I'm 19, No Credit and need help…?
Posted by | Posted in Credit Help | Posted on 23-06-2010-05-2008
5
My girlfriend and I have ZERO credit. But we need help so we want to look into getting a credit card. We’d like some advice since we’re totally new to this. What cards are good for us & what one’s to avoid. Also, if you can add anything on loans for vehicles or even personal loans would be great. Thanks Guys!
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With the new credit cards laws in effect, it is now much more difficult to obtain a credit card if you are under the age of 21. You can get a card if you can provide documented proof of income and/or have a parent co-sign the account with you.
If you have already been declined, or have neither of the above you will have to start building a credit history with secured credit.
Go to the bank or credit union you do business with and find out if they offer a secured card, open a account with $200-$500, and use the card each month for small purchases (a tank of gas, groceries), making sure to pay the card off in full each month, after a year or so, see if they can convert the card to an unsecured card.
You can also open a savings account and save until you have $1000. Tell the bank you want a secured loan against the account. Set it up to be repaid within 12 months. Make your payments on time every time.
At that time you will be well on the way to establishing her credit rating, it will take 24 months of consistent on-time payments to build a good credit rating.
Right now, any credit card is a good one to avoid. So are personal and vehicle loans. And check your credit score before you jump into something you might not be ready for and get in over your heads.
You’re both quite young… there’s that new Consumer Credit Protection law that you might want to check out before you go any further. There might be requirements that you don’t know about yet.
With Zero credit you will need to start establishing some. Unfortunately the only kind of credit you are going to get is either secured by savings or secured with a cosigner. Sometimes you can get a store credit card like Old Navy or something by yourself. A year or so of good payments and you’ll be in much better shape.
Deposit money at a bank that offers "secured" credit cards to depositors with no credit. Get a "secured" credit card from that bank.
Do not attempt to get a vehicle loan or a regular credit card. You will be denied, and the application will hurt your credit later.
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