This is topic Building credit in forum General Talk at Northern California Ford Owners  .


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Posted by 90GT510 (Member # 9199) on :
 
It's about that time to ask the certified CaFords Financial Advisors for help lol.

I want to build my credit and applied for credit cards but none of them got approved because I have no history of credit. What would be a good way to build enough credit to be eligible for a credit card? Would getting a 2 year contract with a cell phone provider be a good way?
 

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Posted by Cobra 93-4992 (Member # 4992) on :
 
Cellphone history is not reported to the credit bureaus. Best thing to get are secured visas, or student visas. Secured cards u need like 500 bucks to "back up" your line of credit in the event you default. One other way is to be added to a family members credit card, given its a line that is in good standing . If they add you to their card lets say that's been opened for 3 years, if they add you, your credit report will also show credit opened for 3 years.
 

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Posted by SwEeT 03 Gt (Member # 10283) on :
 
cell phone contract dont help you with credit, i applied with my bank for a credit card when i had no credit. did that for 6 months paid it off every month, then applied for another one.
 

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Posted by Adam5.0 (Member # 6995) on :
 
the easiest credit cards to get are the department store ones. apply for the ones they ask you about at check out. like at best buy, kolh's, sears etc.
start there and just make your payments on time and soon enough you will get no stop offers in the mail. it takes time but you will get there.
 

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Posted by Slowback67 (Member # 6348) on :
 
Whatever you do DON'T get a couple of cards and max them out!!!
Nothing worse then forking over your money every month to credit card company's. Just be careful on how you approach building your credit. You could apply for a gas card and use that to build your credit.
 

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Posted by ItzStock (Member # 9665) on :
 
Id say get added to someones card that you know. I put my girlfriend on my card and than she started getting offers for cards than ended up with a better score than me now lol.
 

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Posted by Big block 66 f100 (Member # 8867) on :
 
If you do get credit cards dont buy stuff you normally wouldn't and dont go above 25-30 percent of your max credit line...
 

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Posted by 1SLOWLX (Member # 558) on :
 
Capital one was the first card I got lol. $500 limit. Now my credit is better than most people I know and my card limits are high but I've never abused the use of them.
Fuck paying interest.
 

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Posted by 90GT510 (Member # 9199) on :
 
Thanks for all the advice its greatly appreciated. i don't have the option of being added onto anyones. Gas card seems like a good idea and so does the secured cards. where do i go to get a secured card or student card?
 

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Posted by x Raelsmar x (Member # 9804) on :
 
Try applying with Capital One. I defaulted on 4k when I was 18. I'm 24 now and Capital One gave me a CC with a $300 limit which is just enough to rebuild my credit. Lol. I pay $39 a year for the card but shit, $39 isn't bad, plus if I make 10 payments in a row I'm eligible for a credit increase of $200 making my credit limit $500. Good Luck.
 

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Posted by jegg (Member # 9910) on :
 
Try to get as much credit as you can...max everything out .... and then file bankruptcy. You won't have to pay a dime back. That's what everybody doing....You'll be able to get more credit lines in about 7 years maybe less... and then do it again!


seriously...just get line of credit or one credit card. pay off the balances every month if you can and never be late on a payment! that's the best way to build credit.
 

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Posted by phonso302 (Member # 9260) on :
 
Getting added to someones credit card will no longer help your score unless its a joint account. It will just show you as a authorized user and will not increase your score.

Wells fargo and bfoa offer secure credit cards. Go put in 500 or 1k on a securecredit card ,in about six months you can get that deposit back and get an unsecured card if you make you payments on time.

Don't have late payments,they ding you score hard and don't go applying for alot of cards that makes you look desperate for credit and a credit risk. If one bank turned you down others will do the same.
 

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Posted by phonso302 (Member # 9260) on :
 
One last thing paying your balance in full doesn't always help you get a bigger credit limit, banks make money on the interest they charge you. If you pay in full every month they look at it as they are lending you money for free. What I did was charge 100 and broke it down into two payment a couple of time and my credit limit went up every 6month months
 

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Posted by SSF_5.0_WARRIOR (Member # 10170) on :
 
Get a capital one card bro. They seem to hand them out to everyone. I got one, it was my second card, first was a Wellsfargo one but my sister had a hook up to get me that one.

Be careful not to just apply everywhere though because that will only hurt your credit.
 

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Posted by jegg (Member # 9910) on :
 

quote:

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Originally posted by phonso302:
One last thing paying your balance in full doesn't always help you get a bigger credit limit, banks make money on the interest they charge you. If you pay in full every month they look at it as they are lending you money for free. What I did was charge 100 and broke it down into two payment a couple of time and my credit limit went up every 6month months

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