ForgottenFreshness
Member
Cash: $ 0.94
Posts: 14
Joined: 23 Dec 2004
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| Building Credit |
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I'm 21 and have never had any credit. I've been turned down for every kind of credit card I can imagine. Even a gas card. My own bank turned me down. I'm told the only way to build credit is to have a large amount of money to put down to finance something... a lil bit of credit already... or a cosigner.
I don't have a large sum of money to begin with.. no credit, and noone willing to sign with me. 1 person told me to get someone to add me as an authorized user on they're creditcard. Easier said than done. My parents aren't willing to do that.. and I doubt anyone outside of my family would even consider it. I wouldnt even want a card. I just need the credit. I can't get anything from anywhere unless its cash or layaway.
Heres an example. My washing machine broke.. ok so I want to go buy a new one. I went to Alabama Power, the power company that will finance equiptment. I had the bill in my name for 3 yrs when I lived on my own. I moved back to my dads house for 8 monthes, the power was switched out of my name. I moved back into the exact same house, same phone number, same everything but because the bill was not constantly in my name.. I had no credit with Alabama Power and was turned down for financing a washing machine.
They saw I make plenty of money (enough for a washing machine at least).. and financing it would have only been $30 stacked onto my already low powerbill of $40-$50 a month. How much sense does that make? I never missed a payment for 3 yrs and then I leave for 8 monthes and im screwed.
Anyone hear the b.s. car dealerships saying EVERYONES APPROVED, BAD CREDIT, NO CREDIT, DOESNT MATTER. pardon my french but MY @$$!!! Kia turned me down with a $3000 trade in and $500 cash. why? because i had no credit and no cosigner. they said i needed at least $5000 trade in value.
alright.. ideas on building credit or making more money?
just so you know, im a responsible guy with a bad line of luck. i was kicked out for getting my tounge pierced when i was 18... yeah a bit immature then, i took out all my piercings a couple years ago. but since i was kicked out before i finished school i got my g.e.d. i passed the test to get into itt tech but since the state considers me a dependant because im not 24, not married, not military, and dont have kids... i have to use my parents tax info to get financial aid. since SOMEONE doesnt do they're taxes (shhhhhhh) I cant provide that information thus screwing me out of college.
So here I am... 21, no credit, no way of getting into college, working for allstate insurance processing medical claims making a measley $24,000 a yr.. and thats a stretch. I'm lucky if I see 20k after taxes. Anyone relate?
I'm willing to do just about anything to kick my income up but not alot of ppl trust someone at my age, with no credit or major education.
sorry, this was more of a rant to get frustrations out into the open. any advice to better my situation would be appreciated.
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Thu Dec 23, 2004 2:46 pm |
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pattyflip
Contributing Member
Cash: $ 2.01
Posts: 39
Joined: 22 Nov 2004
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As I was reading your post, I noticed an ad for a prepaid Visa at the bottom of the page on this site. It says all people approved. You should look around this site and see if you can find it. These are cards that are usually given to people in your situation. I am 20 and I have three cards, so you should be able to get credit somewhere.
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Hurry to: http://www.realitymillions.com/index.php?ref=pattyflip
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Thu Dec 23, 2004 4:43 pm |
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henrybemis
New Member
Cash: $ 0.90
Posts: 4
Joined: 20 Dec 2004
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Consider being turned down for credit cards a good thing. Don't get one. Be frugal and thrifty in your saving and spending habits. The cost of living is lower in Alabama as compared to the North (my mother's from Alabama so I'm particial to the state.) and will go much further. Save as much as you can and try to get into a public University or the best community college that you can one day transfer out of to get to a public University. If you want to go to college find as many private grants and other monies as you can. If you need a car save up for a good used one. Kia's are suppose to suck anyways, well as far as crash test results are concerned. Try to live with a roommate. Know that even if you are in dire straits and are incredibly low on money if you perserverance will win out over the long run. Maybe you should think of taking on a part time job and dedicate all that money to the goal of a car and more importantly an education. Even though ITT may sound like a good deal getting a technical degree from a University may end up being a better all around deal. Hope this helps and good luck.
Henry Bemis
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Thu Dec 23, 2004 10:55 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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Excellent point, Pattyflip. A secured credit card is quite often the best way to establish credit in situations like yours.
How it works is this:
You deposit a small amount of money (like $500) into the account, and a credit card is issued in your name with the limit matching your deposit. Everything else about the card looks, smells, and feels just like any other credit card.
Before long, your credit score will begin to improve, assuming you keep the payments current and there is a reasonable amount of activity on the card.
Hope this helps -
Jim Blankenship, CFP®, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Thu Dec 23, 2004 10:56 pm |
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papayabhai2002
New Member
Cash: $ 0.20
Posts: 6
Joined: 02 Mar 2005
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| Secure card |
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Is there any secure card without annual fee?
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Wed Mar 02, 2005 6:30 am |
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Jimofware
New Poster
Cash: $ 0.45
Posts: 2
Joined: 28 Jun 2005
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check out www.cardweb.com it has tons of info on all types of cards
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Tue Jun 28, 2005 12:33 am |
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