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How to build credit from scratch within 6 months to qualify for a student loan?
Hello, I am 18 years old looking to establish my own credit. Being that I'm in an unfortunate financial situation, I have no option but to take a semester off of school because of poor credit from my potential co-signer to my loan. I've applied with Wells Fargo, Sallie Mae and PNC, all being denied because I have no credit and my co-signers credit is in the mid 500's. To resolve this, I've recently acquired a Capital One Secure MasterCard to start building my credit (made my first purchase yesterday of $9). As I know nothing about building credit or the score it takes to qualify for student loans, I have many questions.

How long does it take to establish new credit? What kind of purchases can I make to bump up my score at a steady pace? I've read that the minimum credit score to get most student loans is 650, is this possible to achieve with a blank slate within 6 months? What are the recommendations as to which bank to apply for a student loan with low credit? Or any other options I may have as to building credit, acquiring a student loan and convalescing my cosigner's credit?

I anticipate that my cosigner's credit will ameliorate within 6 months but I am still unsure as to my own credit and what is the modern norm of establishing credit. I would prefer to not wait a year to begin my collegiate career yet I am willing to do this if put into the situation. Though, I am going to do everything that I must to establish my own credit while working on a feasible income to begin college this spring. Thank you for your time reading my concerns.

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I would say, get at least one more credit card maybe even two more, then use them responsibly and wait. I am not sure if you will get the needed results within 6 months or not. In most cases it takes 6 months for someone new to credit to get a score, so maybe you will get lucky and meet the deadline. In the meantime continue reading about credit and the knowledge that you gain will be very helpful in the future as well. There are consumer finance companies and other subprime predatory lenders that you can get loans through without credit scores, but they are super expensive to deal with, but it is an option. While waiting to build a score, work as many hours as you possibly can and save as much as you can to put toward school.

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