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forbiddenlove20 · Jun 20, 2012, 07:38 AM

I am 19 years old and was wondering if there is any way I can build my credit? I always get denied on credit cards and etc cause I have no credit history thank you...

JudyKayTee · Jun 20, 2012, 07:57 AM

Open a small account with a local store. Charge, pay, charge, pay - then move on to a bigger company.

ebaines · Jun 20, 2012, 08:01 AM

First place to start is with the bank where you have your checking account. They know what your cash history is - how regularly you make deposits, whether you have direct deposit of pay checks, whether you maintain a reasonable average balance, your over-draft history, etc. If there are no red flags they will probably be willing to issue a credit card with a small spending limit. You can also apply for a gasoline company card - they tend to have lower credit requirements. Then be sure to always pay off any balance due in full on time every month, so you can build your credit history and improve your score. Never charge any more to the card than you have in cash in the bank.

Fr_Chuck · Jun 20, 2012, 08:24 AM

You can get a prepaid credit card to get some credit started, a small store account, places like Fingerhut and even some rent to own stores ( ask if they report to credit agencies.

Of course some of us are actually proud of our "0" credit score, we have no credit score, we don't borrow money and pay cash for any and everything.

taxesforaliens · Jun 20, 2012, 08:31 AM

Get a secured credit card. You will have to deposit a few hundred dollars and that would be the limit on that card.

ebaines · Jun 20, 2012, 08:34 AM

Originally Posted by Fr_Chuck

of course some of us are actually proud of our "0" credit score, we have no credit score, we don't borrow money and pay cash for any and everything.

Fr_Chuck - I would agree that if you always pay cash then your credit score is essentially of no consequence. But I'd be willing to bet that your credit score is not actually 0. If you have a checking account, pay your taxes (income and/or real estate), and/or have utility bills to pay then you have a credit score.

Fr_Chuck · Jun 20, 2012, 08:36 AM

Originally Posted by ebaines

Fr_Chuck - I would agree that if you always pay cash then your credit score is essentially of no consequence. But I'd be willing to be that your credit score is not actually 0. If you have a checking account, pay your taxes (income and/or real estate), and/or have utility bills to pay then you have a credit score.

Comes back "no record found" Almost everything is done under corporations, property taxes and so on, I have no personally owned anything in years.

ebaines · Jun 20, 2012, 08:42 AM

Originally Posted by Fr_Chuck

Comes back "no record found" Almost everything is done under corporations, property taxes and so on, I have no personally owned anything in years.

Ahh.. interesting.

forbiddenlove20 · Jun 20, 2012, 09:36 AM

Thanks for the advice you... I was just curious because it seems like these days for just about anything you have to have really good credit but it's also hard to start when you have none and most places won't give you a chance...

earl237 · Jul 6, 2012, 03:06 PM

Your own bank is the best place to get your first credit card. If you don't qualify, you can apply for a secured card with a deposit of usually $1,000.

80Rhodes · Aug 26, 2012, 03:01 PM

A secured card is the easiest way to start! I deposited my tax refund into a savings account at Bank of America and opened a secured Visa card on it. The savings account was like collateral. I only charged a little bit on it each month and paid off the balance. AFter a year or two, I don't remember because this all happened about 5 years ago, the bank converted it to a regular unsecured credit card.
By the way, I am not plugging Bank of America because I bet other banks or credit unions have the same program. I don't even bank there anymore, but they really helped me build my credit and I am glad they had that program.