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Are there places to council you on fixing and repairing your credit that are non profit ?
Question
College student's credit card problem?
Ok. I've gotten to the point where I've decided that I need to develop a credit score. It'll probably be better to have one by the time I get out of college. I have both a savings and a checking account, and my bank told me that they do "Student Credit Cards". Ones with minimal balances. Like $200-400, or something like that. Just to start out with. After sitting for an hour. I was told that these are for members of the bank who are IN COLLEGE, and have NO credit history. Like me. I was told that I would get everything I needed in the mail in about 5-7 business days. Simple enough. No I got a call a week later saying I was denyed for the credit card because i have NO credit history. They suggested to open a store card (at the mall or somewhere like that), stay on time wtih those for a couple of months then try later. Unfortunately, I cannot open one of those either becuase in order to do so, I need a credit score. Catch-22. Does anyone have any suggestions of what I should do? I'm kinda confused. Thanks
5 months ago - 2 answers
Best Answer
Chosen by Asker
Since you have your accounts with the bank, ask them if they have a secured credit card, if they do open a new account with $300 - $500 tell them you want a secured credit card against that account. Use the card for small purchases like gas or food and pay the card off entirely each month on time. Also you can take your savings account and save until you have $1,000. Tell your banker you want to take a installment loan out against the savings account. Take the money you receive and put it in your checking account to repay the loan. Pay it off in 12 months. Lenders like to see a mixture of credit, revolving, installments, personal loans. After a few months you can try for an unsecured card again. Retail store cards and gas cards are normally easier to get. It takes 24 months of consistent on time payments to establish good credit history.
5 months ago
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Other Answers
I got my first credit card through something I got in the mail. I read it carefully and there were no annual fees or crazy interest rates which are both things you have to be really careful of. Juniper.com is a place I was able to get a card pretty easily. There's no annual fee and the interest rate is decent and I got it when my credit was at its worst, so you may get lucky. Banks are pretty tight with their money right now and you may have to do some searching before someone will approve you, but search around, I'm sure you will be able to find something. Keep checking with other banks too, you don't always have to be a member to get a credit card from them.
by fmxkrazyone- 5 months ago