156
By creditwhore - / Wednesday 24 February 2010 19:13 / United States
Add a comment
You must be logged in to be able to post comments!
Create my account Sign in
Top comments

I don't understand this at all. Credit Card companies used to have people on my college campus all the time because, since most of us didn't have a credit history, it was easier to get credit cards. Here's my advice. Open up a secured line of credit with your bank. You give them a certain amount of cash, and they put it on a card for you. That card works like a credit card on your credit score, but you don't get into crazy debt over it. It's prepaid.

Depending on who you're banking with you can get this card that is sort of your training wheels for the future. You put 200$ in an account then they give you a card with a 200$ limit to use. If you use this card correctly they will then give you a full fledged credit card. Look into it, it sucks but in the end it's worth it.

Comments
Reply

Unfortunately you can't get a platinum AmEx right out of college if you've never had one. Try for a starter card. Youll have a low limit and the interest rate will suck but pay it off every month and in time you'll qualify for something better.

Reply

actually the only correct way to do this is to open up a card with secured credit line in other words open up a card for like 500 bucks but you will need to have 500 bucks to deposit in a special savings acct that guarantees your credit

Reply

How is not building credit responsible?? Building credit =/= taking out loans for college. Even using a credit card just when you pump gas and pay it off on time will do much more for you than never opening a credit card

Reply

#55, Just because you can pay for school without loans doesn't make you any more responsible than the rest of us. Some of us can't be super seniors or us Daddy's money.

Reply

I made it to 25 with no credit history. Its called saving your money, and only buying things you can afford... You know, like your parents tried to teach you when you were a kid. And the only reason I've ever bought anything on credit, was specifically to build a credit history, so I can get a mortgage one day.

Reply

I made it to 24 with no credit history too... except hospital bills that magically went on my record, I wasn't aware hospital bills counted in your credit. Isn't that illegal or something? It's not like I went to the hospital with a cut in my hand from cooking or something, I had passed out on the side of the road and was going to die. I even cried at the nurse and told her I couldn't afford it (them saving my life) and to please let me go or whatever. I wish she had, because then I wouldn't hav

Reply

I'm 25 and have no credit history. I pay for things I need out of pocket and don't buy things I can't afford. I do need to start building credit to buy a house someday though. but right now I am just getting by with what I have and not spending beyond my means. :)

Reply

I'm in college and don't have credit history. Then again, I only buy things I NEED like gas, food, and books with cash, which is the only form of pay I can get from my part time job, but isn't enough money to start myself on a credit plan considering I'm using 90% of it on things I NEED like gas, food, and books and the rest on a savings account.

Reply

So many of you are idiots... you seriously think that not having a credit history because you use cash helps your credit rating in the future?? That I'd basically asking someone to lend you money when they don't know you and saying hey look I'm trustworthy I made it this far. You are much better off getting a credit card early making small purchases and paying it off early or on time.

Reply

I didn't know that either and I've applied for 5 credit cards and gotten rejected because I don't have a credit history that really sucks soo now I have no credit history and my credit is bad for applying for so many credit cards

Reply

It's a catch 22. To gain a credit history, you need a credit card. To gain a credit card, you need a credit history. Each rejection brings your credit history down, further reducing the chance of you getting a credit card and the chance of getting a good credit history.

Reply

Why does everybody who pays for everything in cash insist that using a credit card = spending beyond your means. You can very well do it responsibly to BUILD CREDIT. That includes buying things you NEED. lol @ above who says he only buys gas and food, etc... did you know you can buy those things on a credit card too? All the people above saying "I've made it this far without one, I'll only need to to buy a house or do whatever," you're going to be in the exact same positions as the OP

I don't understand this at all. Credit Card companies used to have people on my college campus all the time because, since most of us didn't have a credit history, it was easier to get credit cards. Here's my advice. Open up a secured line of credit with your bank. You give them a certain amount of cash, and they put it on a card for you. That card works like a credit card on your credit score, but you don't get into crazy debt over it. It's prepaid.

Reply

A secured credit card is NOT prepaid. A secured credit card has you deposit funds. Those funds are set completely aside and the bank gives you a credit line matching the amount. You now have a regular credit card with a deposit to lower your risk. THIS IS NOTHING LIKE A DEBIT CARD. The better option is; Go to your bank or preferably credit union as they typically will open very small cards with no deposit, and build a score.

Depending on who you're banking with you can get this card that is sort of your training wheels for the future. You put 200$ in an account then they give you a card with a 200$ limit to use. If you use this card correctly they will then give you a full fledged credit card. Look into it, it sucks but in the end it's worth it.

Loading data…