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Devoted2mc

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Have no credit but want to build credit
I have no credit, I want to build credit. I tried applying for a secured credit card but was not approved. How can I start credit?

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Helpful to 6 out of 6 people

If you have a bank acount anywhere go talk to them about a secured personal loan of 1,000 for a year.  This was the very first step I took to building credit.  They put the 1,000 in a CD which earned a little interest that had both the bank on my names on it.  I paid monthly payments for a year to the bank, then got the CD plus interest when I finished paying.  It cost some money in interest, but not a lot, and after a year you have shown on time payments and it opened the door for me to get my first ucredit card, it was unsecured.

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Helpful to 5 out of 5 people

Look for another issuer of Secured credit cards, just because you were denied by one company doesn't mean that you will be denied by every company. Do some google searching for lenient Secured card issuers. Just make sure that the card will be reported to all three credit bureaus. Capital One is a company many start with, if they happen to be the one that denied you, do some searching for another lenient lender.

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Beware CreditOne

Helpful to 2 out of 2 people

I want this to serve as a warning to anyone reading this.  I keep getting advertisements from a company called 'Credit One' who attempt to make themselves look like 'Capital One'.  DO NOT USE THIS COMPANY!!  Read the fine print of any credit card company you use, but Credit One in particular is a predatory company with offensively high rates and an ungodly annual fee.  There are decent credit card companies out there who will help you build credit with secured cards that will automatically transfer to unsecured after a period of time, in particular, Capital One and Discover are great - lower rates, no annual fees.  Take the time to build your credit right with these reputable companies, but please please please do not contribute to Credit One or other loan-sharks who will unfairly bilk you out of your hard-earned money and continue to take advantage of anyone who doesnt take the time to read the small print.

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snowflake1122

Helpful to 2 out of 2 people

You can also try different Credit Unions, just walk in to a credit union open a savings account and at the same time let the back know that you are interested in opening a secured savings account credit card. You can also try this same approach at other banks like American Express, they like to open new secured credit accounts.

Hope this helps...

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hope this helps

Helpful to 1 out of 1 people

I had a credit score of 588 a Kohl's department store was my first card. My second card was the Capital One Quick Silver Card. If you want to build or establish credit and boost your credit score at the same time I suggest you try getting one or all of the following cards...... Kohl's card, Capital One Quick Silver Card, Fingerhut, Credit One and an Amazon Store Card. Once you do open an account, make a small purchase using your credit, then make a payment or pay it all off at least 10 days early. If you do this every month your score will go up, up, up 25 points or more each month. Depending on the credit bureau or model that's being used, my credit score is now 649 to 737 and I have a $700 CLI with Kohl's and Fingerhut, $500 with Capital One, $400 with Credit One, and $1900 CLI with Amazon. Also use CK, Credit.com ( uses Experian ) , Nerdwallet, and Credit Sesame to know all 3 scores and to monitor reports. Good luck!

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Try a financing something at a Jewelry store or funiture store. Get something that is somewhat cheap.....

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Helpful to 1 out of 2 people

Try applying for Finger hut. It worked for me. I just make sure to pay them every two weeks instead of once a month. My limit has increased and so has my score..& I do not work for them. Good luck..

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100 point jump in 1 month

I went to my bank and opened a secured credit card for 300 dollars just last month. Within 1 month my credit jumped up 100 points across the board. This is a great first step to building new credit. 

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Moving out

My daughter is planning on getting her first apt., has a job but no credit built up yet. I have read some great ideas and will try those for her but does anyone know what type of credit you may need for an apt?

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