- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
best ways to build credit
Posted on 6/26/14 at 8:56 am
Posted on 6/26/14 at 8:56 am
I have no credit. My dad refused to allow me to get a credit card my entire time in high school and through college. I have never taken out a loan.
I have no debt and almost no assets to my name, but just started a post-college career with a pretty good salary (mid 50s). When companies try to run a credit check, I practically don't exist.
What is the best way to go about quickly building up my credit score for the future? I'd like to be able to afford financing for purchasing houses or cars in the next 5 years.
I have no debt and almost no assets to my name, but just started a post-college career with a pretty good salary (mid 50s). When companies try to run a credit check, I practically don't exist.
What is the best way to go about quickly building up my credit score for the future? I'd like to be able to afford financing for purchasing houses or cars in the next 5 years.
10
Posted on 6/26/14 at 8:58 am to kingbob
Share secured loan or Secured Credit Card.... aka use $500-$1000 of your cash as collateral. Literally no risk for financial institution.
Posted on 6/26/14 at 9:00 am to kingbob
Gas card.
Posted on 6/26/14 at 9:05 am to kingbob
Capital One could be a good option. Merrick Bank may be another. I'd look at getting a basic and possibly secured Mastercard or Visa before I got a store card or gas card.
BTW, your dad did you a huge disservice. You could have gotten a student card with a low credit limit at the age of 18.
BTW, your dad did you a huge disservice. You could have gotten a student card with a low credit limit at the age of 18.
This post was edited on 6/26/14 at 9:06 am
Posted on 6/26/14 at 9:56 am to kingbob
There are several credit cards out there for someone in your situation. Check credit.com or creditkarma.com. Both will have some suggestions. Maybe open an account at a small, local credit union and they may have some programs as well for someone in your situation.
A lot of car dealership as well have programs for recent graduates to get into a car loan if you're in need of a new car. My nephew recently got a Nissan Altima at a Nissan dealership at around 4% APR, and he had no credit like you.
Those are the 2 best ways.
A lot of car dealership as well have programs for recent graduates to get into a car loan if you're in need of a new car. My nephew recently got a Nissan Altima at a Nissan dealership at around 4% APR, and he had no credit like you.
Those are the 2 best ways.
Posted on 6/26/14 at 9:59 am to kingbob
Apply online at Capital One for a regular non-secured credit card, preferably one without an annual fee. If you are declined, call them up and tell them you want the secured card. They will use the same credit pull and not have to pull another one and they will approve you for the secured card.
My wife did this about 4 years ago when she was in the same exact situation. She had to give them $39 to hold in a savings account and they gave her a $200 credit limit. Pretty sure you can get a higher CL if you request it, but they might require more collateral in the savings account.
Always try the regular credit card before the secured card. Try an institution that offers both. I know for sure that Cap One does both.
My wife did this about 4 years ago when she was in the same exact situation. She had to give them $39 to hold in a savings account and they gave her a $200 credit limit. Pretty sure you can get a higher CL if you request it, but they might require more collateral in the savings account.
Always try the regular credit card before the secured card. Try an institution that offers both. I know for sure that Cap One does both.
Posted on 6/26/14 at 10:00 am to kingbob
I was in the same boat as you but in the last year of college. I got a credit card with my credit union with a $1k limit and used it for anything and everything I spend money on from day to day and pay off everything except for about $100. I built credit fairly quickly and about a year later got a rewards card and a car loan, both with pretty low interest rates considering my position.
Posted on 6/26/14 at 11:16 am to kingbob
When it comes car buying time make sure you have some down payment. Small revolving accounts won't help too much to get an auto loan, but cash down will buy you credit. Once you get an auto loan and make the notes on time you'll be established.
Posted on 6/26/14 at 3:10 pm to kingbob
My dad did the opposite. He made me get a low limit credit card for books and stuff that he paid for anyway and he made the payments so I would develop credit.
Posted on 6/26/14 at 7:47 pm to kingbob
I was in the same boat a couple of years ago. the only card I was approved for was a capitol one unsecured card with a $300 limit. I was putting a 2 tanks of gas on it every month and paying it off as soon as the statement posted. In about a year my score was up 112 points.
As far as piggybacking credit history, it doesn not work like it used to. I was added as an authorized user on 2 credit cards and it did not make a bit of difference as far as average age of accounts is concerned.
Apply for the cap one card, if you are declined call and tell them your scenario.
As far as piggybacking credit history, it doesn not work like it used to. I was added as an authorized user on 2 credit cards and it did not make a bit of difference as far as average age of accounts is concerned.
Apply for the cap one card, if you are declined call and tell them your scenario.
Posted on 6/26/14 at 11:58 pm to kingbob
I didn't have much credit wheni finished school 6 or 7 years ago.
Just got a new truck a month ago and I got a 849 score.
What I've done.
-always pay bills on time
-bought and paid off a truck
-bought a couple grand in furniture along with a wedding/engagement ring at 0% financing and paid them off early
-mortgage, refinanced more tha two years ago to a 15 year
When I refinanced I was around 700 for a credit score. I finally got a credit card a year and a half ago (they actually freaking declined me when I applied even though I probably make more money than most of their card customers. I also have my mortgage with them and a 6 month emergency fund....went to the branch itself and they took care of me) and I think that's what got my score up to 849. I just pay it off every month. Put basically everything I buy on it since I get cash back from the points every month. If you have discipline credit cards won't be a problem.
Just got a new truck a month ago and I got a 849 score.
What I've done.
-always pay bills on time
-bought and paid off a truck
-bought a couple grand in furniture along with a wedding/engagement ring at 0% financing and paid them off early
-mortgage, refinanced more tha two years ago to a 15 year
When I refinanced I was around 700 for a credit score. I finally got a credit card a year and a half ago (they actually freaking declined me when I applied even though I probably make more money than most of their card customers. I also have my mortgage with them and a 6 month emergency fund....went to the branch itself and they took care of me) and I think that's what got my score up to 849. I just pay it off every month. Put basically everything I buy on it since I get cash back from the points every month. If you have discipline credit cards won't be a problem.
This post was edited on 6/27/14 at 12:06 am
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News