questions about my credit score!! help!?

chin0ster: questions about my credit score!! help!?
i recently checked my credit report and i got a score of 588. according to the scale that is poor credit!. i live in california. and i am wondering how can i raise my credit?? i mean i cant get approved for any credit cards at any banks i cant even get approved by stores like Sears and even TJ Maxx?? they send me a letter back saying ” few revolving accounts opened long enough to establish credit history” but how am i suppose to start an account if no one approves me. i am 21 years old and if i cant get a credit card how will i ever be able to raise that score?? any ideas???

Answers and Views:

Answer by whistleblower
so you’re in that catch 22 where you need history, but no one will give you any. First… you have to stop applying for any ‘unsecured’ credit: e.g. credit cards. Every time you apply, it drags your score down. You need to start applying for secured credit either via secured credit cards where you pay a fee and upfront cash for a limit: e.g. $ 500 cash for a $ 500 credit limit. Also,… since the economy is really tough there’s no credit being extended; the only loans that are easier to obtain is a car loan WITH a downpayment. Remember that utilities also report credit, so if you’re renting, pay that electric bill! Once you have some established credit (secured) you can first go for the store credit cards like Sears and TJ Maxx. Keep those limits low low low and at least pay the minimums EVERY month. You’ll see your score go up. The best way is to get a mortgage, but that will also take time. hang in there… time is the biggest factor… so pay your bills consistently

Answer by Ray S
go to bank of america and open up a secured credit card with just 300.00, in about 9 months if you act responsibly with that card they will make it unsecured and return your money

Answer by Adam
First of all, you don’t want to be opening up department store credit cards. The interest rates are too high. You will be paying at least 20% interest.

You are only 21 so you do not have enough credit history. Even five years is not enough. 7 to 10 years of on-time payments is what you need to establish good payment history.

How about trying a credit union in your area? Their lending standards may be a little bit more lenient. And interest rates will be lower.

Good luck to you.