Building Credit with no credit history

[Anonymous]

Hello I need all the advice possible I'm looking to establish and build credit I recently opened my first bank account and now I recently got approved for a capital one account only a 300 dollar limit... Now what's the next steps??? I don't have a credit score

[Revelate]

---

@Anonymous wrote:
Hello I need all the advice possible I'm looking to establish and build credit I recently opened my first bank account and now I recently got approved for a capital one account only a 300 dollar limit... Now what's the next steps??? I don't have a credit score

---

Welcome to the forums!

If you can swing a cash deposit or two, I'd do the following:

1. Open up a BOFA secured card (minimum deposit $300 is fine), afterwards get their Cash Rewards tacked onto it.
2. Open up a Share Secured loan with Alliant (minimum $500) for call it 3 years though 4 is better, you just have to leave $500 in the savings/share account.
3. Never miss or be late on any payment
4. Wait for roughly 13 months (get everything past a year in age), and then determine what rewards cards meet your needs and apply for them.

If you can't swing a cash deposit or two, skip 1 and 2 and move directly to 3 and 4.

Isn't a complicated process building out of a no file situation, just need to have patience and discipline.

[A_Noob]

I had the same issue and I got a Bank of America Secured Card and then shortly after a car loan. My score went from non-existent to mid 600s in a few months and I was able to refinance the auto loan at a MUCH better interest rate through a credit union and the credit union approved me for an unsecured credit card as well. I'm now a few points away from 700 when more than halfway through last year I didn't have a credit score at all due to not having any credit history. I hope this helps.