How to build credit?

[Anonymous]

I'm 18 and I've never had a credit card, I'm not currently a student and I don't excatly have a job(I'm a photo retoucher and I do alot of freelance work)

I've tried getting a secured CC (capitol one) and I was denied, I cant even get a retail card (JCP)

can someone please give me some tips on how to build credit

Thanks in advance

-Gabby

[Anonymous]

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@Anonymous wrote:

I'm 18 and I've never had a credit card, I'm not currently a student and I don't excatly have a job(I'm a photo retoucher and I do alot of freelance work)

I've tried getting a secured CC (capitol one) and I was denied, I cant even get a retail card (JCP)

can someone please give me some tips on how to build credit

Thanks in advance

-Gabby

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Have you looked into a local credit union?

I suggest a CU secured card and secured share loan to start putting some positive history on your reports.

[Anonymous]

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@Anonymous wrote:

I'm 18 and I've never had a credit card, I'm not currently a student and I don't excatly have a job(I'm a photo retoucher and I do alot of freelance work)

I've tried getting a secured CC (capitol one) and I was denied, I cant even get a retail card (JCP)

can someone please give me some tips on how to build credit

Thanks in advance

-Gabby

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Who do you bank with? Sometimes the big banks will give a credit card (secured or even unsecured) to someone who banks with them even with no history. BoA, Citi, even Chase have been known to do this. 

If you can't go this route, joining a local Credit Union like Nixon suggesting is also a solid choice. 

Lastly, you can try applying for one of those retail cards that can be had using the Shopping Cart Trick (google that if you don't know what it is). This should allow you to get a card, but it will come with a $200-300 limit, making it hard to use. If you go this route, DON'T GET MORE THAN ONE! One is enough. Pick one that actually gives you some discount at the store (Ann Taylor for example gives you 5% cash back at the clothing store, which is quite nice if you shop there). My personal recomendation among these is the Overstock credit card, which for some reason gives a larger limit initially and more Credit Line Increases than usual. 

[Anonymous]

Look at the primor secured card or the first progress secured card.

[CH-7-Mission-Accomplished]

The Credit Card Act requires lenders to ask you what your income and expenses are, even for secured cards.  (They don't have to verify ths info).

If you answer the question that you are unemployed and list your income as nothing, they can't approve you -- by law.

As long as you have more income than expenses on your credit app, you would be approved for OpenSky or Primor (neither pulls credit reports)

[NRB525]

I just went through the State Department FCU to get a secured VISA from them, after Nixon noted there was no HP involved.

Sure enough, easy app ( although you really need to keep track of the log in screens and passwords, different logs in for opening the account vs working with the accounts, more security layers than a Get Smart episode.). No HP, and no approval process for the card.

You just put funds into your savings account, then fill out the app for the secured card, anything from $250 (I did $500) up to a couple thousand, you choose your limit.  Even easier than the PenFed secured card, (though the PenFed was following on a HP denial for a real card, so maybe not the best comparison). PenFed secured is similar no fees, but would have a HP just to get the card.

SDFCU Secured: No HP (meaning you don't need any credit file), No AF, no FTF, low APR, and this actually earns some sort of rewards, 1 point per dollar, though I'm not sure it's terribly lucrative returns, it's better than a CreditOne poke-in-the-eye fee structure.

[Anonymous]

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@NRB525 wrote:

I just went through the State Department FCU to get a secured VISA from them, after Nixon noted there was no HP involved.

Sure enough, easy app ( although you really need to keep track of the log in screens and passwords, different logs in for opening the account vs working with the accounts, more security layers than a Get Smart episode.). No HP, and no approval process for the card.

You just put funds into your savings account, then fill out the app for the secured card, anything from $250 (I did $500) up to a couple thousand, you choose your limit.  Even easier than the PenFed secured card, (though the PenFed was following on a HP denial for a real card, so maybe not the best comparison). PenFed secured is similar no fees, but would have a HP just to get the card.

SDFCU Secured: No HP (meaning you don't need any credit file), No AF, no FTF, low APR, and this actually earns some sort of rewards, 1 point per dollar, though I'm not sure it's terribly lucrative returns, it's better than a CreditOne poke-in-the-eye fee structure.

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Love the reference.

And yes, SDFCU is who I'd go through If I still had a need for secured credit.

[Anonymous]

I bank with BofA and I've been preselected for their secured card but it requires a $300 deposit

I'll defintly try the shopping cart trick, Thanks to everyone for taking time to help me!

[bobbay]

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@Anonymous wrote:

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@Anonymous wrote:

I'm 18 and I've never had a credit card, I'm not currently a student and I don't excatly have a job(I'm a photo retoucher and I do alot of freelance work)

I've tried getting a secured CC (capitol one) and I was denied, I cant even get a retail card (JCP)

can someone please give me some tips on how to build credit

Thanks in advance

-Gabby

---

Have you looked into a local credit union?

I suggest a CU secured card and secured share loan to start putting some positive history on your reports.

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1+ ^  DCU has lots of this stuff.  Secured cards, you could do an autoloan, credit builder loans or multiple credit builder loans as well as one of their credit cards.  

[Anonymous]

I'm looking into DCU now

Everyone's so helpful lol

thanks again to everyone!