let -
I would recommend opening a savings account with a credit union. Put $500 to $1000 in or build up to that.
Then take out a secured loan (use savings as collateral) for the $500 or $1000. When they give you the loan check, deposit it back into savings so that you have a savings balance DOUBLE now, which will most likely earn as much interest in savings as you will pay on the loan.
1. Deposit savings.
2. Secured loan against savings.
3. Put loan proceeds back into savings, doubling your savings balance
4. Have loan "auto draft" payments from savings
5. Let savings earn enough interest to cover all or most of the loan interest
6. Pay the loan off at 12 months.
7. Speak to the CU about a credit card at 6 months into the loan.
8. If they will only give you a "secured" card, use the loan money to secure the card.
9. You now have a secured loan and secured card, giving you 2 credit entries and positive TL's.
