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Old 02-13-2009, 02:51 AM   #1
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Default Getting credit

Well, I went to apply for a credit card today and I got denied because I dont have a credit history. So, I need to establish something for at least 6 months before I should even bother trying again.

I was thinking of getting a newegg preferred account, but the interest rate is excruciatingly high at ~21%.

So, I was wondering if anyone did have a newegg account such as that that they could give me some advice on. That, or suggest a different one (does not have to be computer related). And also suggest a legit site where I could track my credit score/history on the internet.
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Old 02-13-2009, 08:32 AM   #2
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Default Re: Getting credit

Don't borrow money.

Good credit is over rated.

Live within your means and you will answer to no one.
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Old 02-13-2009, 12:18 PM   #3
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Default Re: Getting credit

Right now the best thing is to try applying to for a student credit card. They are designed for getting people our age good credit.

M&I just denied me for not having 2 years of credit though... I have a lease for an appartment, cable bill, electric, and another credit card all of which have always been paid in full and on time yet that doesn't seem to matter... This economy is making it hard to get started.
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Old 02-13-2009, 02:39 PM   #4
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Default Re: Getting credit

try going to your bank and asking for an overdraft facility.

this will more likely be granted as your bank can see your spending history and habbits, and they also have a good idea of your income.

that's probably the easiest way to get started with a good credit history.
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Old 02-13-2009, 03:10 PM   #5
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Default Re: Getting credit

For me all i had to do was show them that i earn money so i showed them pay stubs from working and I think they needed some proof that I've made payments before so i believe i used my insurance payment.
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Old 02-13-2009, 03:40 PM   #6
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Default Re: Getting credit

Quote:
Originally Posted by crappybob View Post
Don't borrow money.

Good credit is over rated.

Live within your means and you will answer to no one.
good advise if you never want to buy a house.

But I'd get the newegg account, and pay it off each month. Don't be stupid and pay it off in a few months, because you WILL go into debt doing that.
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Old 02-13-2009, 04:19 PM   #7
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Default Re: Getting credit

Quote:
Originally Posted by Rubber314Chicken View Post
good advise if you never want to buy a house.
...or put a down payment on anything you don't have the cash for in that case.
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Old 02-13-2009, 05:24 PM   #8
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Default Re: Getting credit

Quote:
Originally Posted by crappybob View Post
Don't borrow money.

Good credit is over rated.

Live within your means and you will answer to no one.
Terrible advice.....

Arrizx, see if you can get a gas card from one of the gas stations in your area, shouldn't be too hard to get really, just don't forget to pay for it! They should have at least given you a credit card with a $500 max, anyone can get those. What kind of card were you applying for?
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Old 02-13-2009, 07:53 PM   #9
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Default Re: Getting credit

Always the option of Secured Credit cards. Capital One was the first to throw me a line of credit and that was with no history at all..So it depends.. I've known many that go with secured cards through their bank to whatever amount they invest into it. You give 300 bucks to the bank, They'll give you a Credit card for 300 bucks. Usually within a few months you have a trail started.
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Old 02-15-2009, 05:33 PM   #10
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Default Re: Getting credit

Here you go my friend

Click here

Go there. fill that out, Most liekly they'll offer youy a card. Might be high interest but, if you keep balance low or pay in full every month you will be fine.

Thats what I did a week after I turned 18. i am now 19. my credit score (750+) is higher than my dads score. I had no problem getting two cars.

Also, When you do finally get some history, you can find a card with better terms, (eg. lower interest)

Quote:
Originally Posted by Rubber314Chicken View Post
good advise if you never want to buy a house.

But I'd get the newegg account, and pay it off each month. Don't be stupid and pay it off in a few months, because you WILL go into debt doing that.
Life is all about debt. And in alot of cases (College students for example) debt is hwo they get things in life. Also, Debt occurs when you a buy a car, house, student loan.

Avoiding debt is not possible, but limiting debt is possible. Paying it off every month really makes no sense, they want to see that you are making payments, not putting $50 on a credit card, and paying it off every month.

When credit card companys send a report to the credit rating beuros, it will always say "$0" they dont send what you pay, they send what you owe, and every month, the balance should get less.
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