How does one get a credit card with no credit history?

Credit and mortgage advice Forums Consumer Credit Credit Cards How does one get a credit card with no credit history?

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    • #210078
      Anonymous
      Inactive

      I have been looking at a few banks. I would really like to get a student or secured. Would I need someone to cosign?



    • #281158
      Anonymous
      Inactive

      Hi,

      You’d most likely want to get a secured.

      However you can get any card (Cash back cards are wonderful) with a good co-signer. Alternatively you can get someone (such as a family member with a long, good credit history) to add you to their account and get your own card issued. This takes your credit history back to when their card was opened. Make sure they don’t cancel the card, though, or it will hurt your score as well.

    • #281368
      Anonymous
      Inactive

      With the new credit cards laws in effect, it is now much more difficult to obtain a credit card if you are under the age of 21. You can get a card if you can provide documented proof of income and/or have a parent co-sign the account with you. .

      If you have already been declined, you will have to start building a credit history with secured credit.

      Go to the bank or credit union you do business with and find out if they offer a secured card, open a account with $200-$500, and use the card each month for small purchases (a tank of gas, groceries), making sure to pay the card off in full each month, after a year or so, see if they can convert the card to an unsecured card.

      You can also open a savings account and save until you have $1000. Tell the bank you want a secured loan against the account. Set it up to be repaid within 12 months. Make your payments on time every time.

      At that time you will be well on the way to establishing her credit rating, it will take 24 months of consistent on-time payments to build a good credit rating

    • #324273
      Anonymous
      Inactive

      Generally you can’t deduct the expenses related to purchasing a house, except any points paid. The extra expenses would be added to your basis (the book value of the property cost+expenses-selling costs) of the house. You should be able to take a loan from your 401(k) without penalty, you just have to make the payments to the 401(k).

    • #445417
      Anonymous
      Inactive

      Generally you can’t deduct the expenses related to purchasing a house, except any points paid. The extra expenses would be added to your basis (the book value of the property cost+expenses-selling costs) of the house. You should be able to take a loan from your 401(k) without penalty, you just have to make the payments to the 401(k).

    • #324274
      Anonymous
      Inactive

      just the interest and points you pay on the mortgage

    • #445418
      Anonymous
      Inactive

      just the interest and points you pay on the mortgage

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