No Credit Report?

[Anonymous]

I'm trying to help a friend build his credit.  This morning we were going through the pre qualification websites with no luck, until just cause, I decided to check Credit One and the denial reason came up "No credit report found".  Where do we go from here?

[Anonymous]

He needs to open a secured card. Once he has 6 months of good payment history he will finally have something on his report  

[Santi78342]

He does not NEED a secured card. Does he have any credit currently? Credit cards or loans? Student? Income?

[Anonymous]

@Anonymous wrote:

He needs to open a secured card. Once he has 6 months of good payment history he will finally have something on his report  

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Yeah, that's what I told him.

[Anonymous]

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@Santi78342 wrote:

He does not NEED a secured card. Does he have any credit currently? Credit cards or loans? Student? Income?

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No credit cards or loans.  He's a student and is employed (he's a co worker).

[Santi78342]

Have him apply for the Discover IT for students or go to a local credit union and get a card. Secured cards are more for people rebuilding from past credit problems. People with just no credit history can pursue other avenues. Even being added as an AU for 6 months on his parents, or anyone willing, will generate him a score.

[elim]

the best way i have found is the 2-for-1 trick.

get a $250 or so "share secured loan" (deposit $250 and they will hand you $250). use the $250 they loan you to open the secured card.

every small payment made free's up your money.

instalment loan and revolver from the same deposit.

you can do this with no AF, no HP's, and very low APR at State Department Federal Credit Union. (online)

or you can go into a local credit union and explain you have no score and would like the 2 secured items to start a relationship with them and generate reports.

the faster they do it, the faster they have scores.