Credit History

[aolsux]

Ok, so, I'm 21 and finally in a financial status to apply for a Credit card. I didn't want one before this time because I know I would of run up a huge debt and such, but it's time for me to. The only problem is now I am not accepted everywhere. How am I supposed to get a line of credit, if companies will not accept me. I have a hefty amount in my checking and savings accounts with one particular bank, but I've been denied from at least four different companies. Does anyone know of a way I can get accepted? I feel like maybe going into my bank and sitting down with an associate maybe we can figure it out. Thanks AP.

[Taking_Frags]

Get a student credit card.

[aolsux]

tried, still denied....is there one you recommend?

[sodamnclever]

That's kind of strange that you're being denied...have you considered just applying for a department store credit card or even a gas card? It's good to start with something small and just make small purchases that you know you can afford to pay. Usually the interest rates are high but it's something to start with. Good luck.

[sdbrown]

Ok, so, I'm 21 and finally in a financial status to apply for a Credit card. I didn't want one before this time because I know I would of run up a huge debt and such, but it's time for me to. The only problem is now I am not accepted everywhere. How am I supposed to get a line of credit, if companies will not accept me. I have a hefty amount in my checking and savings accounts with one particular bank, but I've been denied from at least four different companies. Does anyone know of a way I can get accepted? I feel like maybe going into my bank and sitting down with an associate maybe we can figure it out. Thanks AP.
Can you get a debit card from your bank that works as both a credit and debit card? That's how I started out.

[aolsux]

That's kind of strange that you're being denied...have you considered just applying for a department store credit card or even a gas card? It's good to start with something small and just make small purchases that you know you can afford to pay. Usually the interest rates are high but it's something to start with. Good luck.
Yeah, it's what I am trying to do. It just doesn't make any sense on how all the statements I get from companies are as follows: "we denied you because you have limited credit history" and I am not sure how a card that specifies on limited credit history is supposed to be obtained if they deny you because of that fact.

[Taking_Frags]

tried, still denied....is there one you recommend?

When I was applying for my first credit card (meaning I had zero credit history), I went to www.capitalone.com and applied for one with limited credit history. Try if you haven't done that. I just checked, and they provide the same as when I applied.

[drudo182]

I had to have my parents co-sign a credit card for me. That was the only way I ever started.

[quitmyscene]

Can you get a debit card from your bank that works as both a credit and debit card? That's how I started out.

That doesn't count towards your credit. Your own phone line, loans, etc will count, but a debit/credit linked back to your bank account doesn't make a difference - the credit is just for convenience's sake. It still comes directly from your bank account, but debit is taken immediately and credit usually takes about 2 days. There's no issue about paying it back on time because it already automatically deducts from your checking.

Start with a "fake" credit card to begin building your credit. You can either take out a small loan from your bank and pay them back, or many banks have the option where you can sort of pre-pay the card. Say.. you give them $750. You can get a card with a $750 limit. I think it's called a secure card? You still have to pay for whatever you buy, and that initial $750 is just a security deposit. It builds your credit and as long as you have the money, you should be approved - because in a worst case scenario where you don't pay, they already have that $750.

Having your own phone line is a great way to build credit. I applied for a card from Capital One basically as soon as I turned 18 and was approved... the interest rate is ridiculous, but I only buy what I can afford and pay it off completely every month. I already have great credit (well, as good as you can get for only being 18 for 18 months..).If you charge more than half of your approved limit, you're considered a risk so that won't help as much. I know personally, I just use mine for gas and public transportation, occasionally to get a drink/lunch at work, so it's hardly ever more than $100/month. I know I'm younger than you and probably seem overly preachy, but I've seen so many people already fuck up their credit by spending more than they have and bad credit stays with you for a long time. So honestly, high APRs might look bad, but they only matter if you have a running balance month to month. If you can't get approved for Capital One's "limited credit" card, or anything else, try doing the loan or secured card. Once you start paying that back, after a few months, you'll have SOME credit and you'll most likely be approved for one of those limited/bad credit credit cards.

[aolsux]

When I was applying for my first credit card (meaning I had zero credit history), I went to www.capitalone.com and applied for one with limited credit history. Try if you haven't done that. I just checked, and they provide the same as when I applied.
yeah I tried Sovereign, Capital One, Citi - all denied
That doesn't count towards your credit. Your own phone line, loans, etc will count, but a debit/credit linked back to your bank account doesn't make a difference - the credit is just for convenience's sake. It still comes directly from your bank account, but debit is taken immediately and credit usually takes about 2 days. There's no issue about paying it back on time because it already automatically deducts from your checking.

Start with a "fake" credit card to begin building your credit. You can either take out a small loan from your bank and pay them back, or many banks have the option where you can sort of pre-pay the card. Say.. you give them $750. You can get a card with a $750 limit. I think it's called a secure card? You still have to pay for whatever you buy, and that initial $750 is just a security deposit. It builds your credit and as long as you have the money, you should be approved - because in a worst case scenario where you don't pay, they already have that $750.

Having your own phone line is a great way to build credit. I applied for a card from Capital One basically as soon as I turned 18 and was approved... the interest rate is ridiculous, but I only buy what I can afford and pay it off completely every month. I already have great credit (well, as good as you can get for only being 18 for 18 months..).If you charge more than half of your approved limit, you're considered a risk so that won't help as much. I know personally, I just use mine for gas and public transportation, occasionally to get a drink/lunch at work, so it's hardly ever more than $100/month. I know I'm younger than you and probably seem overly preachy, but I've seen so many people already fuck up their credit by spending more than they have and bad credit stays with you for a long time. So honestly, high APRs might look bad, but they only matter if you have a running balance month to month. If you can't get approved for Capital One's "limited credit" card, or anything else, try doing the loan or secured card. Once you start paying that back, after a few months, you'll have SOME credit and you'll most likely be approved for one of those limited/bad credit credit cards.
actually alot of help, I didn't know a phone line helps with credit, and my parents still pay for our family plan until next Feb, than I was going to get my own

[.invisible ink.]

Right now it's especially hard to get a credit card. I think the advice given in this thread is really good advice but just realize that it's never been as hard as it is currently to get credit. Also, please beware of the interest rate gouging that's going on right now, even to people who pay their bills religiously every month. The credit card industry is going through some major changes and we're all sort of caught in the middle.

I would suggest starting with a department store card and using it sparingly just to build some credit activity/history. Also, remember that once you open a card, even if you only use it once a year (which is good practice, just to keep some activity on it but not too much), do not cancel it because it will hurt your credit rating to get rid of it. People always seem to forget this because it goes against common sense.

Good luck and be careful. Credit is a game where the cards are stacked against the user.

[Chancetobe]

I don't know how, but, I had no previous credit, and had no problem getting my own card. Only, I've been stupid, and while I do always pay it off in full, some months I forget to use it, and once my payment was late, because i put the adress in backwards. Hope my credit score is still ok though.

[TJ Wells]

I started my credit when I got my first (non-shit) car. My dad cosigned with me.