How can I build up credit?

[kzielu 1,149]

Hello Everyone,

I have been trying to get a credit card issued on my behalf but its not being possible i tried even some store cards like Kroger's and walmart but all i was told is that I don't have credit history and have not created a credit file but i then want to ask how can i create a credit history? Even though I have my GC yet no body is still approving the credit card issuance yet.

I will be glad if i can be given a simplified way or example of how I can create a credit history without having a credit card. Anyone with similar experience is free to comment.

Thanks!

Secured credit card or take your spouse as cosigner. This way I got $3k limit credit card immediately with having no credit score at all. After 8 months it is in the mid-700s....

[kzielu 1,149]

Are you saying their APR is negotiable?

Forget about APR and interest for a while. If you want to build your credit score you really should forget about it and pay the balance on the credit card - when you get it - immediately. At least for a while.

Getting credit card and talking about APR is setting yourself for financial failure very soon. If you want to buy something with financing, there is much better way then credit cards, with many stores having 0% financing.

[tempa 1]

Not true. Every credit inquiry becomes part of your credit report.

doh. in that sense yes, every time you try to get a credit, it will have a negative impact on your credit.

but, not all credit is reported to the credit agencies.

walmart was on the list, when I was reading about them some 6 months ago.

although, I did just a checkup and found a lot of ppl complaining about walmart reporting too often, so I guess got misinformed at least in walmarts case.

[I AM NOT THAT GUY 5,715]

Are you saying even though I don't have any credit card now and have tried so many times but they keep saying I don't have credit history means I should keep trying until they approve it. Could I be building credit by trying to apply and yet being denied a card?

No. Too many inquires make you look desperate.

If you spouse has good credit, get a joint card in both your names. Put your name as the primary, or list it first. Make a small purchase and pay it off at the end of the month, or after two or three payments. Soon, you will get lots of pre-approved credit offers in the mail.

[GodsGift225 54]

Are you saying their APR is negotiable?

Yes.. after you have spent sometime with your credit card, You can call and inquire about having your APR lower. depending on you history with them, making payments on time, no late fee, usage of card, they will accommodate you in this. Even changing your due date if you like. Some credit cards like capitalone will also waive the annual fee where you won't need to make any payments.

[meadowzephyr 26]

I cannot emphasize enough how great it is to establish a credit history with a secured credit card. I had a good experience with Citibank. With the secured card that I got, the amount I gave them to establish the credit limit was treated as a CD, so at the end of a year they returned my money to me with interest! They also increased my credit limit for being a good customer. I was very happy. Within two years I qualified for an American Express. I highly highly highly recommend paying off the balance in full each month. This is excellent habit in general and makes your credit score soar.

[Lornaevo 48]

I wish I can do that too. Did you change the condition on your SS before using it to apply for it?

Yes I changed my ss right after being approved at the interview.

[C-ma'am 684]

**Moved from AOS to Moving Here and Your New Life In America as the question is not related to AOS procedures.

[lucybelle 453]

I'm a USC and can't get a credit card (graduated from college 2 years ago). Same problem- no credit history. Evidently paying my bills on time, paying back federal loans, paying rent, etc does not count towards credit. I've been told it only ruins credit if you don't do those things on time. No fair. I was finally approved for a store card (some stores even denied me) but it's a store where I don't shop very often. I'm hoping that soon I'll have enough credit to get a real credit card to build my history so that one day I can buy a car or house.

Sorry, no advice, just feel the pain!

[dstrausser83 14]

yea... I applied for capital one (iirc) card for new comers. supposedly specifically tailored to ppl who don't have credit history yet.

got denied right out of the bat.

ever since been getting pre-aproved platinum card offers from them. about 30 together this far

and still don't have local credit card but I use my european issued credit cards just fine. seems way stupid but not the only thing that doesn't make sense with the financial institutions on this side of the pond.

Go with an Orchard Bank or a First Premier Bank. First premier has high fees and low credit line but is unsecured and after a year (keep the card for about 3 years) you will get some positive traction.

What for you you apply to now as the credit inquiries build up. If you want some real advice, PM me and I'll give you all the gnitty gritty... I built my ex-wife up from 0/new immigrant status to a 737 in under 2 years. Things may be a little tougher now coz banks clamped down, but the general strategy should work.

[del-2-5-2014 1,339]

Forget about APR and interest for a while. If you want to build your credit score you really should forget about it and pay the balance on the credit card - when you get it - immediately. At least for a while.

Getting credit card and talking about APR is setting yourself for financial failure very soon. If you want to buy something with financing, there is much better way then credit cards, with many stores having 0% financing.

An astute position.

Interest matters if you don't pay off your balances monthly, C1 gives 21 days or so for grace.

If they charge an annual fee, consider it as a cost of building your credit. Once you are established you can then get cards with no annual fees.

Gowon encourages all new comers to focus on their credit. It's being used for stuff like insurance, jobs, etc not just for buying a car or house.

[dstrausser83 14]

I'm a USC and can't get a credit card (graduated from college 2 years ago). Same problem- no credit history. Evidently paying my bills on time, paying back federal loans, paying rent, etc does not count towards credit. I've been told it only ruins credit if you don't do those things on time. No fair. I was finally approved for a store card (some stores even denied me) but it's a store where I don't shop very often. I'm hoping that soon I'll have enough credit to get a real credit card to build my history so that one day I can buy a car or house.

Sorry, no advice, just feel the pain!

If you had student loans and especially if you paid them back you have credit.

Also 99% of phone lines and cell phone lines DO NOT report to your credit. That is a lie. Some (like Verizon Land lines) WILL report when you closed the account that you paid as agreed and leave you a little positive note, but thats it. I don't know of any cell phone or land line carriers that post to credit report anymore.

[dstrausser83 14]

Forget about APR and interest for a while. If you want to build your credit score you really should forget about it and pay the balance on the credit card - when you get it - immediately. At least for a while.

Getting credit card and talking about APR is setting yourself for financial failure very soon. If you want to buy something with financing, there is much better way then credit cards, with many stores having 0% financing.

Not true. Banks do not want you to pay it off. They want you to show responsibility by making your monthly payments, that is greater than the minimum payment, but yet still holding a balance to show the responsibility of holding a balance. Paying it off each month will still earn credit, but not as much as holding a low balance (45% of credit limit) and paying it off monthly. The banks need you to have a balance anyways so that they can earn money on interest.

[lucybelle 453]

If you had student loans and especially if you paid them back you have credit.

That's not what the credit card told me when I applied. It might be because I only paid monthly for 3 or 4 months, then paid the rest off in full. I thought it would save me money by not having to pay interest, but I guess it would have been better to pay a little extra to get credit. *sigh*

[bigdog 376]

Before you could get a gas card, might be worth a try.