Trying to build credit is GHEY! (rant)

[240sxDann]

I'm just pissed off. I dont have any credit (well, one small school loan, a good line) and I've been trying to get credit for like months now. I applied for a small loan and got denied (from my own bank), applied for a credit card at another bank, got denied, applied for a hand full of credit cards online, got denied. I guess the only way I'm gonna be able to build any credit is to have someone co-sign a loan for me. The only person in my family who has good credit is my dad, and I was kind of trying not to ask him for help. It just really sucks. It makes me so angry. Its like, they deny me because I have no credit but how am I supposed to have credit if they deny me?! I'm about to try and finance a car through a dealership or something to get credit.

[frosti108]

dude i didnt have any credit a few months ago but i actually posted up on here and was recommended to apply for a capitol one card online and it worked. search for it

edit: well heres the thread
http://www.tristatetuners.com/forum/...ht=need+credit

[240sxDann]

already did. got denied.

[Chris215]

are you still a student? what about student credit cards? that's what I'm about to do to build my credit.

[240sxDann]

nope. 20 years old and work full time.

[frosti108]

ah. well you might have to try and tell them you make a lil more money than you actually do... or something like that?

[The Captain]

Damn man, credit card companies were ****ing tripping over themselves to give me a card.

Got any bills in your name?

[240sxDann]

unfortunately no. (I mean fortunately....but unfortunately for my credit lol)

[99blazer]

Originally Posted by 240sxDann

already did. got denied.

I dont know how you got denied from capital one. I have no credit, have no job, and im 18 and I got a credit card from them with 500 limit.

But on the other note credit is ghey. I had my credit card for six months so far, maxed it out twice and paid it off both times. Now i have like 250 left to pay and I never missed a payment. I went to go get an iphone today and I couldnt get my own plan without a 500 deposit because they said I have no credit. I was pissed.

[TROLL]

What do you mean you were trying to build your credit for the past couple of months? Its a much longer process than that...
Did you ask any of the banks why you were denied and what you can work on for the future? Probably a good idea.
I'd be concerned that applying for so much credit might actually have a negative affect on your credit.
If I were you I'd try to get a credit card for a clothing store you shop at... even Sears or Macy's. They normally have really low limits and aren't difficult to get. If you throw a shirt or pair of pants on there every once in a while and make sure to pay your bills it will at least be a start. Its not going to happen overnight though, and probably not in a few months either.

[240sxDann]

I mean in the past couple months I've started trying to start building credit. And the clothing store credit card is a good idea! I might make a trip to kohls and apply. Thanks troll.

[dnasty2g]

Originally Posted by TROLL

I'd be concerned that applying for so much credit might actually have a negative affect on your credit.

I was thinking that too. Im pretty sure that when you get denied, that goes on your record. So when other companies consider you they see you've been denied a bunch and kind of second guess you.

[max2k1]

Dont try to finance a car, you will get rapped on intrest. Also when your credit scores are pulled repeatedly to be checked on, it has a neggative affect on your scores...

See about getting a gas card as well. that was the first card I had.

[ThatTealHatch]

Originally Posted by 240sxDann

I'm about to try and finance a car through a dealership or something to get credit.

GL getting approved for a car loan with no credit. thats harder then a credit card ask jacki to co-sign lolz

[ThatTealHatch]

but on a more serious note. get ur dad to put a credit card in ur name, when it arrives activate it and then cut it up. give it a few months then apply for your own and wrok from there

[CleanNeon98]

Credit Union???

Dude, I already told you about this...

[Fazeshift]

Don't justify spending money (via loan) just to "build" credit. Pay your bills on time during college, and stay away from credit cards. I came out of college with only student loan debt, no credit card debt, and no late payments on any bills. When it came time to get a car loan or credit card (which I only use for business travel) my credit scores were great.

[teh DIRT]

credit cards build credit, loans build credit...but they do not build the same credit. I have a friend who used to work in banks. He told me that you can only get so much credit from credit cards and so much from other things.

I have about 10k in debt as of now, with school loans and *A* credit card. Credit score is 750 im only 22.

[BustedUjoint]

Originally Posted by egmatt93

but on a more serious note. get ur dad to put a credit card in ur name, when it arrives activate it and then cut it up. give it a few months then apply for your own and wrok from there

To add to this, you can also have your Dad put you as an authorized user on one of his Cards (pick the one with the best history and the biggest limit), they will send him the card, and have him just either cut it up or hold onto it. It's called piggy backing, it shows up on your credit as you having a CC in good standing and a high limit = good for you. The only issue is, I have read that credit companies were trying to get that nixed. Where you could still be an authorized user, but it would NOT affect your credit. But it is something to look into.

Troll has the right idea with starting off with a store card, just don't get stupid with it. Never get close to maxing it out. If the limit is $100, the max you want to put in it is $60-70. Then pay it off in chunks, don't just pay it off in one shot. Do that for a few months, then look back at Capitol One or a card from First Premier Bank. Another route you can look into is getting a Secured Loan (I believe that is the name of it). In short you would borrow against money that is already in your account. But people are right, it is not going to be a few month ordeal. It takes a long time to build\rebuild credit. It took me a good 3 years to pull my ass out of the hole, but it finally paid off.

[TROLL]

Leaving a balance on a credit card doesn't improve your credit more than paying it off right away. I dont understand it but so many people think this... its bad info and it costs you money in interest.