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| *Loan,banking and credit>>>credit line |
How is a person suppose to get a line of credit? |
Everytime I try to get a credit card or any kind of financing to proove I can keep a good credit, it's never good enough and I'm always told; sorry. but you do not qualify. So if no one out there is willing to give me a chance, then how in the frick am I supose to get a line of credit? Anyone? Keep your chin up my friend.....there is always a way. Sometimes you just have to bite it and get some very bad percentage rates and go for the "bad credit" line of credit cards. They will have high rates but remember its only temporary...after a few months of paying on time and paying more than the min. balance regular cr. cards will find you! Also, if you place $500 in a bank you may take a line of credit against it....and what some do is go to another bank with that loan and get another account and after a few months of paying installments you have 2 paid loans on your credit report....big difference! Dont give up but dont get one of those non-brand credit cards where all you can purchase is their private junk merchandise. Ok? Source(s): http://good4biz.ecreditdirectory.com... Go to your local bank where you have an account. They can usually get you a credit card. They have your money already! Get a card at target - they will give you like a 300 limit on a store card. Never use the entire limit. Pay it off every other month. They want to see that you know how to use credit responsibly (which you show by not using all of it, and paying it of promptly) but that you will make them money in interest (which is why you dont want to pay off credit cards every month in order to build credit) Keep this up a year and you'll have more offers than you can stand. Recycle them, k? Good Luck - I had to the same problem Respond to your mail when they say it is guaranteed. They will give it to you. I told them I was in college and they just sent me a card just like that. Now I am being offered credit cards with higher limits. It is real easy to get if they ask you if you want it. If you ask them they say no. I had this exact dilemma. No credit, no help. So the eternal question is how do you get credit. What I did was I took 1,000 dollars to one of my banks and made a SECURED LOAN of 1,000 dollars. I made it so that I would pay the lowest amount each month (25 dollars a month for X years). You can then put the money into your savings account. This money will be held against you until it's paid back. I.E. you put 1,000 in savings. You then make a secured loan against the money in your account. You can then take the 1,000 out. You will be given an account number for your loan. Which will look like this at the beggining (-$1,000) You can leave the 1,000 in your savings account Or take it out and hold onto it so you know you have the money to pay it off later. However what I did. Wasn't exactly good but it got me credit. I waited a little over 30 days or on the due date for the first monthly payment. I then paid the 25 dollars then I proceeded to pay the rest of it off. Then I waited for a year and applied for an unsecured loan and got 4 of them. But the way to do it is to keep paying month to month as long as possible. They say the longer you pay the better your credit looks. (because you can pay over time on time is what this shows them) You will need to come with Identification plus a paystub or proof of employment and how much you make. Plus your Social Security Number. Be careful with this number. You can even go for 500.00 for 2 years or ask the bank what the lowest amount is they'll allow for a secured loan. Usually they wont have a limit since it's secured. 2 Last things to do there at this time would be to ask them about the wording they put on your credit at the end of the loan or "settlement" of the loan. You want something like "paid as agreed" You do not want something like charge off, or something else that sounds negative like that on your credit report. So reguest for the wording to change it if need be. And ask if they report to all 3 credit beaurus. Now here's what you do. After you get the loan for xx.xx payment a month for x years. Pay it month by month for 2-6 months or less than what you made the loan period for. I would suggest getting a little "credit experiance" What I mean by this is keep the money with you. do not spend it this way you can be sure you can make the payments. You can make the payments on the "due date" or even 25 days before it. Paying that early would give you a better amount of your money toward the loan (i.e. principal) as opposed to paying it on the due date or later which adds more of the payment to interest instead of paying off the loan sooner. Depending on the bank. I would ask about any applicable fees there are. Such as early payment fees, Yes some banks have those. Most don't. Now credit moves kind of slow so once you pay this loan off. Wait 6 or more months and you should have established some credit. You should request credit sparingly. Or only when you need it. Because the more you apply the more your credit score suffers. (goes down) Low numbers are bad in credit. One more thing off the top of my head. Not all banks offer Personal Secured Loans. So first thing to ask would be if they offer those. Second question would be what are the interest rates that are available for them? You can do bank shopping for the lowest Personal Secured Loan interest rates. Don't give your information especially your Social Security Number until you're ready to apply at the bank you want. Since you do not have any credit They've probably told you that there's nothing there when they check your credit report therefore you do not need to waste the time getting your credit report until after you are sure you have some credit. Any questions you have at all. Please talk to your loan officer. They are there to help you. You may need to get your free credit report to see what is stored on your file. Visit http://www.cheap-credit-cards.org... for more info on credit repair |
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