I am a college student and am looking to establish my own credit. I tried to apply for a student card from Chase and was rejected due to no credit report on file. I was told that a store credit card was easier to get to start establishing credit, but was rejected for that too. If they keep on rejecting based on me not having creit on file, then how am I ever supposed to establish my credit. I have been sent several offers for pre-paid cards but most have ridiculously high fees. Is there anything I can do to establish my credit? HELP!!!
Goto your local credit union or better yet the one for your university.They should have a program. If not there are many secured card you could get. From your above post I can see that you arent intersted in paying any fees. It might not hurt to pay them for a year, and with your good track record you shouldnt have any problem getting your chase card. Good Luck and take sometime to read some of the post on this site, some people would love to be in your shoes. Try to learn from our mistakes, make payments on time. Your friend, Lucas
Whats the best secured card to get if I really have to go that route? And am I better off having one of my parents who both have good credit to cosign or will that impede my credit? Or should I have one of my parent call there credit card companies and add me to the card or ask if they'll issue me my own card or is that a waste of their time?
Something I did when I had no credit... I purchased a ring from a jewelry store. I had been eyeing it and saved. It was $99 and I was ready to pay cash. The sales lady offered me 10% off if I applied for the card then put the ring on it. I was approved, walked away with the $89 ring (kept the cash to pay the bill off in full) and took myself to a movie with the other $10. BTW... I bought and paid off another ring on that same card. Great credit start. I am not sure if jewelry stores are still lenient, but this was Hart's, if that helps.
I would have your parents add you as an authorized user to 2 or 3 of thier oldest accounts. As long as the payment history is good and they have low balances on these accounts, you should come out with a very decent score.
