get credit bc i have no credit.

no co-signer either. my mom would be more than happy but she is in a chapter 11 right now.
and the rest of my family says "we'll do anything to help you if you need it"
i say, ""co-sign on a small loan for me so that i can get credit"
they say "no, cant do that"

you would think that since i moved back home to pay my mothers bills so that my grandparents didnt have to, somebody would give me a hand,

stupid fucking catch-22's, and lame ass non helping family.

 

[get_nick]

you have to start with some retail cards.

macy's, discount tires, circuit city.

lie and tell them you have a really high income. start there. try to get a car loan if you can and pay it off fast.

 

[LS_VTEC]

If you have a checking account, most likely your bank offers a secured credit card. Meaning, you give them 300 dollars, they put it in an account and they mail you a credit card with a 300 dollar limit. Once you use it, you must pay the minimum every month on all purchases. After some time, 6 months - 1 year, as long as you make your payments on time, you will develope credit and usually get an increase in your spending limit. In the meantime, your 300 dollars grows minimal interest and you eventually get it back usually within one year with the little interest gained.

 

[reckedracing]

like on the credit card application line that says income

whats your yearly salary now?
first digit start with a 1, 2 3, ...?


when you finally do get a card, don't pay the full months balance, they won't report you to the credit agencies unless you actually use the credit ie: pay interest

 

[BodyDroppedNikes]

u try getting a cell phone?

 

[BigJ]

Go to BOA open a checking account and do one of their "limited" cards and go that route. It hurts at first because you're pretty much paying them money to finance something, but it works. When I was 19, I bought a new car by myself with a high 600 score with just 3 revolving credit lines that were less than 20% of their maxes.



Now 2 years later, I have horrible credit because one is maxed, others are way up, and I have had 2 student loans taken out since I bought my car. I don't have a "job on the books" so my debt to equity blows.

 

[Jeef]

I know that there are boards to help people with credit issues. I would look for some of them. I think Dennis used to post the link to a good one.

 

[invisibledemon]

u try getting a cell phone?

i had a cell phone in my name for almost 3 years, doesnt even show on my credit.

 

[Briansol]

miss 3 payments. it will be there

 

[Celerity]

Most of this is the worst advice EVER.


Read Larry Winget's books, and follow everything he says to a T.

 

[Celerity]

I've been through 3 credit cycles by the time I was 30. I've gone up, then down 3 times. Each time was a different down, and a different up.

What I've learned is something that makes sense: They don't give credit to people who are "good for the debt", as in positive histories of paying off bills and the like. They don't give a shit if you're financially well off.

The CEO of Arthur Andersen can get any... well, he's dead... but someone like that can get any credit they desire. Why is that ?

Because of a simple thing I learned in highschool: Banks give money only to people that don't need it.

When you take out a loan, you pay the interest before the principle. Use this. Take out a small loan for whatever you can get, with a brick&mortar bank. Make sure it's like, $1000 or so. Then, take that money - set up an automatic monthly payment of the loan, and toss in the interest amount. In 6 months, pay off the loan with the remainder in the account. They get the interest, and that's what they want.

You BUY your credit rating. Every month I pay my mortgage it climbs (I've got astounding credit NUMBERS, even with a shitty HISTORY). Your numbers climb with successful bank transactions.

Remember, if they collect the Interest, you'll get rewarded. They don't give a shit about the principle.

 

[awptickes]

This is so true.

When I was 18, I got a credit card. I promptly did what my economics teacher said was the best way to build credit: buy something that will fill up 25-60% of the limit, but don't pay it off immediately, pay only the interest, after a couple payments of interest (and about 6 months) they'll increase your limit. In my case, they increased my limit to something like 25k, and I did the same thing again. Now I've got a above average pristine credit.

If you can, go through the same bank you have your bank accounts with to get your first card, they'll be more than happy to give you one. If you've got a family member who is chapter 11, they probably will only give you a secured card. Another option is to buy a home appliance. Do the same thing above with that.

But attesting to Celerity, they could give two shits about how you pay, as long as you make the minimum payments. If you make ONLY the minimum payments, they'll up your rating, and probably your limit. Credit card companies don't want people to pay them off, they want to trap you into a huge bill you could never pay off in a single cycle. They're in it to make money.

But hell, you're actually trusting a bunch of people on the internet with your entire financial future? Srsly, go into your bank, and talk with them. I don't mean that in a bad way, but they also know the whole story. Best of luck to you.

 

[reckedracing]

i had a credit card that i paid off in full every months for YEARS
and i had no credit score when i wanted to get a pre-qual for a house

 

[Celerity]

Yeah, I mean you're basically just paying for credit. If you give the banks nothing, you'll get nothing.

You know the #1 sign that your credit sucks ? You get credit card offers in the mail. With my ranking at 780 (Last checked 3 months ago) I NEVER get offers for anything.

 

[BigJ]

Two weeks after I got my car loan I started getting credit card offers like none other.

On average my mom says I get about 2 a day. (don't live at home but use address)

 

[Celerity]

not to be an ass, but credit card companies send offers to people who have proven to be stupid with money.

I used to get them all the time - the moment I realised the truth (What, do these people think I have "idiot" tattooed on my head? ...... ooh..... ..oh ... oh god..... oh shit)

 

[BigJ]

I dont disagree one bit. my credit sucks these days. I have no "registered income" and I have outstanding debt.

 

[Briansol]

i get 10-20 credit card offers a month easy... and i have damn good credit.

 

[LS_VTEC]

Just the other day I got "pre-approved" for a pre-paid mastercard...The fuck is that??? I have two gold cards and one platinum visa and they send me an offer for a pre-paid credit card? I was in aww for about ten minutes.

 

[LS_VTEC]

Here's the quick and easy path.

1) Ensure that you don't have any bad marks at all on your credit history. I know you said you have zero, but you never know what'll show up.

2) Get a secured $200 card through your bank. Use the card to buy something you afford to buy with cash and then don't use it again until you pay the bill off that month. Do that for three months in a row.

3) Go to a jewelry store in your local mall and use their in-house financing to buy something around $100. Harry Richie's is good if you have one in your area. Buy it for your mom if there's nothing you want and don't have a woman in your life...or have a woman that doesn't like jewelry, like mine. Put half down and pay the other half later, even the next day works.

Within 3-4 months time you'll have good credit.

That is pretty much exactly what I told him to do! Noone listens to the engine builders here, wtf?