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How To Get Credit When You Don't Already Have Credit

When just starting out, many young people face that age old question; How to get credit when you don t already have credit or when you re in need of credit repair. While this can indeed be a challenge, there are some things you can do that will make this process a little more workable.

Most creditors want to look at your past credit history to see how reliably you have handled credit in the past but there are some that rely on your salary, your job and other financial information that you put on your credit application.

If you do not have any credit history or you are in need of credit repair, here are five things that you can do to start building to your first credit card.

  1. Open up a checking account and a savings account, preferably at a credit union if you are eligible to join one.
  2. You might be able to receive a small loan from the bank or credit union where you have your checking and savings account. Try this about six months after you ve opened your checking and savings accounts. Hint: Credit unions are often a bit more lenient with loans to their members than traditional banks are. That s why it s preferable to open your checking and savings accounts with them.
  3. Apply for a department store credit card. Department stores are anxious to have your business and so are often more lenient in granting credit cards and they can be an excellent way to start building your credit history. Make sure to ask the credit department whether or not they report to the credit bureaus. If they do not, they will no be much good at achieving a better credit history.
  4. If you were turned down for the loan in step #2, ask if they could give you a loan which is secured by funds that you deposit with them as collateral. The bank can then issue a credit card with a limit no higher than the funds you deposit.
  5. If all else fails, try and find a relative or friend with a good, established credit history who will co-sign for you on a credit card. You would be granted credit based on the strength of your co-signer s credit history. Once you have used the card and paid the bill on time for about six months, then try and apply for another card at another lending institution in your name alone.

Remember that paying each and every bill on time contributes to your good credit history so make it a priority to do so.


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