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WHO KNOWS how to build your credit if you dont have any credit..

...i've applied for EVERYTHING I can think of that would build my credit and I'm not approved for anything!! I really need a reliable car but I don't know how I'm supposed to get one with no credit unless I have a million dollars up front..HELP!?

Answer Question

Asked by Anonymous at 8:31 PM on Jan. 4, 2009 in Money & Work

Answers (5)
  • Every thing goes on you credit now days. The bills you have pay them on time. When we were trying to build our credit we kept on replieing for the same credit cards over and over again. Sears finally gave us a card. We used it tell we got a visa then payed it off and cancelled it. We only go it to get other better cards.


    Answer by louise2 at 8:41 PM on Jan. 4, 2009

  • take a small amount of money and get a secured loan. this will get your ball rolling. also, look into using credit unions, generally they will find a way to get credit for their members. open your checking and savings account there - and as a bonus, they aren't evil like national banks are.

    Answer by teri4lance at 10:06 PM on Jan. 4, 2009

  • Have you asked any of the companies that declined you credit for a copy of your credit report? That will let you know what your score is and also they areas that they thought were a concern.

    You might want to consider sitting down with someone at your bank or at a credit union to see if they can help you. They should probably be able to let you know if they think it is worth running your credit for an application or not.

    Find just one card you can get issued. Use the card each month and make sure you pay it off in full. After about 6 months to a year you should probably be able to apply for a new card with another institution. Assuming that you are paying all your other bills on time.
    You don't want to cancel cards. If you are tempted to use them, then cut them up, or store the extra's at home or in the freezer...

    Answer by AussieMum2 at 10:12 PM on Jan. 4, 2009

  • Cont...

    Things that effect your credit are:
    too many enquiries (applications you fill out and they check your credit)
    length of time accounts are open is a good thing
    too many new accounts is not good.
    % of used credit to available credit. - don't use everything you have available to you as it impacts your score.
    a consistent address helps too. - my hubby used a PO Box for all his bills etc during his 20's and I think that helped a little with his credit score.

    Good luck.

    Answer by AussieMum2 at 10:12 PM on Jan. 4, 2009

  • teri4lance has good advice... when I was 18 i went to get a car loan.. one I had to be at my job for at least a year..(which I was).. but I didn't have a co-signer, so they gave me $2500 as a car loan, and I footed the other $1000 on the car. It was all done at my credit union. I'm not sure how long you would have to be a member for them to accept it though. Otherwise, try getting a cell phone, store card, etc, and pay it on time... even little things like that will help you establish credit.

    Answer by xxhazeldovexx at 12:11 AM on Jan. 5, 2009

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