(Closed) Need suggestions for someone with no credit

posted 8 years ago in Money
Post # 3
Member
690 posts
Busy bee

I’d love an answer for this as well.  I’ve never had credit before, and recently tried applying for a few credit cards – all of which rejected me.  I checked my credit report (to see if fraud or anything had hurt my score) and was told that htey couldn’t even find a report for me since I have no history.

Its SO frustrating, and I don’t know what to do next.  I’m a student, but I work while I’m in school.  I have a substantial amount of savings, and really wouldn’t be any big risk for a small credit card.  But I imagine the automatic rejection letter comes as soon as they can’t find any credit history…

Post # 4
Member
979 posts
Busy bee
  • Wedding: May 2010

Hmmm, I got my first credit card through my bank.  It was set up as a “student account” so it had a low credit limit, but it started my history.  Have you guys looked into something like that?

Post # 5
Member
1042 posts
Bumble bee
  • Wedding: May 2010

I’m in the same boat as rachel_leigh- I got my first one through my bank. I would definitely go to your bank and talk to someone about opening a credit card!

Post # 7
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

Similar to what Rachel Leigh said, you can also get secured cards through most banks. You give them $1,000, you have a cc with $1,000 limit. At some banks (maybe all, I don’t know) after a year, the card can become “unsecured” and function like a normal credit card. I’ve never had a secured card tho, so I don’t really know the ins and outs.

Post # 8
Member
1209 posts
Bumble bee
  • Wedding: September 2010

Does he have a parent that can co-sign for him. My first car that I bought on my own (actually paying for it myself) my dad co-signed and that helped build my credit. Also if he has had a cell phone and made payments on a regular basis that can help. I just bought my first house on my own and was shocked that I had such good credit…I was like “how did this happen”!?!

Post # 9
Member
351 posts
Helper bee
  • Wedding: September 2010

Tell him to get a secured credit card from his bank. I used to be a manager at a bank and this is what we would do to help people establish credit (or repair it). Though, they only had to do minumum $300 but I’m sure it’s different with every bank.

Post # 10
Member
2083 posts
Buzzing bee
  • Wedding: May 2010

I’m in the same boat! I got my first cc through our student credit union, but it has a low limit. So when we started looking into buying a home I pulled my credit report for the first time and it was terrible! Even though I have this credit card and always pay on time and am nowhere near the limit on it, my credit was still viewed as poor because I didn’t have enough credit. So I went to go try to up my limit and to apply for a couple of credit cards to up the amount I have, but all rejected me because I am a student and don’t have enough credit. So I straight up asked “how in the world am I supposed to get more credit when no one will give it to me because I don’t have enough to begin with?” They said that I could do it, but I would have to have someone else cosign with me.

Does he have anyone that would cosign for him?

Post # 11
Member
690 posts
Busy bee

Hmm – I tried my bank also, with no luck (they really just sent the application off to mastercard, so the bank itself wasn’t too directly involved).  I tried a ‘student card’ – no luck.

I’ve thought about a secured card, but the monthly payment and set up fee was HIGH on the ones I’ve seen.  I just can’t justify spending that kind of money AND sending them a chunck of money interest free.  That’s practically the same as my chequing account, except with tons of extra fees!

Worse comes to worse, i guess i’ll have to resort to a secured card though.  If my parents co-sign, will that help me build credit?  I’ve had a credit card attached to my parents credit card account for years, but I guess that didn’t help at all…

Post # 12
Member
351 posts
Helper bee
  • Wedding: September 2010

Having a parent co-sign will help as well.

Post # 13
Member
81 posts
Worker bee
  • Wedding: July 2013

I got my first credit card through Capital One when I was 18. They gave my friend a card when he was 17 (he lied and said he was 18, so clearly they didnt check). You may find it harder to get a credit card now a days because of the recent credit law changes. If you have a job (=proof you can pay it back) then Im sure that Capital One should approve you. I had absolutely no credit and got a card ith a $650 limit.

Post # 14
Member
2398 posts
Buzzing bee
  • Wedding: April 2010

Lenders are being stingy with credit right now, and a lack of history hurts your score more than it used to.  As other bees have said, ask about a secured card or co-signing.

Post # 15
Member
369 posts
Helper bee
  • Wedding: September 2010

ANYONE can get a Macy’s credit card and you start with a $100 max.

Post # 16
Member
1566 posts
Bumble bee

Co-sign with a parent (they open the account and put you on as a cardholder). 

By the way, this is why it’s a good idea to include your kids on your credit cards – your credit history extends to them. My credit history goes back to 1996, when I was 9 🙂 

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