I'm pretty young, not even 20 yet but I'd like to start building credit. The thing is, I keep getting denied for everything. Gas cards, retail credit cards, student cards, and just now I tried to buy something using Bill me later (due to recent thread) and nothing... It's quite depressing, I've had my credit checked and it's fine.. nothing on it. Why won't anyone approve me? Don't worry, I'm not going on a spree of having my credit checked, i know that's not good. I've been trying since March though. Is a secured credit card my only option? Oh, and I understand that some of you guys will say credit cards are evil. I actually just want one so I can get approved for a car loan. I don't intend on going crazy but will appreciate wise advice. Thanks,
Do you have a job? a bank account? Literally having 'nothing' on your credit report is not a good thing, unless you mean 'nothing bad'. If you do have good things on your credit report, how did you get them? If you have a bank account, have you tried getting a bank credit card?
I was once like you. My wise advice: DON'T DO IT!!! I know that your intentions are to be wise with a credit card and use it in moderation only to build your credit. However, i don't think that there are many people out there that have screwed up there credit and intended to do it.
I've had two bank accounts. One at Woodforest, and one at Chase. I'm currently wish Chase. My accounts have never been in bad standing. In fact, I had my friend who works at Woodforest run me through CHEXSYSTESM, and Transunion, and nothing bad comes up. I have a full time job, I have direct deposit (idk if bank cares about that), and the ONLY thing I've ever been approved for is for Sprint, and my account is in good standing with them (I'm sure they don't report good payment history , only bad)
Get someone to cosign a card with you, and then cut it up. If you're responsible, that person will never have to worry while you build your credit and eventually take full ownership of it.
My understanding is that every time you apply for credit it is noted in your credit report, and if you apply a whole bunch over a short period of time, that shows up as a black mark against you. Good credit occurs when you have credit and have proven capable of handling it for a period of time. It sounds like you don't exactly have good credit, but rather you don't have bad credit. In car commercials all the time you hear them say, "Bad credit? No credit?". If I understand you correctly, the latter applies to you. You have no credit history. That doesn't equal good credit.
Yes, I understand that as well. I've tried every couple of months since March. Maybe this is it, I'm not sure how many times is bad?
I have heard of this , but I only have one parent and she has bad credit so unfortunately this isn't an option. I would feel ashamed asking a friend..
That tends to be true, my cousin is 18 and she got approved for Victorias secret. I've tried Macy's and Express, and got denied.
One thing I'd suggest is that you try to find a card marketed as a "student credit card", if they are still giving out applications left and right on college campuses. They usually have really crappy terms, and low credit limits (IIRC, the first one I had had a $300 limit and a $25 annual fee), but they are pretty much market at people that don't have a credit history - at least that is how it used to be.
Precisely, but how do I go from no credit, to some credit? lol Sorry, I'm pretty ignorant about this stuff.
Rather than just filling out a credit card application, physically call the customer service department and see if anything can be done. Also, you should talk to a banker at Chase. At some (most?) banks, bankers get some sort of commission or points towards commission when they make a 'sale'. A 'sale' can be considered getting someone a credit card.
My first credit card was with Best Buy. It only had a $300.00 limit, and still does. To this day I keep a small balance on it just to show active credit... Blu-Ray DVD Player here, a video game or two there. It allowed me to buy things that did't fit into my budget, which is normally a con of credit cards, but the $300 limit kept me honest.
Sorry, I know this isn't funny for you, but it's pretty funny for me. It sounds like you've tried everything and failed already. Sounds to me like you will need to find a cosigner, or else start with a secured (prepaid) line of credit.
