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Browse: Home / MONEY / Credit

How to establish CREDIT???!!?

beaner90: How to establish CREDIT???!!?
I don’t know why, and it may well just be that I ain’t too familiar with all the credit mumbo jumbo, but every time I apply for credit, I’m told that there is “insufficient credit history.” I’ve been working since 15, currently am 20, and I did once make a purchase of a piano where my mother cosigned and I made the monthly payments. I never missed a payment and did end up spending about $ 500 on interest. Anyways, never heard a word from the people I was making the payments to. I finished paying and moved on.

I’m concerned: should this have reflected on my credit history or is establishing credit something I will never be able to do???!?!?!? IM CONFUSED…

I’ve applied several times in several places, Macy’s, Target, PayPal, eBay, etc. Non have worked.

Any clues? Anyone?
Conitnuing a bit of what THE Author said below, is there a way to communicate to the private financing company to report on my credit history? And if so, what can I say if I contact them????

Answers and Views:

Answer by THE Author
If you did not finance the piano with a bank but through a private financing company then often times they will not report it on your credit history.

What I would suggest you do is go to your bank (or any major bank or credit union) and apply for what is call “secure credit card”. It’s sort of like a debit card. You deposit $ 300 (or any amount up to $ 1,500 I believe) into an account and they will issue you a credit card with a limit of that account balance. Using your cash as collateral. You can never touch that deposit until you close the account. Those card will usually report to credit reporting agencies.

After a year or so your bank might upgrade you and offer a regular credit card. Good luck.

Answer by cowboycop1952
Open a bank account, checking and savings. They will eventually send you an application for a credit card. Get one, but pay it off each month. Work on building up one month pay between your checking and savings account (eventually you should have 8 – 12 months in them ). Do this and you are on your way.
You can also go to Best Buy and purchase something over $ 200. They will give you time payments through a credit card company where you don’t have to pay interest during a given time. If you don’t pay it off in that time though they will add on all the interest you didn’t pay. So be careful.

Good luck. My first credit card had a top limit of $ 200.

Answer by Ryan
Get one best credit card from bank.
Use it properly for your daily needs.
Pay on time.
Never give them a reson to late charge on you.

Here are some best credit cards for you,
You apply online also,
Please copy and paste below link in your internet browser,

https://credit-cards1.blogspot.com/

Answer by jlf
It’s a slow and gradual process. See here:
https://credit.about.com

Answer by Brandon
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – buildcredit.ifastnet.com

Related Questions:

  • 1.  Can you tell me how does “US Airways Credit Card” works?
  • 2.  Still “owe on a credit card” around $750 but credit report says zero?
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  • 4.  If your credit score is already ridiculously low and only getting lower as your debt accumulates, why do?

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