Does anybody know how to establish Credit?

Nomad Soul

I'm 19, I'm in the real world now. I went to the dealership to buy a car, but was turn down, NO CREDIT HISTORY. I have tried to apply for credit cards, but been turned down. How does one establish credit? And How long does it take?

shamus

Mkay - here it is, in my opinion.

Make an appointment to talk to a bank loan officer / whatever. Apply for a credit card, and offer to put ca$h down just in case you don't pay (what the hell do they call that??? whatever) That means that you have a credit card, but have cash at all times that the credit card company can take out just in case you do not pay your bills. OR, they will not require that guarantee...

Then, pay your bills on time - ALWAYS ON TIME.

Easy!

Sorry - you cannot just walk into a car dealership and get a car. Too many scam artists out there!

Nomad Soul

Well, ok, I'll do that, does it take long to establish a credit line?

Yerusalyim

Having a Checking account and savings account would be good too, one with MONEY in it. Get your own phone and be DISCIPLINED with it's use. Go to a LOCAL BANK and apply for a credit card, even a secured card if you must. etc etc etc.

chachasmum

Hi N.M.

Go and get yourself a secured credit card. You can do this at your bank. Use it for around a year, keep a low balance on it. Make sure you pay the monthly fees on time. In a years time you will have establised a good credit history. Good luck.

shamus

To do what?

Buy a car? A few years. Buy a house? 5 years, USUALLY.

It really takes time.

Nomad Soul

Years????????????????????????????????

Yerusalyim

Soul,

This is more in reference to your "Discipline" post. Have you considered the military. My 13 years in the Army have been GREAT. I went from being an Undisciplined PUNK to a pretty decent success. Think about it, learn a trade, earn money for college, get away from your leech/lobster/ne'er do well friends, and get self discipline too.

Nomad Soul

Checking Account? Remember the self discipline thing. Well, I overdrafted my account, $20, and I didn't pay attention to it. Now I'm in Chex Systems, can't open an account in a bank until 5 years later. Doesn't affect my credit. But I have to keep cash, which I think it's not very safe, unless I bury it somewhere in the backyard.

Nomad Soul

Military? Well I have thought about it. But, I'm kind of in love, so I'm in a serious relationship....mmmmmmm...enough said. Ohhhh Adult life sucks.

Does anybody know how to establish Credit?

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