What is credit, and how do I get it?

raiterio p: What is credit, and how do I get it?
Everytime I apply for a credit card, I get turned down. I get a response saying, “insuffient credit history”. Does that mean I have no credit, or bad credit?

Answers and Views:

Answer by Chris H
well it sounds like you have no credit. in that case i would go to your bank and get a 500 dollar limit card you shouldnt have trouble gettin one cause they love to give them to 18 yr olds with no credit.
but once you get that use it and pay it back religiously and this will give you a list of revolving credit and boost your credit score.
then you will be eligible for more plastic and lower interest rates on loans.
just be carefull cause you can get into a bunch of trouble lol

Answer by ehwhite70
my friend you have no credit. First off credit is the amount of money any given bank will extend to you with the intention of paying it back at a cost to you. So that means that you are borrowing their money and when you pay it back they add on interest. The best way i know of to get credit is to go to a bank and talk to a rep and get a card with a very low spending limit, maybe $ 200-$ 300.Then use it very very seldomly and try not to make big purchases maybe $ 20. then pay it back ASAP that way they don’t have time to add interest on to the money u just spent. they only add on interest At the end of the billing cycle. this will come in handy later on when you get a better card with some benefits like points or flyer miles then its like their paying you to use their card. but make sure u don’t fall behind on payments bad credit is no joke and it can be very hard to get out of. GOOD LUCK

Answer by Jon J
There are many credit cards available to people with poor / no credit. Orchard Bank is one the most popular issuers. You’ll also have to decide between ‘secured’ and ‘unsecured’. Since you won’t pay a security deposit with an unsecured credit card, I would try that first.

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Answer by Brutus
there are two ways you could start credit one or them is taking out a small personal loan which you might need a parent or an adult to co-sign for you meaning if you do not pay the loan they will. Or you could apply for a credit card for bad or no credit which most likely will get you approved no matter what, but if you are a student you could get a student credit card which will offer you lower rates and no annual fees, check out www.fastcreditcardapprovals.com but if you have applied for different cards most likely you have been applying for the wrong one so make sure you apply for a no credit card which will have a higher interest rate with an annual fee but use it for a few months just enough to build some credit then you could get a better card and drop your first one.