Saturday, July 4th, 2009

What is an ideal way to start building credit from scratch?

building credit
Kim asked:


I am currently trying to start building my credit so that when I apply for a credit card, theres some credit history there that won’t lead to my rejection. I curently have a checking/savings accnt with both BoA and WaMu (however, I am about to close my BoA accnt when WaMu debit card comes in). I’m not sure if i’m really up for getting credit cards from small stores, because I don’t shop in too many places, so although I want to build my credit..I don’t want to waste my money…………………………….
Heres some quick facts, if it’ll effect your answers: (1)Been rejected credit card apps more than a few times (2)Opened accnt w/ WaMu today, tried applying for MasterCard but was denied because of lack of credit history (3)Have a mobile phone contract under parent’s name, however I pay the monthly bill (4)House is parent owned/don’t pay rent (5)Only have a Macy’s retail card (6)Not currently a Student. Any advice would be great, thanks!

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6 Responses to “What is an ideal way to start building credit from scratch?”

smoshit Says:
July 4th, 2009 at 6:10 pm

the easiest credit card to get is like a Macy’s card or jcpenny, if you cant get accepted for one of those, then your credit must be 0. Even if its only 200 dollars, its credit.. go to one of those sales and when they ask you if you have a macys card, say no and you would like to apply for one.

tom4bucs Says:
July 7th, 2009 at 11:44 am

well – you have painted yourself into a corner

you want to build credit – but you don’t want to get a card from a small, local store

start small – to build big – and don’t waste your money – on interest

I pay my CC off every month – maybe that’s why I have an 820 score

best of luck

Mike S Says:
July 8th, 2009 at 9:17 am

take out a small loan from your bank, but dont spend the money. use it to make inflated payments for about half of the term (ie if your payment is $100, pay $150) then about half way pay the entire balance off.

Blaze Says:
July 9th, 2009 at 7:32 am

When your cell phone contract expires take it out of your parents name and put it in your own.

When you do finally get approved for a credit card check for the lowest interest rates possible! no sense in wasting more money then you have to, right?

word of advie once you get a credit card and build up your credit get rid of your credit card! way too easy to get in debt

If you want to get a credit card for small purchases (building up credit) you can have someone co-sign(parents maybe?) then if your co-signer has a good bnackground they will mostl likely approve you! hope i helped a little

miky2tones Says:
July 9th, 2009 at 3:46 pm

First of all you really don’t need credit until you try to buy a house, if you pay cash for everything then your credit score will not matter, The only thing you should finance should be your house and that would only be for 15yrs. You should try to get a small credit card with a limit os $200 if they try to raise it then you just tell them no. You could try to get your cell phone in your name and pay the bill everymonth that will help you start to establish a credit history then work up to the credit card. Hope this helps.

iao y Says:
July 9th, 2009 at 4:29 pm

Building a good credit can be done in various ways. If you are fed up of the collectors tirelessly chasing you to pay your debts or if you are disappointed at your loan application being turned down, because of absence of credit history, you should learn how to do build your credit. The most important thing to remember is not to buy unnecessary items. Do not convert your ‘want’ into ‘need’, as it can drag you deeper in debt. If you are looking to build credit and do not have any history, set your priorities properly.

Bad Credit Building Credit

If your credit is bad, buy a DIY kit to get started. Visit the public library and read books that take you step-by-step through the method of repairing your credit. Many libraries let you copy and print forms that you can fill and then dispatch to your credits.

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