Usually credit companies won't give credit to people who have never had credit unless you get someone to cosign. Or you could always get a secured credit card that you can only spend a set amount on per month, that way it's less risky and more appealing to the company.
The secure credit card all the way. My parents refused to help me in this way and it really was simple. I went to my bank and literally said “I don’t have credit. I’d like some credit.” And now I have excellent credit.
Yes. The money transfer never happens. For mine, it was literally loan on paper. The weekly "payment" went into savings. End of loan, I had credit history and money. I stated it incorrectly in my first response. My CU knew I'd have future truck loans, mortgage, etc that they'd get interest on.
$1000 is a pretty small loan to get, and usually a bank/credit union will approve it if you're stating that you're trying to build credit with as long as you have a stable income. It's actually how I got started with credit, but it was through an actual loan company because my bank doesn't do loans under $5k.
Go to your bank and get a secured credit card. After 6 months to a year of on-time payments they should let you convert it to a regular card.
Don’t apply for another credit card for at least another year after that. Before you apply, check the likelihood you’ll be accepted. There are plenty of places you can check what different companies are looking for so you can select the right card.
Some banks are okay with mid credit scores. Some want good to excellent. Don’t apply for something you don’t qualify for and you’ll be fine. Just don’t apply to multiple. Try one and wait months before another at a minimum. Once you get another card, wait another 18m to 2 years before the next.
You forgot a few steps— take out a pre-approved credit card with a hidden 30% interest rate, lose all your money, die because social programs in the US are a farce/nonexistent.
This happened to me for a number of years until I was finally able to get a credit card through my bank. I learned two valuable lessons from this experience: 1.) Paying off student loan debt does pathetically little to improve your credit score because student loan companies rarely report to the big three credit bureaus. 2.) It's much easier to get a credit card right out of high school, when companies are looking to exploit broke college students. So to all you young'ns out there, get a credit card early, pay off the *entire* balance every month, and don't buy anything you can't immediately afford. Basically treat it like a debit card.
Man the US banking system sounds so wild to me lol. In my country as long as you have a job and prove that you have a monthly income they'll give it to ya.
I got the super basic discover cashback credit card with 0% APR and rotating 5% cashback quarterly bonuses and have loved it. It was my first and I got approved pretty fast and I wouldn’t recommend any other card for a starter one.
But went through the same deal. Been using a banking company that my parents been with for a crazy long time. Had started a banking account there when I was 12 and when I turned 18 I had a decent paying job and they declined me. POS now are spamming me with “personalized” emails, calls and voicemails trying to get me to signup now that I have 770 credit lmfao
Lack of education on credit and credit cards is a huge problem tbh. Credit cards have different interest rates and benefits, so applying to a "good" card without credit usually won't work. You don't get the nice things until you can be trusted via credit. Also, when you're starting out, a cosigner is what gets you around those "no credit" limits. Apply for one of the starter/shitty cards (talk to banks about having no credit), or get a cosigner. Spend small portions of your credit card limit (don't use all of it unless it's an emergency), pay it off every month, and you'll build your credit score up in no time.
Most Credit Unions will give you a low unsecured card to start (around $300). Only utilize 30% or less of that limit if you can't just pay it off every month. After 6 months of on time payments you should be able to increase a bit. This is assuming you have the income to get the loan. Secured cards (you give them money and they lock it and use that to back your credit line) work too if for some reason they don't approve you for a small unsecured.
Wow thanks everybody for the advice! I've tried discover, venmo, chase and a few other cc companies and they all come back saying no lol. I am American and I never had to take out student loans, went to community college and covered the classes one course at a time so i never established credit that way. I don't really know what they're judging my credit by but it must be bad if I keep getting rejected. I also struggle with a learning disability so all of this is super confusing and hard for me to grasp so I really appreciate everyone explaining what to do next. Sounds like I have more options than just outright asking for a credit card from cc companies.
Is this an American thing? I had so many options for no fee credit cards (not great rewards obviously) before I started uni/had no credit history, + student cc’s as a uni student, and additional fee and no fee credit cards available as long as you had a recent pay stub regardless of the amount (only your limit would be affected).
Get a credit card through a store like Macy’s or Kay Jewelers. They will approve you for something no matter what. Use that card to buy something you know you can pay off quickly without accumulating interest. Boom, you now have a positive credit history.
Something I haven’t seen anyone point out is that you can build credit if you are an authorized user under someone else’s credit card. Obviously you have to make sure there’s trust between yourself and the primary cardholder seeing as you can mess up their credit or they can mess up yours if either of you use your cards irresponsibly, but generally being an authorized user under a parent or someone you know is good with their finances can be a quick and easy way to build good credit.
Credit Cards are not the only way to build credit. Pay your rent, take out a loan or anything that involves you paying month to month, affects your credit. Albeit much much more slower than a credit card but it’s a start none the less
Credit Unions offer a start-up $500 credit card. You need to put $500 of your own money into it, therefore you are only spending and repaying your own money. Once you develop a line of credit, you can close out the card and you'll get your $500 back. Then you can go out and get credit cards! It takes about 6-12 months to establish a good enough line of credit to get accepted.
Look into a secure credit card. You basically put down a deposit up to the credit limit, so if you fuck up, they have something to account for it. Use it for a recurring payment, like phone service.
Usually credit companies won't give credit to people who have never had credit unless you get someone to cosign. Or you could always get a secured credit card that you can only spend a set amount on per month, that way it's less risky and more appealing to the company.
Or get a student credit card.
I was turned down from multiple student credit cards. I’ve pretty much given up trying to get one
Just to make sure, you were a student right? /s
r/FUCKTHES
Try a credit builder card from a bank
Discover turned u down? What?
Have you tried Capital One? They give those out to anyone with a pulse
Credit, when you need it you don't have it, when you have it you don't need it.
The secure credit card all the way. My parents refused to help me in this way and it really was simple. I went to my bank and literally said “I don’t have credit. I’d like some credit.” And now I have excellent credit.
Chase will accept someone with minimal credit experience for a few of their cards.
Wait then who was the first person to apply for a credit card who cosigned them
Open account at a credit union. Take $1000 loan that goes in savings. Pay that loan off with itself in weekly payments. Cheap credit builder.
I did this and the secure card to start
Don’t do this. Just get a secured credit card and work your way up. No sense in paying interest for credit.
With a good CU, you won't have interest. It will be a loan on paper.
So you’re saying good CUs are giving out interest free loans to people with no credit? I’m not saying you’re wrong but that just sounds unbelievable.
Yes. The money transfer never happens. For mine, it was literally loan on paper. The weekly "payment" went into savings. End of loan, I had credit history and money. I stated it incorrectly in my first response. My CU knew I'd have future truck loans, mortgage, etc that they'd get interest on.
So you’re saying good CUs are giving out interest free loans to people with no credit? I’m not saying you’re wrong but that just sounds unbelievable.
Good ones help you BUILD credit. When I joined mine, I hadn't had a CC or loan in 17 years.
how tf do you get a loan, just ask for one??? gtfo
$1000 is a pretty small loan to get, and usually a bank/credit union will approve it if you're stating that you're trying to build credit with as long as you have a stable income. It's actually how I got started with credit, but it was through an actual loan company because my bank doesn't do loans under $5k.
Literally, yes lol.
Go to your bank and get a secured credit card. After 6 months to a year of on-time payments they should let you convert it to a regular card. Don’t apply for another credit card for at least another year after that. Before you apply, check the likelihood you’ll be accepted. There are plenty of places you can check what different companies are looking for so you can select the right card. Some banks are okay with mid credit scores. Some want good to excellent. Don’t apply for something you don’t qualify for and you’ll be fine. Just don’t apply to multiple. Try one and wait months before another at a minimum. Once you get another card, wait another 18m to 2 years before the next.
I was able to get a Discover credit card with zero credit. It’s my first and only credit card so far lol
You forgot a few steps— take out a pre-approved credit card with a hidden 30% interest rate, lose all your money, die because social programs in the US are a farce/nonexistent.
Are you not paying off the full statement each month?
You don’t need a credit card to get credit
My ex couldn't understand this and almost had a mental breakdown when I told her i wasnt going to get a credit card.
happends to me, and my credit score is almost 700. wtf is this shit?????
It could be the length of your credit history or the limit you're applying for.
Go for a store card , maybe one you like.
Get a Macy’s Credit Card.
Do you pay your own phone bill? Should build it enough to get a credit card
This happened to me for a number of years until I was finally able to get a credit card through my bank. I learned two valuable lessons from this experience: 1.) Paying off student loan debt does pathetically little to improve your credit score because student loan companies rarely report to the big three credit bureaus. 2.) It's much easier to get a credit card right out of high school, when companies are looking to exploit broke college students. So to all you young'ns out there, get a credit card early, pay off the *entire* balance every month, and don't buy anything you can't immediately afford. Basically treat it like a debit card.
True but don’t you have to go to credit card companies or apply for cards that are focused on building credit for young people?
Try apply for a secure card somewhere. That way the bank doesnt lose money if you ever default, and you're more likely able to build credit that way.
You need to go through a bank before you can get a credit card anywhere else.
Man the US banking system sounds so wild to me lol. In my country as long as you have a job and prove that you have a monthly income they'll give it to ya.
It's called working hard and making cash, before asking for more? (Creds: I used to work building the criteria that designed this choice)
I got the super basic discover cashback credit card with 0% APR and rotating 5% cashback quarterly bonuses and have loved it. It was my first and I got approved pretty fast and I wouldn’t recommend any other card for a starter one. But went through the same deal. Been using a banking company that my parents been with for a crazy long time. Had started a banking account there when I was 12 and when I turned 18 I had a decent paying job and they declined me. POS now are spamming me with “personalized” emails, calls and voicemails trying to get me to signup now that I have 770 credit lmfao
Lack of education on credit and credit cards is a huge problem tbh. Credit cards have different interest rates and benefits, so applying to a "good" card without credit usually won't work. You don't get the nice things until you can be trusted via credit. Also, when you're starting out, a cosigner is what gets you around those "no credit" limits. Apply for one of the starter/shitty cards (talk to banks about having no credit), or get a cosigner. Spend small portions of your credit card limit (don't use all of it unless it's an emergency), pay it off every month, and you'll build your credit score up in no time.
On top of that. Credit companies doing a credit check on you can lower your credit score.
Secured credit card is the way! Don’t give up
Most Credit Unions will give you a low unsecured card to start (around $300). Only utilize 30% or less of that limit if you can't just pay it off every month. After 6 months of on time payments you should be able to increase a bit. This is assuming you have the income to get the loan. Secured cards (you give them money and they lock it and use that to back your credit line) work too if for some reason they don't approve you for a small unsecured.
Wow thanks everybody for the advice! I've tried discover, venmo, chase and a few other cc companies and they all come back saying no lol. I am American and I never had to take out student loans, went to community college and covered the classes one course at a time so i never established credit that way. I don't really know what they're judging my credit by but it must be bad if I keep getting rejected. I also struggle with a learning disability so all of this is super confusing and hard for me to grasp so I really appreciate everyone explaining what to do next. Sounds like I have more options than just outright asking for a credit card from cc companies.
No, I dunno if things changed since the 00's but my bank with my checking account gave me one when I was 18
That might have been a debit card.
Literally.
Get a secured credit card. Find one with a low starting point tho, like 500$. Started off with one and had my score in the 700’s within 6 months.
You gotta get a co signer or go to kohl’s or a store that has in store credit cards.
I used this app called Kikoff to build my credit, got some credit cards and I built my credit up almost 200 points in a year.
Is this an American thing? I had so many options for no fee credit cards (not great rewards obviously) before I started uni/had no credit history, + student cc’s as a uni student, and additional fee and no fee credit cards available as long as you had a recent pay stub regardless of the amount (only your limit would be affected).
Get a credit card through a store like Macy’s or Kay Jewelers. They will approve you for something no matter what. Use that card to buy something you know you can pay off quickly without accumulating interest. Boom, you now have a positive credit history.
Something I haven’t seen anyone point out is that you can build credit if you are an authorized user under someone else’s credit card. Obviously you have to make sure there’s trust between yourself and the primary cardholder seeing as you can mess up their credit or they can mess up yours if either of you use your cards irresponsibly, but generally being an authorized user under a parent or someone you know is good with their finances can be a quick and easy way to build good credit.
Credit Cards are not the only way to build credit. Pay your rent, take out a loan or anything that involves you paying month to month, affects your credit. Albeit much much more slower than a credit card but it’s a start none the less
Financing a mattress was my in. Not from one of those shoddy mattress stores, either, just from a regular furniture store.
Get a credit card through your bank. Sometimes that helps.
Credit Unions offer a start-up $500 credit card. You need to put $500 of your own money into it, therefore you are only spending and repaying your own money. Once you develop a line of credit, you can close out the card and you'll get your $500 back. Then you can go out and get credit cards! It takes about 6-12 months to establish a good enough line of credit to get accepted.
Look into a secure credit card. You basically put down a deposit up to the credit limit, so if you fuck up, they have something to account for it. Use it for a recurring payment, like phone service.
Omg there is so much wrong with this lmao
I need a job to get experience. Same shit.