Obtaining Credit??

[skparker 0]

Hello fellow VJ'ers, its been a while since i have posted anything on here, been very busy with work and everything that goes with it, which im not complaing about because im one of the lucky ones that has a job.

Anyway, i just have a question for anyone who is trying to build up their credit from absolutely nothing.

I have applied for a few credit cards and i keep getting denied, all i get as a response is that they have no trace of credit from me what so ever. So how the hell am i suppose to build credit if i have to qualify with credit to obtain a credit card?? Is it just me or is everyone as confused as me??

Any input from anyone who has ideas/knowledge on this subject would be much appreciated.

Basically i guess im asking is how can i bulid my credit up from having no credit at all and what is the best way to go about it??

thanks for your replies in advance

Stuart

[payxibka 10,047]

Not and AOS question... moving thread

[Otto 83]

I have applied for a few credit cards and i keep getting denied, all i get as a response is that they have no trace of credit from me what so ever. So how the hell am i suppose to build credit if i have to qualify with credit to obtain a credit card?? Is it just me or is everyone as confused as me??

Any input from anyone who has ideas/knowledge on this subject would be much appreciated.

Basically i guess im asking is how can i bulid my credit up from having no credit at all and what is the best way to go about it??

Its a terrible system here in the US.

• Secured Credit Card might be a good place to start.

[kaffy 2]

Please do a search. This topic has been discussed quite recently and the threads have plenty of good advice

[~krakatoa~ 27]

Hello fellow VJ'ers, its been a while since i have posted anything on here, been very busy with work and everything that goes with it, which im not complaing about because im one of the lucky ones that has a job.

Anyway, i just have a question for anyone who is trying to build up their credit from absolutely nothing.

I have applied for a few credit cards and i keep getting denied, all i get as a response is that they have no trace of credit from me what so ever. So how the hell am i suppose to build credit if i have to qualify with credit to obtain a credit card?? Is it just me or is everyone as confused as me??

Any input from anyone who has ideas/knowledge on this subject would be much appreciated.

Basically i guess im asking is how can i bulid my credit up from having no credit at all and what is the best way to go about it??

thanks for your replies in advance

Stuart

I tried the secured credit card route. I don't like Bank of America but it worked for me. I was able to build credit through them without problems.

[sasaqlain 24]

Yes, you should get a secure credit card from either BoA or Citibank. Certain other credit cards also offer a secure credit line. I was or rather still am facing the same dilema. Only in my case, I am not interested in earning a good history. Also, obtaining a loan and returning it sooner(even though you don't need it) is another way of starting your credit history. Make sure whenever you apply for a credit card, loan or lease, let your facilitators know to REPOPT your credit to the three credit bureau's otherwise you could have a million dollar credit history and be worth nothing if it hasn't been reported.

Edited August 30, 2009 by saspak

[Old Dominion 26]

A secured credit card with a bank is the only way to start. Gradually you will show that you are not a credit risk. I assume that you had no credit in the UK, or that they did not take that into account?? The major US and UK banks are linked quite closely.

[illnevergetthis 5]

A secured credit card is a great way to start, but keep in mind it is a good idea not to max out the card...this can actually lower a credit score.

Another way is to get a secured loan. Check with your bank. It is possible to borrow against your own savings account, but keep in mind that you will not be able to remove any of the money until the loan is paid off in full. You also don't want to pay off the loan too quickly because you need to show that you have the ability to pay over a period of time.

BMW has a college grad program for recent graduates. Call your local BMW/Mini Cooper dealer for more details, but you will need to bring all documentation verifying graduation, proof of employment (recent pay stub, tax return or letter from employer) and proof of insurance. There are a few car companies that have these programs, but I am not familiar with all of them.

It is possible to get a loan with Bank of America for a house. Even if you don't have any credit on your credit bureau, but you do have things like rent history, cell phone, cable bill, among other things...it is possible to get a home loan. It is necessary to have a mininum of 5 of these type items. A loan officer with the Bank would be better able to help you.

All lenders have different criteria, but be careful applying for too many credit cards at once. The more denied cards you get the harder it is to get a card.

The other option is to be added onto your spouses credit cards. It will show a "A" on your credit, but it will build your credit and your credit score.

Or....the ol' co-signer.

Good Luck

[Clownies 2]

You need a credit history to obtain a credit card.

You need a credit card to build a credit history.

Welcome to the Land of the Credit. Soon you will learn that the vast majority of the people here live on credit. Their big pick-up cars? On credit. Their larger-than-your-living-room tv screen? Credit. Their iPhone? Credit.

yeah, we've all been thought there. It is frustrating. Once you get a job, you're bank will very likely give you a cc. My advise: be patient. You can survive without one! And be careful with those cards out there, many have huge fees!

[trailmix 77]

Another thing you might want to try is a store credit card, like JCPenney. Also, if you had an American Express card, in good standing, in the UK, you can use the global transfer plan and get a U.S. american express card.

[Thai Rath 1]

You can also build credit by signing a contract with a cell phone service provider.

[Dai. 7]

You can also build credit by signing a contract with a cell phone service provider.

Not True I use to work for Sprint, Tmobile, and Cingular. They check your credit but then after that they do not report to the credit companies so it does not build your credit. If you don't pay your bills they send it to collections and if it's outstanding they will report it to the credit companys and you get a blemish on your credit history.

[Thai Rath 1]

Not True I use to work for Sprint, Tmobile, and Cingular. They check your credit but then after that they do not report to the credit companies so it does not build your credit. If you don't pay your bills they send it to collections and if it's outstanding they will report it to the credit companys and you get a blemish on your credit history.

Really? Oh no, that's what we were told at the AT&T store when we were signing up for new plans. Darn it! Sorry for posting the wrong information...

[illnevergetthis 5]

Cell phones are considered non-traditional credit and not every lender accepts non-traditional credit. Every lender has their own set of criteria that they are looking for. I don't know of any credit cards that accept non-traditional credit, but there are some mortagage companies and auto loan companies that do. I recently attended a class sponsered by Bank of America for home loans. They do accept non-tradional credit, but you have to have at least 5 different ones...i.e. cell phone, electric, rental...and so on.