best way to build crdit

[LeosCB7h22]

i am 21 years old with ZERO credit. never had a credit card..i think its neccessasry for me to build credit. I tried wawa, walmart, capital one, every credit card i can get, and they have all been denied. so my question is, how am i suppose to build credit when no one will approve me because i have no prior credit experience? thanks much

[Flatline]

get a prepaid credit card that you set your limit with the amount you put on it. if you use that for a year or so you should be able to get a card from a company. just don't ever rely on it because if you do and something happens, you can get screwed.

Thats why my credit blows right now.

[4GAccordH22]

Also try gas cards...

[LeosCB7h22]

Also try gas cards...

where do u get those from? i tried wawa and i was denied?

[Shadow1]

do this. if your have a good paying job, get a bank account(if you dont already have one). get a small loan. $500-$1k will be good, and just keep up with the payments with that every month. once you pay that off, get another loan for like $1500. pay that off. but make sure you pay ON TIME.


the sucky parts is theres a such thing as TOO much credit. if credit card companies see that your paying MORE than your payment every month and pay it off before your supposed to, they wont accept you. most credit companies(if not all), make their money off of the interest. they dont make no money, they wont give you nothing.


for right now tho. go get like a $1k loan. put like $600 of it aside and use that to pay on the loan every month. then use the other $400 on something you want.

these are things ive learned from my dad. thats why he's able to live in a $450k house with 3 cars and have money every month to use. he doesnt make $450k a year but he does have good credit. having good credit will help keep interest and payments down on things you get.

[LeosCB7h22]

do this. if your have a good paying job, get a bank account(if you dont already have one). get a small loan. $500-$1k will be good, and just keep up with the payments with that every month. once you pay that off, get another loan for like $1500. pay that off. but make sure you pay ON TIME.


the sucky parts is theres a such thing as TOO much credit. if credit card companies see that your paying MORE than your payment every month and pay it off before your supposed to, they wont accept you. most credit companies(if not all), make their money off of the interest. they dont make no money, they wont give you nothing.


for right now tho. go get like a $1k loan. put like $600 of it aside and use that to pay on the loan every month. then use the other $400 on something you want.

these are things ive learned from my dad. thats why he's able to live in a $450k house with 3 cars and have money every month to use. he doesnt make $450k a year but he does have good credit. having good credit will help keep interest and payments down on things you get.

thanks alot! i was thinking bout that. will their be interest if i get a loan even if i pay it on time or not?

[Shadow1]

thanks alot! i was thinking bout that. will their be interest if i get a loan even if i pay it on time or not?

theres always gonna be interest when you get a loan. its like when i got my $15oo loan, it was like 17 or 1800 after all the payments were made. but when i got my loan the payments were freakin low. like $55/month. so its nothing you wouldnt be able to handle.

[LeosCB7h22]

cool. ill give that a try

[PUMASTi]

You'll need a cosigner on a loan since you don't have any credit.

[NAiL05]

Get a Loan and pay it back.

[D1sclaimer]

Try your bank where you have your bank account. Thats where I got my first one.

[AstroVannin]

NOT Prepaid.. get a SECURED card... Yes, there is a difference.

Prepaid, they are just letting you use your money ... and (at least here in Canada) they dont report to the credit bureau.

Secured, means that bank has a a term deposit or somthing, thast in your name, but its locked in as security against the card you have. The card you have is a normal CC just like everyone else, and reports to the bureau... If you fuck up and decide not to pay it, eventually, it gets wrote off and the bank keep the money from the terme deposit.

Otherwise, try getting somthiogn you would have bought with cash anyways, but get it on store credit with a "no intrest, no payment" deal... then pay it off before the end of the term. If you do that a couple times then you are populating your bureau with good "paid as agreed" trades.

Some banks (again, here in Canada) can give a card on manager approval... as long as you dont have ANY credit at all.

[h22sparkle]

Your best bet would be to get a car loan on a decent car and hold that down say for 2-3 years and you should be good. It will bring your credit up substantially. Cellphone payments dont do it. Mostly car notes and house notes especially since the economy is in shit now.

[jmolina]

like said before, you need a secure credit card, best way to build or repair credit, thats how i started. check out orchardbank.com

[tommi]

renting a apt.. not much but it gets u some..