• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Any painless ways to establish some credit?

TallBill

TallBill

Lifer
I'm 21 and cant get a credit card. I've applied for 4 over 3 years. 3 Student cards and a gas card including a student card while enrolled full time and making 21k a year.

I dont really need credit cards, but in a couple years I'm guessing that I'll need a loan for a house or vehicle.

I currently cant afford to get the type where you put down 500 bucks to hold against your balance for 6 months.

The only thing else I can think of is a title loan against my car for just a small amount of a few hundred bucks, but not sure how bad I'll get raped on interest and if that would even impact my credit score.

 
What about utility bills? Try like a gas card. You need gas, right?

Or one of those interest free things from electronic stores. Use them instead of paying outright for something you'd buy anyway.
 
I actually recently tried a store card too, forgot about that. Shot down like Admiral Yamamoto's Betty Bomber.

And I already applied for a gas card.. which I said above.
 
Disclaimer: Never tried this, only know of someone who has

Go out to the bank, and take out a $5000 loan, and don't touch it no matter what. Pay it back in large increments over a fairly short period of time. You'll have to cover some interest, but it supposedly will help out your credit rating.
 
Q: Any painless ways to establish some credit?
A: No

Do you have a girlfriend, wife, or family member you can ask to co-sign on a cc?
 
wow, i thought cc companies usually like to send students cc.
i got offered a lot when i was in school, but i turned 99% of them down.
they are still coming like flies everyday...
 
What is your credit report like? Just about any student can get dozens of student CCs without any income at all. A student with $21,000 a year income shouldn't have any trouble at all. So is there something bad on your credit report? There could easilly be a mistake on their part, that you don't know about.
 
Originally posted by: RossMAN
Q: Any painless ways to establish some credit?
A: No

Do you have a girlfriend, wife, or family member you can ask to co-sign on a cc?
Click to expand...

I always thought that I wouldn't build credit on a co-signed card. If thats the case, my gf has a solid credit rating and could probably aid me.

And, PhasmatisNox, thats what I was saying with the title loan. No bank is gonna just give me 5 grand. But definitly 500 against my car title. And i'd just pay it back in 5 montly payments of like 105. (just guessing on interest)
 
Originally posted by: dullard
What is your credit report like? Just about any student can get dozens of student CCs without any income at all. A student with $21,000 a year income shouldn't have any trouble at all. So is there something bad on your credit report? There could easilly be a mistake on their part, that you don't know about.
Click to expand...

My credit report is BLANK. Zero negative and zero positive remarks on it. Only temporary marks after applying for credit, but those go away after a few months.
 
I would get a secured loan (have 1k in a savings account and take a loan out against it) and just pay it back over a short period of time.


I was in the same situation as you a few months ago. No credit history at all, completely blank. Fortunately my dad cosigned on a new car with me and I'm establishing credit through the dealership's bank.
 
Originally posted by: Kenazo
I wouldn't get your girl to cosign... Wives are fairly safe, Parents are better.
Click to expand...

Have no wife, and both parents have great credit but currently cant extend a helping hand because of crossing over into business credit.

I should add, my bank is NO help with loans or credit cards unfortunatly. I should probably get a new bank.
 
Do not get a title loan. Not only are those complete rip-offs, but they do not help your credit (or even show on your credit).
IMO, the best way to establish credit is to buy a used car and finance the larger portion of it (because most people have to have a car anyway, so why not use it to establish credit?). With no established credit, you will get raped on the interest rate*, but just make sure the car is affordable so you can pay it off quickly (within 2 years). Avoid paying too much for the car and do not pay for any upfront non-refundable extras like credit insurance, extended warranties, service plans, etc.


* Contrary to popular belief, interest rate is not everything when financing. Length of term is just as important because the longer you pay, the more you you pay.
 
Originally posted by: Vic
Do not get a title loan. Not only are those complete rip-offs, but they do not help your credit (or even show on your credit).
IMO, the best way to establish credit is to buy a used car and finance the larger portion of it (because most people have to have a car anyway, so why not use it to establish credit?). With no established credit, you will get raped on the interest rate*, but just make sure the car is affordable so you can pay it off quickly (within 2 years). Avoid paying too much for the car and do not pay for any upfront non-refundable extras like credit insurance, extended warranties, service plans, etc.


* Contrary to popular belief, interest rate is not everything when financing. Length of term is just as important because the longer you pay, the more you you pay.
Click to expand...

Yeah, I dunno why the hell I didnt finance a tiny part of my car when I bought it.
 
I just got approved for a Capitol One Platinum VISA with a 300$ limit.

I filled out the app thinking, "I'll never get approved..", because I had applied to PayPal, Sears, JC Penny, Wells Fargo, Citi, and some others.. and they all turned me down.

But here I am, with a 300$ credit limit. :Q
 
Get a secured Visa from a local credit union. You put anywhere from 500 or more dollars in a savings account, they'll freeze that money and whatever the amount of money is will be your credit card limit. That's what I did, and after 1 year I had a credit score of 695 (or course, you have to use it and pay it off often) 😛
 
Originally posted by: rbloedow
Get a secured Visa from a local credit union. You put anywhere from 500 or more dollars in a savings account, they'll freeze that money and whatever the amount of money is will be your credit card limit. That's what I did, and after 1 year I had a credit score of 695 (or course, you have to use it and pay it off often) 😛
Click to expand...

Holy pigfarms batman, read my first post?
 
Originally posted by: TallBill
Originally posted by: rbloedow
Get a secured Visa from a local credit union. You put anywhere from 500 or more dollars in a savings account, they'll freeze that money and whatever the amount of money is will be your credit card limit. That's what I did, and after 1 year I had a credit score of 695 (or course, you have to use it and pay it off often) 😛
Click to expand...

Holy pigfarms batman, read my first post?
Click to expand...

If you want to build credit, it's the easiest way. What exactly is preventing you from doing it? Save your money until you get 500 to put down for it, easy as that.
 
Yeah, just try to apply for some student cards or something from bank. It shouldn't be too tough at all. I had mine from 4 year ago when I was an freshman college student. It had only $700 starting credit limit but it grows gradually.

After that, just browse the hot deal forum often and that will keep your spending flowing and build up the credit history.
 
Originally posted by: gunblade
Yeah, just try to apply for some student cards or something from bank. It shouldn't be too tough at all. I had mine from 4 year ago when I was an freshman college student. It had only $700 starting credit limit but it grows gradually.

After that, just browse the hot deal forum often and that will keep your spending flowing and build up the credit history.
Click to expand...

wow, did YOU read the first post?
 
Why not apply for a student loan? Those are fantastic ways to build credit... just be sure to make the payments on time every time.

Barring that, suck it up and get a secured card. And yes I read your first post, but I don't buy it. Is it that difficult to save up $500? Eat top ramen for a couple of months. Sell some possesions on ebay. $500 is paltry even if you're earning 21K a year.

l2c
 
do you see some people set up a table for you to sign up cc on campus? if they make a copy of your student id card, they will definitely give you a cc
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top