Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Posted in Credit Scores
I have zero credit, how can I begin to build my credit? Please give multiple solutions.
I know I can get a secured card and I will if I have to, but I'd prefer that to be the last solution. I really need to start building my credit. Know of any retail stores that are easier to get approved at?
Profile Image

Question By
KBlauw

1 Contribution
0 People Helped
All Responses
Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Most Helpful Response
Helpful to 3 out of 3 people

Do you actually have no credit or do you have poor credit? If you have poor credit, you are out of luck and will have to pay with a secured card or something else that is expensive. If you have no credit history, try Capital One. They seem to be pretty good about giving people a chance to start a credit history.

Top Contributor

Response by
hardeight

1739 Contributions
932 People Helped

Your best bet is a secured card with a national bank for like 500 dollars. Stay away from those ghetto cards they will Kill you with the annual fees and interest is like 33 percent. When you get the secured card from the bank, Pay it on time and they will most likely after a year turn it into a unsecured card, and most likely even raise your credit limit. Then from there, well it all depends on all kinds of variables, but a car loan or personnel loan will help out tremendously. Also dont Max out the card or any credit card for that matter, you only want like 20 percent utilization on any cards.

Top Contributor

Response by
tommy32

27 Contributions
3 People Helped

Find what I like to call a "ghetto card"

There are plenty, search for zero history cards. My first card was one of these. Limit of like $300, and a starting fee of like $50 to boot. It sucked. But it was worth it. I had it for three months and was then approved for a Chase Mastercard for $5000. Although that was pre-crisis cerca 2008.

A second option is to take out a loan with a co-signer. I also did this with my first car and my father co-signed. They approved it on his credit but it went under my name and it went quite well. You could do this with a small personal loan, perhaps at a local bank.

Those are pretty much the only two options. Other credit lines include student loans which are easily approved in most cases, although you need to be a student obviously.

Another option is a healthcare card. There are some credit cards that function for health-care only. They are fantastic and usually give you 0% on new medical expenses. I was approved for one at my dentist, with a 10k limit. Used that one time for a teeth cleaning and paid it off. However they closed me after 6 months of being healthy, kind of ironic.

Good luck and try those. I dont know how much harder it might be with new legislation but Im sure you can make it.

My mother just got two 'ghetto cards' and she just recently divorced and filed bankruptcy and never had much credit anyway as my father had it all. So you can certainly get some now.

Response by
delsymfan

2 Contributions
0 People Helped

I have NO credit. So, I need to find a way to START to build credit. And I already tried Capital One, declined due to lack of credit history..

Response by
KBlauw

1 Contribution
0 People Helped
Helpful to 1 out of 1 people

Sounds like secured cards are you best option.

Top Contributor

Reply by
AppleRules

748 Contributions
917 People Helped
Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Reply to this Question

Write your response:

Enter Your Comments
Submit to the Community