How do you get a credit card with no credit?
2010-03-08 at 09:03 pm adminI am 18 years old, and a full time student. I work hard and make my own money but sometimes I won't have the money for another couple days. So I ask myself, why don't I open a credit card. Now I know what your thinking, this young fool will go overboard and go into debt. No, I don't spend much and when I do it's for groceries, gas and maybe something small like buying a cheap jacket. So I applied several different credit cards in different time lines to see if I'll get approved. Including Shell Card, Discover Card, and many others. I even tried stuff like an Ebay Card and TJX Card, all of them got denied. My own bank even denied me and I been with them for over 4 years. How do you build credit if people won't give you credit? Please help, what do I do to build my credit and is there any cards that are easier to get?
Answer:Probably when you graduate no one will hire you because you don't have job experience. Sorry, bad joke. But it's the same situation with building credit. Banks gamble on your financial circumstances; they'll give you money (an unsecured loan, aka credit card) based on the fact that you have money (job history) and will continue to earn money.
The good news is that there are more financial resources – seminars, books, webinars – that give solid advice for what you're seeking. You university or bank may even provide them. Check out these articles from Bankrate.com, a reputable financial website: http://www.bankrate.com/search/results.a… If the search results don't come up, type in "build credit" in the search box on the main page.
Bankrate also provides tools to help you figure how much debt you can afford and lists financial institutions which might be willing to work with you. Proceed with caution, legislation going into effect January 1 will curtain some of the unfair practices banks will be getting away with but basically you'll still be putting your head in the lion's mouth when you obtain a credit card. Make sure you read the fine print and ask questions!
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