Ways to Build Credit??

[krwell]

Hey Guys I need to build credit. Have no credit right now and would like to build some as fast as possible. Someone suggested taking small 90 day loans. Any other suggestions?

Thanks in advance

 

[RossMAN]

Do you have $99 - $500 right now?
Are you at least 18?
Do you have a job?
Have you lived at the same address for at least 1 year?

 

[krwell]

Yes, Yes, Yes, Yes

I'm 23, and I make between $40-$50k. I just have never had a credit card or any type of card.

 

[krwell]

I've been turned down by a jewlery store card, mastercard, Capital One Card and a credit card from my own bank

 

[brtspears2]

how about a verizon visa? I got one without a problem back in the day....

 

[RossMAN]

The easiest/quickest way is to get a Capital One Secured VISA credit card ...

They take a deposit of at least $99 from you which they put into an interest bearing savings or CD, you're almost guaranteed approval, after using your account and making timely payments for a little while, apply for a regular unsecured credit card, if you're approved close your secured credit card and get your initial deposit back plus interest.

 

[RossMAN]

Read my posts in this thread about getting a secured credit card.

 

[krwell]

Can I add money to it later to raise my limit?

 

[RossMAN]

I don't think so. You don't have to do $99 you could do higher, I'd say $500 or $1,000 is a good starting point.

 

[krwell]

okay, any other methods? How about the loan idea?

 

[RossMAN]

If you were already declined for 4 credit cards, how do you think you'd qualify for a quick 90 day loan?

 

[krwell]

Rossman I went to your other thread and went to the free 30 day trial. They don't let you see anything about your credit anymore for free. Everything costs money once you sign up

 

[apoppin]

What RossMAN said.

Also, when you are turned down for credit, you then have a right to see your credit report for free.

Get the secured card; pay your dues and NEVER (ever) be late. Every six months, ask for a credit line increase. Eventually, the annual fee will drop off and the interest will also drop.

And don't worry about the annual interest rate - pay your balance in full every month and it is ZERO.

Good luck.

 

[krwell]

okay

 

[FrustratedUser]

Originally posted by: RossMAN
The easiest/quickest way is to get a Capital One Secured VISA credit card ...

They take a deposit of at least $99 from you which they put into an interest bearing savings or CD, you're almost guaranteed approval, after using your account and making timely payments for a little while, apply for a regular unsecured credit card, if you're approved close your secured credit card and get your initial deposit back plus interest.

I am reading with great interest. Do you think I could get one of those?
My situation right now is:

Moved to US in mid Jan this year.
Make enough money to easily pay any dept.
I managed to get a credit of $4700 for a car in February but the interest is focking %29 and I need to refinance this ASAP!

 

[randomlinh]

that's strange, salliemae just sent me an email about using equifax for 30 days free.

 

[krwell]

weird

 

[malbojah]

I am reading with great interest. Do you think I could get one of those?
My situation right now is:

Moved to US in mid Jan this year.
Make enough money to easily pay any dept.
I managed to get a credit of $4700 for a car in February but the interest is focking %29 and I need to refinance this ASAP!

29%!?!?!

If my bank told me that would be my interest, I'd say screw you and close out the 2 accounts I have with them and see the 3 banks across the street from them

 

[FrustratedUser]

Originally posted by: malbojah

I am reading with great interest. Do you think I could get one of those?
My situation right now is:

Moved to US in mid Jan this year.
Make enough money to easily pay any dept.
I managed to get a credit of $4700 for a car in February but the interest is focking %29 and I need to refinance this ASAP!

29%!?!?!

If my bank told me that would be my interest, I'd say screw you and close out the 2 accounts I have with them and see the 3 banks across the street from them

It's not a bank. It's a credit company of some kind. I was a 'high-risk' customer just because I moved here so recently.
The master plan was to get a credit, suffer for some time and then get a CC with cash advance to pay it all off.

 

[dakata24]

i believe you can request a credit report upto 90 days since you were turned down for credit as apoppin said.

 

[QueHuong]

Bump and marking my place so I can keep updated with this thread.

 

[RossMAN]

krwell - You must have done something incorrectly because I've had about 2 dozen people from AT tell me that they were able to view their credit just fine, some of them even found some errors which after they fix should improve their credit profile/FICO credit score. You do have to enter your credit card information because it is a paying service BUT you get a free 30 day trial, if you cancel before 30 days then you're charged nothing ($0.00). Just make sure when you cancel to first call write down the persons name, extension and get some sort of confirmation number then follow that up with an e-mail to once again confirm that you are cancelling your free 30 day trial.

You asked for an easy credit card to qualify for, I gave you an answer, I don't see where the confusion lies. Yes it's not the most perfect credit card but you really have no choice right now. Maybe after mending your credit you'll be able to pick and choose.

Some other ATers brought up some good points. For each of those 4 declines you should have received a decline letter which should list the reason(s) why you were declined, give you an opportunity to contest it in writing and most importantly to obtain a FREE copy of your credit report. Have you done this already?

 

[RossMAN]

Just an FYI since you've already applied for and were declined for a Capital One cc (although it wasn't the SECURED card), there's a chance you might be declined again.

Be prepared for that.