How do you build credit at the age of 19? never had a apartment, or car but looking to get financed for one.?
Jan 05, 2010
in
Commercial Mortgage FAQ
im like deadlocked on info to find a way to build my credit up but it seems like i get denied for everything what should i do?
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3 comments
Dixie Darlin' on January 5, 2010 at 11:31 am
You need to stop applying until after you have established a little credit.
Go to your local bank or credit union, open an account for $300-$500, tell them you want a secured credit card against the account. Use it each month for small purchases like gas or groceries. Pay the card off in full each month.
After a few months apply for an unsecured card or convert the secured card. Also gas and retail store cards are normally easier to get.
It takes 24 months of prompt on-time payments to establish your credit rating.
StephenWeinstein on January 5, 2010 at 11:31 am
You are being denied because you have applied too many times. You should stop applying so often. If you have been denied 3 or more times and are only 19, then you are applying too often. After every application, whether it is approved or denied, you should not apply anywhere until more than a year has passed. You are more likely to be approved when an application is your first application in at least a year.
You should start by applying for a "secured" credit card at a bank where you deposit money. You have obtain a "secured" credit card even if your credit is not good enough to obtain other credit cards. The "secured" credit card will allow you to build your credit so that you will be able to obtain a regular credit card in a few years.
Ur Credit on January 5, 2010 at 11:31 am
there are a couple of ways you could start building credit, you could get a small personal loan which you might need a cosigner or the best way will be getting a credit cards, you could get a credit card and use it for your every day expenses but make sure you pay in full at the end of the month that way it will show pay in full everytime the credit card company reports to the credit beuros. At the begining you will only be approved for the lower end credit cards but once you build credit in about 6-9 months you should be able to apply for a better card with better benefits such as free miles or cash back. Check out http://www.fastcreditcardapprovals.com and go under bad or no credit section and you will find a few choices. But if you are a student apply of a student credit card these cards have no annual fees and low rates