Establishing Credit

[1sikbITCH]

I have seen people in almost every walk of life post on this board, so hopefully someone in the know can explain some things.

When I was young, I racked up bills, ran out on landlords, bounced checks, etc. My credit had quite a few bad things on it. For the last 8 years or so I have not bought or paid for anything at all on credit. No activity whatsover.

A couple months ago I was waiting while a friend bought a cell phone, and the guy talked me into running my credit to see if I could get one too. The credit people on the phone thought my SSN was bogus because nothing at all came back. Seems my credit history is completely blank.

So now I have a good job, getting things back on track, and have decided it's time to build some credit. Problem is, with a blank credit history, I can't even get a Sears Card. I applied and it said "We are unable to process your request. Please expect a letter with further explanation" or something. Same thing at Home Depot.

How can I build credit if I can't even start with a little credit card? Also, I have heard that you can check your credit history once a year for free. Where would I go to do this?

Thx.

 

[Mrfrog840]

go to the bank and get a credit card...

deposit a healthy amount into your checking account. which is what i did 3 months ago at bank of america

 

[shimsham]

open a savings account, save up a couple of thousand dollars, and then apply for a loan at the bank, using the savings account as collateral.

 

[AgaBoogaBoo]

R

 

[conjur]

Try this

(About 1/2 way down.)

 

[RossMAN]

Originally posted by: shimsham
open a savings account, save up a couple of thousand dollars, and then apply for a loan at the bank, using the savings account as collateral.

Agreed.

Save up at least $500 then apply for a SECURED CREDIT CARD since there is no risk to the bank, there is a 99.99% chance you will be APPROVED.

 

[Ryan]

Sercured visa is the way to go! I have one

 

[1sikbITCH]

Lol yeah I forgot about you get a credit card with a checking acount. We've used my wife's checking account for years now. Thx. And I'll check out the link as well.

 

[Broohaha]

Originally posted by: AgaBooga
R

O

 

[RossMAN]

Originally posted by: 1sikbITCH
Lol yeah I forgot about you get a credit card with a checking acount. We've used my wife's checking account for years now. Thx. And I'll check out the link as well.

Actually that's a debit/check card tied to your assets, so technically it's NOT A CREDIT CARD.

If you want to establish credit, deposit $500 or more into a savings account and apply for a secured credit card.

 

[Smolek]

What are the best secured cards out there for someone who is not a student ? I've seen the lists but many of them are recommended based on commisions and its hard to tell which is good and which arent.

 

[abracadabra1]

Originally posted by: RossMAN

Originally posted by: shimsham
open a savings account, save up a couple of thousand dollars, and then apply for a loan at the bank, using the savings account as collateral.

Agreed.

Save up at least $500 then apply for a SECURED CREDIT CARD since there is no risk to the bank, there is a 99.99% chance you will be APPROVED.

Listen to the Nagus...he knows