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JeffSimons

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I have no credit. How do I get a credit card and build my credit?

I am desperate to build my credit and after many careful research, I pretty much know how to build good credit. But where do I start? I have no credit and lenders and denying me any credit cards. How can I get my first credit card? This is a serious question, please help me on this. Thank you.

949 day(s) ago

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AmandaS

Best Answer

First, you stop applying immediately. Each application hurts your credit for a year and keeps you from being approved for other cards.

Next, you go to a bank that offers secured credit cards to depositors with no credit, deposit money there, and apply for ONE and ONLY one secured credit card. If you are rejected because you have already applied for too many cards, then you wait more than a year before you try again.

When you do get a secured credit card, you make all the payments on time until it has built your good credit. You then apply for ONE and ONLY one regular, unsecured credit card. If you are rejected, then you wait more than one year, while continuing to build your credit with the secured card, and not applying for any other cards for a year, before you try again.

949 day ago

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Other Answers (6)

AnandPatwada 		Stop applying for unsecured credit cards, you will only be denied.

Go to the bank you do business with, ask them if they have a secured account, open a account, save until you have $1,000 then get the card. Set the payment schedule up for 12 months, and make your payments on-time each month. Put the money the bank gives you into your checking account to repay the loan.

After those 12 months, apply for a unsecured credit card or ask they bank if they can convert the card to unsecured.

Posted 949 days ago

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AnandPatwada 		Retail stores like Kohls are easier than bank card because they hope to make money on your purchases as well as the interest on your balances.

Posted 949 days ago

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kirand 		Well making Credit Cards i advice you to the site from which my Sister make its credit card she made it for free.
That site offers you different credit cards with different Benifits.

Go to

Dixiloan.com


Then to Credit Cards section

Check all link in that in search of best company of Credit Card.

Take Care
Bye!

Posted 949 days ago

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JoeThomas 		If you have terrible credit - Like I do - Then your best bet is to go to a bank or a credit union and open up what is called a "Secured Credit Card" What a secured credit card is, is a credit card in which your limit is what you set because you've already paid* it. Most banks have a minimum that you must meet and you must also qualify for it but unless you have bankruptcies, foreclosures etc. you should qualify.

For example, I went to my bank and applied for a secured credit card. My max limit is $400. After I applied and got approved, I gave them $400 and they gave me my secured credit card. I then use my card and pay of my balance every month. They report to the credit bureaus and tell them that I have stayed in good standing and the credit bureaus raised my score.

The only downside to secured credit cards is that you need to have a substantial amount of money to give them, in my case it was $400, and then you need to pay of your balance entirely each month. The interest rates for secured credit cards are extremely high so you will definitely want to pay it off entirely each month. Also, you may apply for a secured credit card online, however make sure that it is legitimate and often, the online secured credit cards have higher fees and interest rates.

Good Luck ^_^ Raising your score can be very time consuming but definitely pays off in the end.

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AnandPatwada 		start with your bank. Use your account at the bank to get a Visa debit card or whatever they offer and go from there.

Posted 949 days ago

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DianeJ 		Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - creditreport.imess.net

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