I have not credit and I hate it. - Tilted Forum Project Discussion Community

Harshaw · 11-23-2005, 11:05 PM

Ok, I've been trying like mad to establish credit. I've checked my credit statement and there is simply nothing there.
I've tried getting a credit card, that didn't work. So I tried getting a car loan (a few times) that didn't work. I've even applied for a Target card, and it looks like I'm not going to get that. It seems like when I get to the point where I can even get credit I don't want (ie the Target card) I have pretty much failed.

What do I do now? I want to have good credit, I have things I want to do 10-20 years down the road, and I want to have the credit to do them. I don't make a lot of money, until you factor in that I don't need to pay for rent or food (I'm in the Coast Guard). Once you factor that in, I have a fair amount of disposible income.

So where do I go from here. I've accepted that I will have to build my credit before I can get a good credit card, or a car loan. But how do I build my credit?

amonkie · 11-24-2005, 02:29 AM

While do you do have disposable income, your credit also reflects payments you DO make. I started building my credit by getting a cell phone bill in my name - I was 16. From there, see if your bank has a student credit card. My first was from Wells Fargo, limit was $500.

Also be warned that if you are applying like mad for credit cards, that shows up on your credit report as excessive inquiries. Too many inquiries in too short a period of time is a Big Red Flag to credit lending agencies ( I used to be a credit analyst for The Big Bank). They can't tell the difference between someone genuinely trying to establish credit and someone perhaps fraudently using someon'e SSN and other info to obtain false lines of credit.

The car loans will come after you've managed to establish some form of debt in your name. If all else fails, use the Target card wisely. The lending companies want to see an established payment history in order to assess your liability as a debtor. If you use the target card once a month to buy your Snacks for the month, let the bill come and pay THE FULL AMOUNT. Don't go crazy and fill up the limit just because it's there.

soma · 11-24-2005, 06:52 AM

I also got my first credit card through my bank. It's bee the first and only credit card I've ever used.

Check with your bank and see if they can offer you anything.

NoSoup · 11-24-2005, 08:55 AM

Hopefully this will help

Rodney · 11-25-2005, 03:22 PM

I bought a house once with no credit history. Not even a car loan. They looked at my savings, my down payment, my work history, my income, and references from landlords. I didn't even need a co-signer. And this was way back before anybody who was warm and breathing could get a home loan.

Save your money first, spend it second, and stop worrying. For convenience, get a debit card on your checking account.

Sometime in the next five years, "credit" and "debt" are going to become dirty words. Avoid both.

FngKestrel · 12-24-2005, 10:25 AM

I was in your position last year. Go with a secured credit card through your bank to build up some credit history and the credit card offers will come pouring in. Tread carefully.

11-23-2005, 11:05 PM	#1 (permalink)
Harshaw Is mad at you. Location: Bored in Sacramento	I have not credit and I hate it. Ok, I've been trying like mad to establish credit. I've checked my credit statement and there is simply nothing there. I've tried getting a credit card, that didn't work. So I tried getting a car loan (a few times) that didn't work. I've even applied for a Target card, and it looks like I'm not going to get that. It seems like when I get to the point where I can even get credit I don't want (ie the Target card) I have pretty much failed. What do I do now? I want to have good credit, I have things I want to do 10-20 years down the road, and I want to have the credit to do them. I don't make a lot of money, until you factor in that I don't need to pay for rent or food (I'm in the Coast Guard). Once you factor that in, I have a fair amount of disposible income. So where do I go from here. I've accepted that I will have to build my credit before I can get a good credit card, or a car loan. But how do I build my credit? __________________ This too shall pass.

11-24-2005, 02:29 AM	#2 (permalink)
amonkie Drifting Administrator Location: Windy City	While do you do have disposable income, your credit also reflects payments you DO make. I started building my credit by getting a cell phone bill in my name - I was 16. From there, see if your bank has a student credit card. My first was from Wells Fargo, limit was $500. Also be warned that if you are applying like mad for credit cards, that shows up on your credit report as excessive inquiries. Too many inquiries in too short a period of time is a Big Red Flag to credit lending agencies ( I used to be a credit analyst for The Big Bank). They can't tell the difference between someone genuinely trying to establish credit and someone perhaps fraudently using someon'e SSN and other info to obtain false lines of credit. The car loans will come after you've managed to establish some form of debt in your name. If all else fails, use the Target card wisely. The lending companies want to see an established payment history in order to assess your liability as a debtor. If you use the target card once a month to buy your Snacks for the month, let the bill come and pay THE FULL AMOUNT. Don't go crazy and fill up the limit just because it's there. __________________ Calling from deep in the heart, from where the eyes can't see and the ears can't hear, from where the mountain trails end and only love can go... ~~~ Three Rivers Hare Krishna

11-24-2005, 06:52 AM	#3 (permalink)
soma Addict Location: USA	I also got my first credit card through my bank. It's bee the first and only credit card I've ever used. Check with your bank and see if they can offer you anything. __________________ Having Girl Problems?

11-24-2005, 08:55 AM	#4 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Hopefully this will help __________________ I have an aura of reliability and good judgement. Just in case you were wondering...

11-25-2005, 03:22 PM	#5 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	I bought a house once with no credit history. Not even a car loan. They looked at my savings, my down payment, my work history, my income, and references from landlords. I didn't even need a co-signer. And this was way back before anybody who was warm and breathing could get a home loan. Save your money first, spend it second, and stop worrying. For convenience, get a debit card on your checking account. Sometime in the next five years, "credit" and "debt" are going to become dirty words. Avoid both. Last edited by Rodney; 11-25-2005 at 03:40 PM..

12-24-2005, 10:25 AM	#6 (permalink)
FngKestrel Junkie	I was in your position last year. Go with a secured credit card through your bank to build up some credit history and the credit card offers will come pouring in. Tread carefully.