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| *Loan,banking and credit>>>credit line |
How do i Start my Credit line? |
I just turned 18 in march and i need to start a line of credit but have tried everything, i have been paying for a phone for nextel, and i have applied for Capital One Credit Cards, Discover, and many more. But i just can't understand why i can't get my Line Of Credit started, can anyone help? Capital One and Discover are more or less for those that have established credit. Try applying for a Sears card. They are a good starter card and will probably give you a $500 credit line or something close to that. Make ALL your payments on time and dont use more than 25% of your credit line. Sears owns "Discover" so keep good w/ Sear and you will more than likely get approved for Discover or Visa in as little as 6 months. DO NOT APPLY FOR CREDIT OFTEN! The simple act of "applying for credit" lowers your credit score and creditors do not like to see multiple application on your credit file. Good luck and be careful with your cards!! Only charge something that you have to cash to pay for and dont rely on "minimum payments" they will scr*w you! Pay the card in full each month. Lots of store cards have interest rates in the 20% + Sure, My suggestion to you is this... Start building a positive long term relationship with a Major National Bank. Save up $1,000 so that you can then use that for a secured loan. Make your payments for 6 months and then pay it in full. Now you have a positive credit history...and you can apply for a credit card from your bank. My answers profile Get a card from Ochard bank or Chase, they help people get started with credit.. Good luck Posters 1,2,&4 have goos ideas. But I'll give you mine. Poster #2 is right about building a relationship with a Major National Bank (i.e. Bank of America, Wells Fargo, Chase, Washington Mutual, etc) by opening up a checking and savings account. Doing this actually lays the groundwork for you to even build credit by providing yourself a means to do the most important thing when it comes to credit: PAY ON TIME. Most of them offer online bill pay which I strongly suggest participating in. Some banks and credit unions offer secured credit cards in which you can think of it like "building credit with a savings account", which is pretty much that. A deposit would be required upfront which usually tied to a savings account to give a credit line of the same amount of the deposit. The deposit wouldn't be able to be used to pay the monthly payment or whatever amount you borrow unless the account becomes delinquent and at that point the deposit is used to offest what's owed. Usually after paying on time, paying off the card, or keeping the balance low for a year, either the card will change over to a regular card, or a better card will be offered. It's also good to try to build the credit line as high as you can, so when it does become a regular card, you'll have a higher limit which will look better on your credit. Now that doesn't mean to charge more if you do increase it, I'm saying that it looks a lot better to have a higher limit, which will attract future lenders when your credit's reviewed. Poster #2 also had the idea of a secured loan. This is basically the same as getting a credit card, instead you're taking out a loan against money that you have saved up. I suggest that be done sometime later on if you're able to establish credit with a secured card. Poster #4 stated that Orchard Bank or Chase has cards for people trying to rebuild credit. I know Orchard Bank does for sure, they even offer a secured card that I mentioned earlier to help you "jump start" your credit. Poster #1 is right that you don't want to continue to apply for credit all the time. Each time you apply, you temporarily drop your score and it takes about a year to get that back up. That's why I mentioned the secured cards. They're practically the easiest cards to get. Try to start with those first then, work your way to a department store card sometime later. I almost forgot one more thing. There's a way to build credit with your Nextel Phone, and other payments that you make every month (car insurance, rent, utilities, etc) by enrolling in PRBC. It's a credit bureau that helps you build credit by reporting accounts that are normally not in your regular credit report as "alternative credit" to help you build credit! I strongly suggest you check out this website, it will help you too! I posted links to Wells Fargo, Bank of America, and Orchard Bank's secured card sites I hope this helps out credit analyst/underwriter http://prbc.com/default.php? https://www.wellsfargo.com/credit_cards/... http://www.bankofamerica.com/creditcards... https://www.hsbcapply.com/start/orchardb... |
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