Question


M

How can I build credit?

I'm 18, I work part time and am starting college this fall. I went to the bank last week to get a credit card so I have it just in case for emergencies. I already have a checking account/debit card with the bank, as well as a savings account. I do not spend money recklessly, I do not even remember the last time I went out with friends or shopped, because I am trying to save money for school. Anyway, I just received a letter from the bank stating that i was reviewed for a credit card, but I have been denied due to "No information in Credit Bureau" How do they expect me to have information in a credit bureau if I cannot get a credit account the begin with?

5 months ago - 6 answers

Best Answer

Chosen by Asker

Catch 22 - You can't build credit without a credit card but you can't get a credit card without credit. Start with a store card or a gas card. My first credit card was a store card from JC Penney.

by Wayne Z

5 months ago

Asker's Rating: 

Other Answers

getting a credit card with the bank is really a hard thing to do unless you have a credit history. I would go to Target, K-mart and get a card from there and start building your credit. You may try Sears. Good Luck!

by lovinlife- 5 months ago

omg. that is exactly what i used to ask myself!!! try depositing your checks to your bank... that way they see that you have money coming in.. thats how i finally got approved for my first credit card.

by yeyo- 5 months ago

Dear, I suggest you visit this site 7best-buy-gift-card ... I hope that you resolve your problem

by mr.momo- 5 months ago

Here are a few ways how you can build your credit rating: 1)Make Payments on Time and Pay Off Your Debt~If you want to build and maintain your credit rating, pay your bills on time and don't miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history. 2)Establish Credit History~Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills. What you need to do in this situation is, establish credit history by ~Getting a small loan using the savings account as collateral, and then pay it back. This will help you for establishing your credit history. ~Apply for a secured credit card. Using a secured credit card is an easy way to build your credit rating. Pay your credit card balances on time. After a few months of having the secured credit card, apply for an unsecured card. Having and using a credit card wisely can be beneficial to your credit rating. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt. 3)Don't Apply for or Take on Too Many Credit Cards~If you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them.

by Samuel M- 5 months ago

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.fateback.com

by Mike- 5 months ago