Trying to Establish Credit
Author: Aaron
Guest
Posted: Mon Apr 05, 2004 3:44 pm
Post subject: I NEED HELP
ok i dont know what to do I just turned 18 and looking to establish credit. I have a good job at Sears and have been employed since Aug 31 2003, 8 months. I would like to find a credit card that will likely approve me and give me decent line of credt, my credit limit is not important. I would just like to find a good card and creditor that will not screw me over. (Im sure they all try) i am looking for some advice on what and where i can find this card, and apply online i could really use some help in this matter If i Google Credit Card advice i get about 27509381750391857913048257 choices I am trying to find one that somebody has received the same way in my situation, i dont want to submit all my ifno to some fraudulent website and have god knows what happen........ Any help in this matter would be greatly appreciated.
Thanks again,
Aaron
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Author: Aaron
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 3:56 pm
ok i just registered and i have to say, i like this site No BS from credit companies, just good advice from other normal people like me(from the scans of topics and such i have seen) even though i havent been helped in the last minute im sure i will get some good advice
Thx again,
Aaron
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2193
Location: Illinois
Posted: Mon Apr 05, 2004 5:53 pm
For yourself being so young and fresh to working, I would suggest looking to a local credit union or bank, that way you can start now on establishing a long term relationship - not only get credit cards, but also installment loans down the line. Good idea while you are at it to set up a savings account with the same company. Myself I like the personal service of being able to go in and talk to a person should a problem arise, and having quick easy access to funds. As far as credit cards, you can always check out the sites, but submit for the cards by phone, or call and ask for an application to be mailed out to you. Just be sure to, look for low interest rate cards if you will be planning to carry balances over month to month. Also what type of card will do good for you, do you need a gas card (will be traveling alot)? What about airline card for miles? Also there are cards that pay percentage back on what you charge, or reward cards like Sony (that gives points for purchasing sony products)... there are more out there, just depends on what you need. Myself I have not used many credit cards - I have used Capital One (which these days is a high risk credit extender) so beware! Citi Bank, they give credit, but are quick to change the terms if they can find a reason to. Also have used other credit like department store - JC Penney (I don't consider this one to be consumer friendly though). Yonkers was fair, also Lowes - even though you are looking at 18 percent interest rate - another one I have used is Best Buy Household Bank card. Lowes is not a bad card to have even with 18%, many times they will give 0% within 6 months - but you want to pay off the purchase in the 6 months not to let them add compounded interest at the end of that time. Hear people say Bank of America is fair one, as well as Bank One - many starting out go for Target, Household cards.
Best of luck with your search.
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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Mon Apr 05, 2004 6:25 pm
Establishing credit for the first time is a bit of a catch-22. You often need credit to get credit. To get your foot in the door, look for ways to borrow or buy over time from stores or banks that report to the credit reporting agencies. Put money in the bank and borrow against it with a small personal loan. And as NightStar said, credit unions can be helpful. Think "borrow" whenever you enter a store. Can you get a Sears card? Department stores or minor credit cards are often the way to get started. A Target card isn't as easy to get as it used to be but there are lots of stores offering credit cards. Do searches in the cardholder reviews to check them out. The interest rate shouldn't be a priority - at least at first - but be careful to avoid cards with lots of fees - some not so obvious. Never listen to a telemarketer or pay fees upfront. If someone calls you with a great credit card deal it's almost certainly bogus. Con artists prey on young people just starting out, especially after they open their first checking account. Legitimate credit card offers don't come over the phone unless you have a pre-established relationship with them. (and even then, think twice about it) I got started with a couple department store cards, a credit union card, and a personal loan at a bank. But credit was looser in the Midwest during the 80's. I was lucky. It was like a credit "perfect storm" back then in Iowa. You may have to start small but after a year or two of clean credit health better offers will start coming in.
Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.
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Author: Aaron
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 7:36 pm
Thanks for the advice i actually do have a bank account and a good history i will definately take your advice into consideration Sears card was recently acquired by CitiBank... so .... its really hard to get, i had a guy come in to buy a treadmill with a platinum Visa and he applied for a sears card and was declined, some of the younger guys i work with no credit applied and were also turned down, since CitiBank acquired Sears card, i have seen alot less approvals. I will look into the Target and Lowes credit Card if anyone else has some good suggestions please let me know and thank you both for the good advice
Thanks,
Aaron
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Author: Guest
Posted: Mon Apr 05, 2004 10:39 pm
Mall store cards tend to be the easiest with gas cards playing a close second. WFNNB sponsors most mall cards - gap, eddie bauer, express, limited - just a few off the top of my head. Chevron has a credit builder gas card that you may be able to get as well.
Good luck!
View our latest credit card ratings!
Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Mon Apr 05, 2004 11:24 pm
Aaron, You might want to forget Target. Lots of people with long credit histories and high scores are turned away - that's what I've heard. I knew Sears got out of the credit end of the business. I didn't know it was Citibank. Yeah, it would be like any major card - you can't get it first time to the plate. (I couldn't get a Citibank card on my umpteenth visit to the plate, though I had one before and current scores in the 720-735 range) I'm no fan of debt but if you want to establish credit you need to think "borrow". Look at every situation - that washer and dryer - as an opportunity to pay over time and borrow. Even though I have cash falling, even leaping, out of my pockets, I want to pay for my end-of-the-world survival kit on the installment plan. It's the American way. It's unpatriotic not to be in debt. just burrowing and hyperbolizing,
Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.
View our latest credit card ratings!
Author: GUEST
Posted: Tue Jun 01, 2004 5:25 pm
I have no credit history and I was able to get a credit card with capital one. There's no annual fee and I have a $500 credit card limit. (my APR is 12.4%). But all in all not bad considering I had no credit history and was only working part time and going to college.
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Author: Guest
Posted: Wed Jun 02, 2004 10:52 am
Aaron, two other thoughts in addition to the great advice already given.
1) You might want to get letters of reference from those in your life who are respectful community members. Sometimes some of those folks may also know parties at the bank and may even place a phone call on your behalf. If you do this, acknowledge to your references that you know how important their good name is and that you would never do anything to bring it into disrespect. In any case, collect your references and bring them with you to the bank.
2) As part of your presentation (selling yourself to the bank) talk up your accomplishments in life, your grades in school, any volunteering, etc. Also, if you sense any hesitation on the part of the bank- be proactive. Suggest to them a low credit line with tough inital repayment terms. This will show them that you are serious and that you want to earn their trust. You may not like the initial terms- but, it is more important that you get a card at this point and pay it off as promised.
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Author: Margo
Guest
Posted: Fri Jun 11, 2004 3:17 pm
Post subject: Try Household Bank
Try Household Bank (www.hhb.com). They, like Capital One, have cards for people who have no credit/bad credit.
Good luck!
View our latest credit card ratings!
Guest
Posted: Mon Apr 05, 2004 3:44 pm
Post subject: I NEED HELP
ok i dont know what to do I just turned 18 and looking to establish credit. I have a good job at Sears and have been employed since Aug 31 2003, 8 months. I would like to find a credit card that will likely approve me and give me decent line of credt, my credit limit is not important. I would just like to find a good card and creditor that will not screw me over. (Im sure they all try) i am looking for some advice on what and where i can find this card, and apply online i could really use some help in this matter If i Google Credit Card advice i get about 27509381750391857913048257 choices I am trying to find one that somebody has received the same way in my situation, i dont want to submit all my ifno to some fraudulent website and have god knows what happen........ Any help in this matter would be greatly appreciated.
Thanks again,
Aaron
View our latest credit card ratings!
Author: Aaron
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 3:56 pm
ok i just registered and i have to say, i like this site No BS from credit companies, just good advice from other normal people like me(from the scans of topics and such i have seen) even though i havent been helped in the last minute im sure i will get some good advice
Thx again,
Aaron
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2193
Location: Illinois
Posted: Mon Apr 05, 2004 5:53 pm
For yourself being so young and fresh to working, I would suggest looking to a local credit union or bank, that way you can start now on establishing a long term relationship - not only get credit cards, but also installment loans down the line. Good idea while you are at it to set up a savings account with the same company. Myself I like the personal service of being able to go in and talk to a person should a problem arise, and having quick easy access to funds. As far as credit cards, you can always check out the sites, but submit for the cards by phone, or call and ask for an application to be mailed out to you. Just be sure to, look for low interest rate cards if you will be planning to carry balances over month to month. Also what type of card will do good for you, do you need a gas card (will be traveling alot)? What about airline card for miles? Also there are cards that pay percentage back on what you charge, or reward cards like Sony (that gives points for purchasing sony products)... there are more out there, just depends on what you need. Myself I have not used many credit cards - I have used Capital One (which these days is a high risk credit extender) so beware! Citi Bank, they give credit, but are quick to change the terms if they can find a reason to. Also have used other credit like department store - JC Penney (I don't consider this one to be consumer friendly though). Yonkers was fair, also Lowes - even though you are looking at 18 percent interest rate - another one I have used is Best Buy Household Bank card. Lowes is not a bad card to have even with 18%, many times they will give 0% within 6 months - but you want to pay off the purchase in the 6 months not to let them add compounded interest at the end of that time. Hear people say Bank of America is fair one, as well as Bank One - many starting out go for Target, Household cards.
Best of luck with your search.
View our latest credit card ratings!
Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Mon Apr 05, 2004 6:25 pm
Establishing credit for the first time is a bit of a catch-22. You often need credit to get credit. To get your foot in the door, look for ways to borrow or buy over time from stores or banks that report to the credit reporting agencies. Put money in the bank and borrow against it with a small personal loan. And as NightStar said, credit unions can be helpful. Think "borrow" whenever you enter a store. Can you get a Sears card? Department stores or minor credit cards are often the way to get started. A Target card isn't as easy to get as it used to be but there are lots of stores offering credit cards. Do searches in the cardholder reviews to check them out. The interest rate shouldn't be a priority - at least at first - but be careful to avoid cards with lots of fees - some not so obvious. Never listen to a telemarketer or pay fees upfront. If someone calls you with a great credit card deal it's almost certainly bogus. Con artists prey on young people just starting out, especially after they open their first checking account. Legitimate credit card offers don't come over the phone unless you have a pre-established relationship with them. (and even then, think twice about it) I got started with a couple department store cards, a credit union card, and a personal loan at a bank. But credit was looser in the Midwest during the 80's. I was lucky. It was like a credit "perfect storm" back then in Iowa. You may have to start small but after a year or two of clean credit health better offers will start coming in.
Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.
View our latest credit card ratings!
Author: Aaron
Joined: 05 Apr 2004
Posts: 2
Posted: Mon Apr 05, 2004 7:36 pm
Thanks for the advice i actually do have a bank account and a good history i will definately take your advice into consideration Sears card was recently acquired by CitiBank... so .... its really hard to get, i had a guy come in to buy a treadmill with a platinum Visa and he applied for a sears card and was declined, some of the younger guys i work with no credit applied and were also turned down, since CitiBank acquired Sears card, i have seen alot less approvals. I will look into the Target and Lowes credit Card if anyone else has some good suggestions please let me know and thank you both for the good advice
Thanks,
Aaron
View our latest credit card ratings!
Author: Guest
Posted: Mon Apr 05, 2004 10:39 pm
Mall store cards tend to be the easiest with gas cards playing a close second. WFNNB sponsors most mall cards - gap, eddie bauer, express, limited - just a few off the top of my head. Chevron has a credit builder gas card that you may be able to get as well.
Good luck!
View our latest credit card ratings!
Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 488
Location: Midwest
Posted: Mon Apr 05, 2004 11:24 pm
Aaron, You might want to forget Target. Lots of people with long credit histories and high scores are turned away - that's what I've heard. I knew Sears got out of the credit end of the business. I didn't know it was Citibank. Yeah, it would be like any major card - you can't get it first time to the plate. (I couldn't get a Citibank card on my umpteenth visit to the plate, though I had one before and current scores in the 720-735 range) I'm no fan of debt but if you want to establish credit you need to think "borrow". Look at every situation - that washer and dryer - as an opportunity to pay over time and borrow. Even though I have cash falling, even leaping, out of my pockets, I want to pay for my end-of-the-world survival kit on the installment plan. It's the American way. It's unpatriotic not to be in debt. just burrowing and hyperbolizing,
Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.
View our latest credit card ratings!
Author: GUEST
Posted: Tue Jun 01, 2004 5:25 pm
I have no credit history and I was able to get a credit card with capital one. There's no annual fee and I have a $500 credit card limit. (my APR is 12.4%). But all in all not bad considering I had no credit history and was only working part time and going to college.
View our latest credit card ratings!
Author: Guest
Posted: Wed Jun 02, 2004 10:52 am
Aaron, two other thoughts in addition to the great advice already given.
1) You might want to get letters of reference from those in your life who are respectful community members. Sometimes some of those folks may also know parties at the bank and may even place a phone call on your behalf. If you do this, acknowledge to your references that you know how important their good name is and that you would never do anything to bring it into disrespect. In any case, collect your references and bring them with you to the bank.
2) As part of your presentation (selling yourself to the bank) talk up your accomplishments in life, your grades in school, any volunteering, etc. Also, if you sense any hesitation on the part of the bank- be proactive. Suggest to them a low credit line with tough inital repayment terms. This will show them that you are serious and that you want to earn their trust. You may not like the initial terms- but, it is more important that you get a card at this point and pay it off as promised.
View our latest credit card ratings!
Author: Margo
Guest
Posted: Fri Jun 11, 2004 3:17 pm
Post subject: Try Household Bank
Try Household Bank (www.hhb.com). They, like Capital One, have cards for people who have no credit/bad credit.
Good luck!
View our latest credit card ratings!
posted by CardRatings.com at 11:14 AM
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