How can I build up credit?

[minae 5]

Hello Everyone,

I have been trying to get a credit card issued on my behalf but its not being possible i tried even some store cards like Kroger's and walmart but all i was told is that I don't have credit history and have not created a credit file but i then want to ask how can i create a credit history? Even though I have my GC yet no body is still approving the credit card issuance yet.

I will be glad if i can be given a simplified way or example of how I can create a credit history without having a credit card. Anyone with similar experience is free to comment.

Thanks!

[nickbits 43]

I signed up for a Bank of America secure Visa. After a year, I had enough credit history to get a unsecured card.

However, when I tried to get one for my wife she was still denied but she didn't have a job at the time. At that point, I added her as joint owner to my accounts and she now has a credit history.

[GodsGift225 54]

One why that help me was I open up a cell phone line (which until the present I have)! Other way is start of with small credit cards... But def. try taking out a cellphone under your name that should be a great way. There a a few cards are there for people with no credit or bad credit, Although I don't recommend them because the APR is way to HIGH and there annual fee are ridiculous although in most cases you can go ahead and call and have them lower it for you. and they will do so. Cit, Capitalone, some you may want to look into.

Good Luck!

Edited September 11, 2012 by GodsGift225

[tempa 1]

yea... I applied for capital one (iirc) card for new comers. supposedly specifically tailored to ppl who don't have credit history yet.

got denied right out of the bat.

ever since been getting pre-aproved platinum card offers from them. about 30 together this far

and still don't have local credit card but I use my european issued credit cards just fine. seems way stupid but not the only thing that doesn't make sense with the financial institutions on this side of the pond.

Edited September 11, 2012 by tempa

[Loida and Ed 11]

You can go to where you bank and do the following:

1. tell them you want to start establishing credit, and let them know you want to have a secured credit line of ( $500 for example).

2. Provide them the money to make is secured

3. then make payments

Credit reporting agencies usually take into consideration loans taken out in excess of 6 months... so you can have this paid back in 7 months and you will then have listing of payment history on your credit report

having "credit" from a major financial instution, in my opinion is much more solid than store cards

Good Luck !!! ( an pay early )

Edited September 11, 2012 by Loida and Ed

[tempa 1]

You can go to where you bank and do the following:

1. tell them you want to start establishing credit, and let them know you want to have a secured credit line of ( $500 for example).

2. Provide them the money to make is secured

3. then make payments

Credit reporting agencies usually take into consideration loans taken out in excess of 6 months... so you can have this paid back in 7 months and you will then have listing of payment history on your credit report

having "credit" from a major financial instution, in my opinion is much more solid than store cards

Good Luck !!! ( an pay early )

and many of the store cards don't show up on your credit unless you fail to pay

[minae 5]

I signed up for a Bank of America secure Visa. After a year, I had enough credit history to get a unsecured card.

However, when I tried to get one for my wife she was still denied but she didn't have a job at the time. At that point, I added her as joint owner to my accounts and she now has a credit history.

I really wanted to try BOA visa card but their interest was astronomical for me to cope with. I felt there should be an easier way. Although my bank is a credit union I hope they can do something for me in terms of credit.

[I AM NOT THAT GUY 5,715]

and many of the store cards don't show up on your credit unless you fail to pay

Not true. Every credit inquiry becomes part of your credit report.

[Lornaevo 48]

I recently got my GC and I applied for a best buy account and they approved me for $1800 and then I applied for the Capital One Newcomers card and was approved after faxing them a copy of my GC and SS.

[NicAus 2]

I had a very different experience to most. When i went to open a joint bank account with my wife at bank of America, i asked about credit cards, the lovely lady said "we can try and apply for a credit card for you, but the limit i bet you will be very low" so i said whatever lets give it a go... so she asked a few questions, source of income (she allowed me to use my wifes earnings as she is supporting me while i am not working and money that i have in accounts in Australia) a few other very simple questions... a few minutes later it came back approved non-secured credit line with credit limit of $800 for a Bank of America Travel Rewards card, not much but it's a start. Who know's i may have just got lucky and my teller was quite friendly so lucky for me i have been able to build credit pretty much as soon as i had arrive here and obtained a SSC, I have even begun to start receiving the marketed mail offering me pre-approved cards!

I guess you could always just ask at the bank if they will, and if not a secured credit line is probably the best way to go.

I was super surprised though as i had read all over here that it would be hard to start building credit. I even had to ask the teller again "really? they approved it?" she just laughed and said "yep, sometimes no credit is better than bad credit!"

Good luck !

[minae 5]

and many of the store cards don't show up on your credit unless you fail to pay

Really? i thought they will even be easier but I have not find them easier. They said I should get in contact with their credit rating agent and I did. They asked for so many supporting agent which i supplied but yet they didn't approve it.

[minae 5]

One why that help me was I open up a cell phone line (which until the present I have)! Other way is start of with small credit cards... But def. try taking out a cellphone under your name that should be a great way. There a a few cards are there for people with no credit or bad credit, Although I don't recommend them because the APR is way to HIGH and there annual fee are ridiculous although in most cases you can go ahead and call and have them lower it for you. and they will do so. Cit, Capitalone, some you may want to look into.

Good Luck!

Are you saying their APR is negotiable?

[minae 5]

Not true. Every credit inquiry becomes part of your credit report.

Are you saying even though I don't have any credit card now and have tried so many times but they keep saying I don't have credit history means I should keep trying until they approve it. Could I be building credit by trying to apply and yet being denied a card?

[minae 5]

I recently got my GC and I applied for a best buy account and they approved me for $1800 and then I applied for the Capital One Newcomers card and was approved after faxing them a copy of my GC and SS.

I wish I can do that too. Did you change the condition on your SS before using it to apply for it?

[minae 5]

I had a very different experience to most. When i went to open a joint bank account with my wife at bank of America, i asked about credit cards, the lovely lady said "we can try and apply for a credit card for you, but the limit i bet you will be very low" so i said whatever lets give it a go... so she asked a few questions, source of income (she allowed me to use my wifes earnings as she is supporting me while i am not working and money that i have in accounts in Australia) a few other very simple questions... a few minutes later it came back approved non-secured credit line with credit limit of $800 for a Bank of America Travel Rewards card, not much but it's a start. Who know's i may have just got lucky and my teller was quite friendly so lucky for me i have been able to build credit pretty much as soon as i had arrive here and obtained a SSC, I have even begun to start receiving the marketed mail offering me pre-approved cards!

I guess you could always just ask at the bank if they will, and if not a secured credit line is probably the best way to go.

I was super surprised though as i had read all over here that it would be hard to start building credit. I even had to ask the teller again "really? they approved it?" she just laughed and said "yep, sometimes no credit is better than bad credit!"

Good luck !

Sound so sweet! Thanks! I wish my bank can do the same.