Question
How can I get a credit card?
I'm 21 years old, and have never had a credit card. I just mostly pay for cash for everything. However, latley my car is falling apart, so I have been wanting to finance a new car. After finding a car I liked, the dealer tried to approve me for financing, and I was denied. This also happened at another dealership. They stated that since I've never had a credit card, and used cash for everything, that I didn't have a credit score. I then started applying for credit cards (to establish some credit), and after applying to 5 diffrent ones, I've been denied on all of them. How is it possible for me to establish any credit, if they won't allow me to get a credit card to do so? Please help, I'm running out of options. P.S. I've been employed to the same place for 6 years, and make about 40,000 a year. That's not the answer to my question.
2 months ago - 3 answers
Best Answer
Chosen by Asker
Step one: Open a checking account if you don't have one. Step 2: Ask that bank for a secured card. A secured card is a card you put money into and use your own money for purchases. After 6 months of using it well - not charging much, the card turns into a credit card. The best way for top 800+ scores is to use your credit card wisely. Use it for things you need like gas and pay in full each month. Keep the usage low - don't let the usage exceed 20% of your avaialbe balance at any time during the month. When the bill comes in the mail - PAY IT IN FULL Carrying balances will not only destroy your credit - it can destroy your life. /
by Judy
2 months ago
Asker's Rating: 
Other Answers
Apply for a Student Card That should work.
by William Rose- 2 months ago
1. Stop applying so much. Not having credit is only part of the reason that you are being denied. The other reason is because you have applied 7 times (two dealers and five credit cards). You are more likely to be approved if you apply fewer times, and more likely to be denied if you apply many times. 2. To obtain a "secured" credit card, you do not need to have credit or a credit score. Deposit money at a bank that offers "secured" credit cards to depositors with no credit and no credit score and apply for one, and only one, "secured" credit card. If you are denied, it is because you applied for too many other cards, not because of your lack of a score or lack of existing credit cards. Wait a year. After you have not applied for any credit cards for more than one year, apply for one, and only one, "secured" credit card at a bank where you have deposited money and that offers "secured" credit cards to depositors with no credit and no credit score. You should be approved. 3. Making all required payments on the "secured" credit card will establish your credit, slowly. 4. After your credit has been established using the "secured" credit card, apply for one, and only one, car loan or regular credit card. If denied, wait more than year before trying again.
by StephenWeinstein- 2 months ago