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El Barto
= Song DB Master =
USA
4020 Posts |
 Posted - 02/20/2003 : 20:43:08
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I'm 20 years old and I need to establish credit. Up until this point I never wanted to get a credit card for fear of ruining my financial future. But now I feel that I am mature enough to handle a few purchases and make monthly payments. My girlfriend also has terrible credit, so one of us needs good credit and that one of us is gonna have to be me. I applied at Sears, Best Buy, and most recently my bank, and all 3 places denied me due to "insufficient credit references." How does one establish credit when one can't establish it without credit being established? Anyone know of any credit cards that are "easy" and will "give it up to anyone"?
One factor that may or may now make a difference...I live in PA and still have my MI driver's license. |
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Dave Noisy
Minister of Chaos
Canada
4496 Posts |
Posted - 02/20/2003 : 23:21:47
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Paying all bills in your name on time is good for credit...
You'll have to find some card with nasty interest rates to accept you first..once you've had that card for a while, it'll build..
Tho, really, do you have 'good' credit, or just 'bad' credit?
Applying for a bunch of different credit cards in a short amount of time looks bad too btw. |
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Mellzah
- FB Fan -
63 Posts |
Posted - 02/20/2003 : 23:29:51
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Capital One sent me a card offer in the mail when I didn't even have a job. I paid my bills in full, on time, and my credit built up.
I still don't know why I got denied for a guitar center credit card though--maybe because I work there and they know they pay me squat.  |
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ramona
"FB Quote Mistress"
USA
3988 Posts |
Posted - 02/21/2003 : 06:22:03
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| Yeah, I agree about Capital One, they offer low interest rates and have cards for people with little or no credit. |
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the swimmer
* Dog in the Sand *
USA
1602 Posts |
Posted - 02/21/2003 : 06:55:02
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quote:
Originally posted by Mellzah
Capital One sent me a card offer in the mail when I didn't even have a job. I paid my bills in full, on time, and my credit built up.
I still don't know why I got denied for a guitar center credit card though--maybe because I work there and they know they pay me squat.
Guitar or music store credit is hard to get usually because look who they deal with.
As for building your credit El Barto, even things like your utility bills can do that for you. If you've paid all on time that is the best start. Even your rent assuming you pay rent can be used to build your credit. With you being 20, I am sure you have at least a good amount already.
El, if you haven't gotten into "credit" cards yet, see how long you can possibly go without getting one unless you are very sure you can pay it all in full each month. Just words of advice my friend from someone who's been there and back.
"Winter blows through my coat"
the what four http://www.mp3.com/phelan |
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BLT
> Teenager of the Year <
South Sandwich Islands
4204 Posts |
Posted - 02/21/2003 : 11:38:38
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| You can probably get a "secured" credit card. You'll have to deposit money to the credit card company. You'll have a credit line of roughly whatever you deposited. It's really just a glorified debit card but if you pay your bill on time it will help you get some rating. Also, you'll find you start receiving offers for other cards. |
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ProverbialCereal
- FB TabMaster -
USA
2953 Posts |
Posted - 02/21/2003 : 12:23:10
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I don't have a credit card either. i suppose i should get one someday.
I also don't have a cell phone.
I actually take pride in the fact that i don't have a cell phone. I'm not ashamed.
Derek |
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mereubu
= FB QuizMistress =
USA
2677 Posts |
Posted - 02/21/2003 : 13:30:34
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Shame on you, Derek! ;-)
Yep, pay your utility bills and stuff on time and see about getting a "secured" card. Be careful, though! Getting yourself into a "Chapter 7" sort of situation isn't as hard as you might imagine--I've seen it happen several times to people that I consider to be responsible, hardworking folk. (I'm sure part of the problem is the difficulty of making a living wage, but that's a whole nother thread.) Once you're dealing with credit, money can start to seem abstract and unrelated to you (as opposed to good, concrete old cash). Having some actual money put away is always preferable to credit. Good luck, young consumer! |
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El Barto
= Song DB Master =
USA
4020 Posts |
Posted - 02/21/2003 : 14:30:09
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Thanks for the advice all! I have the phone, electric, and cable bill all in my name and have had them that was for almost a year now. The latest I've paid was probably a week, and that was only once or twice..and sometimes a day or two here and there. Does that kill me?
I talked to a friend of mine last night and he said that he established credit with a Capital One card, so I'll have to look into them. I'm waiting to get my credit report in the mail to see what it says before I apply again. I think it's retarded that it goes against me to be denied when I don't even fuckin have credit in the first place. I'm already in the red and I haven't even started spending!
Oh, and the applications for Sears, Best Buy, and my bank were all spread out over the past 5 months or so. |
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floop
= Wannabe Volunteer =
Mexico
15297 Posts |
Posted - 02/21/2003 : 14:35:41
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personally, i think credit card companies are just about the most evil thing there is.. right up there with tobacco companies.. they PREY on the young and the poor, heavily advertising at college campuses and mailing credit card offers to the needy.. i literally get an offer for a new credit card just about every day. and now what they do is send you a check, in your name, for like $5000.. all you have to do is cash it..
but of course by cashing it, you've accepted the credit card, and you're instantly in debt yet another $5000, at like a 22% apr or whatever..
personally, if i were in a really tough spot financially, as i have been in the past, i'd be all over that. but then you're just digging the hole that much deeper.
the other classic one is the zero fee balance transfer scam.. you get to transfer one card to another card, and have zero payments or finance charges for 6 months or a year or whatever.. but if you don't pay that off before that, all the charges get added on retroactively, and then some.. (do you really think you're going to pay it all off within' 6 months or a year or whatever it is??)..
it's fucked up..
credit cards can be a good thing too, but just be careful..
another friendly warning from someone else who's been down that road (and is still on that road actually)..
it makes the final scene in FIGHT CLUB that much more satisfying being in debt with Chase Manhattan..
Floop
i been meanin' to get out of Hollywood. |
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BLT
> Teenager of the Year <
South Sandwich Islands
4204 Posts |
Posted - 02/21/2003 : 22:16:37
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| You're right, the credit card companies... er, BANKS, are evil. I declared bankruptcy 6 years ago (I got in a big tax hole thanks to some bad advice and ignorance) and then the credit card offers really started rolling in. They were laughable. There was one for 29%!!! I tossed every one that had any annual fee or setup charge, and any with a percentage over 20. After about 2 years I finally got a respectable offer. It's not that I really needed a credit card (except for buying shit online), but if you ever want to get a real loan you need some sort of credit rating. |
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