I'm a 20-year-old residing in Canada and currently have no credit history. What's the best way to build one up as quickly as possible? All i need is a starting point. I tried applying for credit cards, but got turned down. I know that once i get started, i'll build it up quickly because i'll throw all my personal/business expenses on it, which are about $10K/mo and rising.
How can a 20yo quickly build up a credit history?
- Thread starter Krassus
- Start date
So you pay $10,000 in cash for all your business/personal expenses now?
Credit cards and personal loans are the best way to go. Find something safe that everyone can get, like a Discover card or something
Credit cards and personal loans are the best way to go. Find something safe that everyone can get, like a Discover card or something
You could get a secured credit card or get a bank loan for a car, house, or something along those lines.
Thing is that this is a small business and i have no tax returns to show for it because this is year one. I called up my bank and they said i should bring some of my invoices into the local branch, show em to the manager and ask for a Venture card, which is VISA/credit line combined.
edro
Lifer
- Apr 5, 2002
- 24,326
- 68
- 91
You just gotta keep applying for cards... you will get one eventually.
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
Originally posted by: edro13
You just gotta keep applying for cards... you will get one eventually.
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
Um, but it does hurt your credit score. Not a big issue now since you have little-no credit, but it will take you many years to build it back up. It will be an issue when you go to apply for an auto loan/mortgage.
Originally posted by: edro13
You just gotta keep applying for cards... you will get one eventually.
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
I wish people would stop saying this stuff. It does not help your credit to keep any balance.
Check out:
CreditNet
There's a thread there, probably a few pages back...about 290 posts long...about places that offer credit cards to the recently bankrupt or bad credit.
and
Your Money at MoneyCentral on MSN
CreditNet
There's a thread there, probably a few pages back...about 290 posts long...about places that offer credit cards to the recently bankrupt or bad credit.
and
Your Money at MoneyCentral on MSN
Originally posted by: edro13
You just gotta keep applying for cards... you will get one eventually.
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
You're wrong man, it does. You get like 1 point against you for every credit check. Also, pay off your car monthly, don't keep a running balance. Paying off 75% of your bill will only get your limit raised. You look like a sucker so they'll reel you in and own you for life.
I pay off my credit car every month. If I don't have the cash to back it up, I don't use it. Hell, I've been paying the balance off before getting the damn bill in the mail...
Kyteland
Diamond Member
- Dec 30, 2002
- 5,747
- 1
- 81
Look up the word "quick."
Look up the word "history."
Pause and reflect.
There is, quite simply, no such thing as quickly building a good credit history.
Look up the word "history."
Pause and reflect.
There is, quite simply, no such thing as quickly building a good credit history.
Talk to a customer rep at your local bank. Maybe they can hook you up with a student card or a secured card (you put down a deposit and pay your bill each month). That should help you quickly establish credit.
Ask your bank for the biggest loan they'll give you for someone who has no credit, wait a little, like a week or two and pay it back.
Instead of starting a new topic, I'll ask it here for them. Whats a good easily accepted/secured credit card to suggest for someone who has minimal credit that could use some repair?
Just go to your bank and open a checking/savings account if you don't already have one. Then apply for a small loan (~$1000 or so). For the first 6 months, pay the amount owed each month on time. After that, pay for the remaining balance. This will give you a good start. Not only will you have paid for the loan, but the payments will have been on time and you will have paid it off early.
Note: Make sure there are no fees for paying the balance off early. Also, consider getting a credit line so that checks don't bounce.
Note: Make sure there are no fees for paying the balance off early. Also, consider getting a credit line so that checks don't bounce.
get store credit cards if you can't seem to get any luck with bank ones...
also are you a student? they pretty much give away student CCs
also are you a student? they pretty much give away student CCs
If you're a student, Discover card. I don't know of a single person IRL that has been turned down for one, total credit newbies or not. If you're not, then I don't know.
Originally posted by: Kevin
Originally posted by: edro13
You just gotta keep applying for cards... you will get one eventually.
Don't listen to people that say that applying for too many credit cards will hurt your credit score... because I have applied for over 15 credit cards and charge cards in the last 2 years (I am 21 now) and I finally got a Sears card (a year ago) and a Paypal Visa card (a few months ago). I was rejected on almost all of them... except for the 2 that finally gave me a chance.
Once you get one, just buy something for like $100 and pay like $75 and keep a low balance. I get credit card offers all the time now. Oh, and pay on time
You're wrong man, it does. You get like 1 point against you for every credit check. Also, pay off your car monthly, don't keep a running balance. Paying off 75% of your bill will only get your limit raised. You look like a sucker so they'll reel you in and own you for life.
I pay off my credit car every month. If I don't have the cash to back it up, I don't use it. Hell, I've been paying the balance off before getting the damn bill in the mail...
A pulled credit report can ding your FICO (Beacon) score anywhere from 1-15 points!
:Q
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