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Larson00
 
How do I start getting credit?

Hi lulz. im 24 years old and have no credit. now i dumped the girl i've been living with for 2 years and realized i really need it. son of beetch.

i dont believe i have shit. i have been applying for the past 2-3 years and have just been denied over and over. i never really thought much of it though because i pay most of my crap in cash. now that i need an apartment its a problem.

i dont know how to get it though. i've applied at banks i've belonged to for years and been denied. i thought they may offer a 100-300 downpayment card but was told that is a loan from them and i would not get it if i didn't get the card, even with a downpayment (wtflol)

i dont know what to do. i need advice on how i can start to build credit. i dont fuckin know where to start
Old 01-22-2012, 08:42 PM Larson00 is offline  
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edplayer
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apply for a secured credit card. Make sure its from a company that actually reports (I believe most do)
Old 01-23-2012, 12:28 AM edplayer is offline  
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mikeawesome
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Old 01-23-2012, 01:23 AM mikeawesome is offline  
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Larson00
 
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Old 01-23-2012, 07:07 AM Larson00 is offline  
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#4  

Artesial
 
Credit card from a local credit union?
Old 01-23-2012, 07:19 AM Artesial is offline  
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Baloneyflaps.
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you may have to start with something really shitty, like a CapitalOne card (or some other high-fee high-rate low-limit card)


I fucked about and underestimated the value of having credit until far later than I should have and that's how I got started. You can go from ZERO credit to 5-figure credit lines in about 5 years if you play it right.
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Old 01-23-2012, 07:19 AM Baloneyflaps. is offline  
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Forever Domon
 
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I was in the same boat. Denied for absolutely everything because i literally had no credit file.

However, the way you post makes me think maybe you shouldnt have credit. But if you really need it, the only way I actually manage to get some was via a student offer. So swipe a student code from someplace (they dont verify your education a lot of the time), or take some incredibly minimal class at the local CC, and the offers will start rolling in.

Also, you realize that if you're applying for everything under the sun, and do have a credit file, you're fucking it up beyond the belief through app-o-rama overload.
Old 01-23-2012, 07:22 AM Forever Domon is offline  
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Forever Domon
 
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Quote:
Originally Posted by Baloneyflaps View Post
you may have to start with something really shitty, like a CapitalOne card (or some other high-fee high-rate low-limit card)


I fucked about and underestimated the value of having credit until far later than I should have and that's how I got started. You can go from ZERO credit to 5-figure credit lines in about 5 years if you play it right.
When i was in OPs shoes, even Cap1 turned me down. You're right though, in less than 3 years, im getting offers for 20-30k cards. Not that I ever would put anywhere near that fucking much money on a CC, but at least it keeps my credit utilization low
Old 01-23-2012, 07:23 AM Forever Domon is offline  
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Baloneyflaps.
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oh, and another thing you should know is that everytime you apply and get shot down... YOUR NON-EXISTENT CREDIT RATING GOES DOWN.

That's right. Every time you apply and get denied your chance of getting credit goes down, nice, huh?

For this reason, I think you should aim REALLY low and get some really ghetto card. After a year or so you can get something better and work up. It's a system that is NOT in the consumer's favor.

When you apply for credit it shows up as an "inquiry" on your report. To a lender a lot of inquiries on your report is indicative of someone who is either already in desparate financial times or someone likely to get in over their heads.
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Old 01-23-2012, 07:32 AM Baloneyflaps. is offline  
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Larson00
 
Quote:
Originally Posted by Forever Domon View Post
I was in the same boat. Denied for absolutely everything because i literally had no credit file.

However, the way you post makes me think maybe you shouldnt have credit. But if you really need it, the only way I actually manage to get some was via a student offer. So swipe a student code from someplace (they dont verify your education a lot of the time), or take some incredibly minimal class at the local CC, and the offers will start rolling in.

Also, you realize that if you're applying for everything under the sun, and do have a credit file, you're fucking it up beyond the belief through app-o-rama overload.

im not applying like crazy. this has been ongoing for some time though
Old 01-23-2012, 07:33 AM Larson00 is offline  
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Baloneyflaps.
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Quote:
Originally Posted by Forever Domon View Post
When i was in OPs shoes, even Cap1 turned me down. You're right though, in less than 3 years, im getting offers for 20-30k cards. Not that I ever would put anywhere near that fucking much money on a CC, but at least it keeps my credit utilization low


I've got a $50k credit line right now... and most months I don't exceed 2% credit utilization.
I must admit however though that it is a little comforting that I have that much rope to hang myself with were I ever t get into such terrible, terminal financial times.
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Old 01-23-2012, 07:39 AM Baloneyflaps. is offline  
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Baloneyflaps.
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Quote:
Originally Posted by Larson00 View Post
im not applying like crazy. this has been ongoing for some time though


inquiries stay on your report for 2 years. They are a real drag on your report for the first year of that.


Anything more than 2 in a year is REALLY going to hurt your score.
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Old 01-23-2012, 07:41 AM Baloneyflaps. is offline  
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Forever Domon
 
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Quote:
Originally Posted by Baloneyflaps View Post
oh, and another thing you should know is that everytime you apply and get shot down... YOUR NON-EXISTENT CREDIT RATING GOES DOWN.

That's right. Every time you apply and get denied your chance of getting credit goes down, nice, huh?

For this reason, I think you should aim REALLY low and get some really ghetto card. After a year or so you can get something better and work up. It's a system that is NOT in the consumer's favor.

When you apply for credit it shows up as an "inquiry" on your report. To a lender a lot of inquiries on your report is indicative of someone who is either already in desparate financial times or someone likely to get in over their heads.
that is if he actually has a file. They wont create a file just for denied attempts. You dont have a credit file until you have one successful line of credit.

A) car loan
B) house loan
C) Student loans
D) credit card
E) financing of any sort

^^ these things will give you a file.
Old 01-23-2012, 07:57 AM Forever Domon is offline  
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#13  

Gibonius
 
Have you applied for any department store cards? Sears card, etc? They usually have extremely low admission criteria.
Old 01-23-2012, 08:55 AM Gibonius is offline  
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i've got decent credit, so i'm in a slightly different boat, but i want to mention this
Quote:
Originally Posted by Forever Domon View Post
But if you really need it, the only way I actually manage to get some was via a student offer. So swipe a student code from someplace (they dont verify your education a lot of the time), or take some incredibly minimal class at the local CC, and the offers will start rolling in.
i started class the tuesday after MLK Jr day at a local CC, in today's mail i got a credit card offer from... Higher One owned by The Bancorp Bank

i've never heard of any of them, but by god they want me to have one of their cards
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Old 01-23-2012, 09:36 AM asa is offline  
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