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Califace

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I'm at a loss... in a catch 22....feeling defeated... I need suggestions
If the where and how long of my employment status is of no value to my credit report and thus not included in it , why am i getting denied for the smallest of loans based on the lack of employment history or inability to confirm it? I have zero history on my credit report of positive, established, or even negative influence. The only options offered to fix that are to obtain a secured credit card at an obscenely high percentage rate or to open an account and keep it in good standing for the requisite amount of time for them to resort it to the top 3 to begin establushing credit. The problems I'm running into and that i have personally are that 1) I don't have 200-500 dollars just laying around to slap down on a process that takes that long to accomplish and 2) no one will approve me for any kind credit account because of my lack credit history and/or information of ANY kind on my report, including my employment history. its a catch-22 and extremely frustrating.

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I hear you--I've been there, both the no money and the no credit parts.
You are correct about your employment history not being factored into your score. Employment history IS a factor in getting approved for a loan, however. Credit score, available assets, income, and job history are all separate things that go into the decision whether or not to extend credit to you.

You say you don't have 200-500 dollars to put towards a secured card. If your financial situation is that dire, credit is going to be very black-and-white for you. It will either be a godsend when you have an emergency and desperately need a couple hundred bucks, or it will be a curse because you'll rack up a credit card bill you can't pay off.  You will have to be extra careful with credit until your income increases.

My best suggestion? A two-part process that I did myself: First order of business, you need to find a way to make more money. If our grandparents could work two or three jobs to make ends meet, so can we. When I did this I was working two jobs an average of 55 hours a week, and I sometimes didn't take a weekend off so I ended up working 12 and 13 in a row frequently. It gets old, but this is just temporary. Work an extra part-time job or odd jobs long enough to save up a few hundred bucks. The second step is to use your savings as leverage to build your credit. If you don't want to go the secured card route, the other option (which will still require money up front) is a credit-builder loan. Not all banks offer these, so you may need to check around. It's basically a secured loan; you give them $500 to hang on to, they loan you $500, and you make installment payments. In about three months or so you will start to see an improvement to your score. For best results you should get a secured card as well so you have both types of credit (revolving and installment) on your report. 

The solution to your dilemma isn't quick and easy, I'm sorry to say. Building an excellent credit score takes years. You'll get there though, because you recognize its importance and you are willing to learn. 

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Excellent answer Krissie72

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It takes using credit to build a credit score.  It sounds as if you have not read the articles on credit presented here and you should.  I went from a primarily cash basis to building an excellent credit score in just a few years by using the information on this site and I am on a fixed income. If you can't get the money to deposit for a secured credit card, maybe you don't have sufficient income to pay whatever charges you may make in full every month or within a couple of months,so shouldn't have a credit card.  Only people who can use credit wisely should have the privilege. There really is not a catch 22 here.  Just common sense. 
 

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