Hello, I am new to this board and am in need of some assistance. I have no credit whatsoever and am wondering how long it would take me to recieve gold and platnum cards. Is there a way to get AAA credit in a timely manner? Does it take years to get qualified for such cards? I have search the internet and some sites claim to have information that would hasten the process of getting credit. I am looking for the quickest to get a AAA credit rating so I can apply for the best cards with the highest limits. Please advise
RE: How long for Gold and Plat Get a credit report. Apply for some Oil cobranded card or a store cobranded card. Exercise the credit by borrowing $1000 less than the limit. Make large payments and make them early. Once you pay off the loan, let the account sit idle for a couple of months and repeat the process. I have built many credit files this way. I have over $140,000 in personal lines. http://www.creditsense.com
RE: How long for Gold and Plat Well, building credit takes some time, don't expect immediate results. I understand you have no credit at all, meaning brand new clean profile with no negatives and no positives. In this case you're in the same situation as I was about 13-14 months ago. What you need to do is to start somehow, the best would be a secured card. Try CapitalOne or Providian or Orchard. Use it constantly and make large timely payments.You can get a second secured card if you want or a gas card. Then after 3-4 months you should start to receive subprime unsecured offers. Take the reasonable ones until you have 4-5 accounts opened. Then stop applying for another 5-6 months. By the you should be able to get metals (Citibank and Discover should be among the first ones to approve you). At the end of one year, start to negotiate with the issuer of your older accounts. You should try to get rid of any annual fee and to lower your APRs. In the second year you should gradually replace old, small accounts with larger and better ones. Some tricks that should help you move faster. If you have enough cash in your account, go to your bank and get a personal loan, secured by a deposit you make. Make sure the bank reports this loan to all credit bureaus. You can repeat with another bank if you want. Basically you deposit the money and the bank gives you a loan in the same amount. They also put a hold on your deposit so if you don't pay, you'll lose that money. Another trick is to have someone to help you get a joint credit account with him/her. You don't even need to use the card, you can give your card back to your friend. When he uses his card, you'll build credit along with him. Try one of your relatives. That's about it. Of course, you'll have to pay your bills in time, otherwise you'll only ruin your credit instead of building it... Anyway, good luck. BTW, after about 13-14 months, i have 5 accounts, 3 of them are platinum, with approx 15k limit.
for Sorin Sorin, 1.How can you explain to the bank the reason for getting a loan, and securing it with the same amount of cash? If you had the money in the first place, wouldn't it be normal to use it against whatever reason you need the loan for? How much can you ask (as a loan), and for what period of time? 2.How can you know if the bank is reporting the loan? Usually are they reporting? Do you know anything about Fleet? Are they reporting? THX
