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Originally Posted by Stiltzkin
I have another question that is probably less foolish...
I can't seem to get a credit card because I don't have enough "established credit"... well no shit. I hate credit card companies already... anyway, I was reading that each application for a credit card appears on my credit report. What bullshit. So now I have like 10 rejected applications, which, as I read, is pretty bad, because it makes me look desperate for credit. Well, fuck 'em. Anyway, I read that it's much easier to get a gasoline card, like with Chevron or something. Okay, that's great, but how much will I have to spend on that card until I have sufficient "established credit"? Or is it based on how long I've had the card? 'cause I really do need a cell phone.
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It doesn't actually show on your credit report that you were denied, just simply that companies had inquired regarding your current credit standings. Depending on the company, it may be easier to get a gasoline card to begin to establish credit, but instead of getting a card that doesn't offer the most spectacular terms while only being able to use it at very limited places, I would recommend just getting a secured credit card as well as possibly a secured installment loan to establish credit.
It will take a minimum of six months of continuous reporting to obtain a FICO score for the credit reporting agencies. The amount of money you spend on it doesn't matter, if you spend $1 on it each month and paid it off in full it would still report as being used, thereby establishing credit. Be careful, though, not to allow the balance of your card to exceed over 50% of the limit of the card, even if you are paying it off in full each month.
Hope this helps - if you have any more questions, just let me know
