How to get credit?

[Anonymous]

I'm 18 and I have no credit history, I just got my first job. I'm lucky to be staying rent-free in my families four plex until I can save some money and get my credit up but I'm unsure how to do so. I've applied for a few credit cards but have been denied does anyone have any tips?

[Anonymous]

Hi, and welcome to myfico. Have you tried a secured credit card? You put money into an account for the amount of the credit limit. The card reports to the credit agencies, and as long you pay on it (paying in full is best) within 12 months it should graduate to an unsecurd card, and you will get your money back. Also, opening more than one, would be best. After a year, I think you'll find yourself able to get almost any credit card you want. Bank of America is one of the best options for secured cards, as is Cap One. Good luck on your credit journey.

[Anonymous]

I have tried to get a card through capital one specifically for building credit, i was rejected and my letter said that my credit profile had missing or unavailable info. Im not sure what this means, would it be best to just go directly through a bank? Thank you for your help.

[Anonymous]

I'm having the same issue with a thin credit file.

I've been successful only with one credit union unsecured card so far.

You may want to check on the credit profile in the meantime and update it before applying again.

[Anonymous]

My son is in the exact same place, 18 and zero credit. He was able to get a secured card from Wells Fargo. He has had a checking account with them for several years, so I'm not sure if that factored into their decision. I would try your bank or a local credit union. Good luck!

[Anonymous]

Hello,

Please dont lose hope. If you already have a checking account with a bank,ask them if they have any  secured card that you can apply for. Usually they are very helfpfull. This will get things going at least for now. 

As far as your credit profile goes, I believe you are missing identifying or contact info. What I know from my experience, Cap One pulls Equifax. If your contact info or address is not matching,they usually turn app down. See if you have aphone number listed on your profile, it helps when they try to verify something. Good luck. 

[Anonymous]

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@Anonymous wrote:
I'm 18 and I have no credit history, I just got my first job. I'm lucky to be staying rent-free in my families four plex until I can save some money and get my credit up but I'm unsure how to do so. I've applied for a few credit cards but have been denied does anyone have any tips?

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I'd suggest:

1.   Ask your parent to assist you if they are financially in the position to do so by setting you up a bank account.  You need a checking account (savings would be good too).

2.  Once you have a checking account with say, Bank of America, Wells Fargo, Capital One or US Bank, you can than go into the bank and apply for a secured credit card.  Your first card will more than likely be secured due to your nonexistent credit profile. 

3. It is critically important that you understand that you MUST NOT use that card beyond buying a stick of gum to build credit.  I say this because, you can easily run your card up to the limit and put yourself in hot water.   

4.  And continue to come to this site and learn how to use credit wisely.  I cannot say more how I wish that I had the resources available to me that are at hand when I was 18 and in the US Marine Corps.  

Do get discouraged and you'll be fine.