Wasn’t approved for a secured credit card, how do I build my credit?
I have a savings account, but that’s it. I just want to know how to build my credit when no credit card company will give me a card, or a secured card.
I am sorry to hear about your problem. I find it strange that you could not get approved for a secured credit card since you would have deposited your own money to be used as collateral. There may be a reason why they declined you that is not typical of other secured credit card companies. You might want to try again. My personal advice to you is that you start studying personal finance. Read financial blogs or go to your local book store.
One tip I can give you is once you do get a credit card use only that one for a minimum of six months to a year before applying for anything else. Multiple credit inquiries lower your overall credit score because it is perceived in the eyes of the credit bureaus that you are in serious need of money and are a credit risk.
You are no different than any other young person. It is usually a challenge to get your first credit card. Once you get your first credit card and start paying on time you start to build good credit. Good credit will help you get car loans and a home mortgage at a low interest rate. Good Luck
Here is an article about secured credit: http://creditfast.com/secured-credit-cards-get-approved-build-credit/
Why are you being turned down for a secured card? If it’s because you have a lot of derogatory accounts on your credit, you will just have to wait out the reporting period for those derogatory items to age off.
If your credit is so bad that even secured cards are turning you down, you probably lack the financial management skills needed to have a credit card and should not get any credit cards.
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BD
To really be helpful I think we need more information.
For example:
— Have you had credit before?
— Where did you try to get your secured credit from? You mentioned credit card companies. Have you tried a credit union? Credit unions are usually more lenient.
— Have you tried a department store card yet? These are usually a little bit easier to get compared to your normal credit cards, with the exception of Sears and Bank of America — in my experience at least.
If all else fails you can definitely try a co-signer. That’s how I got my first account. Pay that stuff on time in full and you should be able to build yourself enough credit to get accounts on your own.
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http://www.creditguidefyi.com/build-credit-declined-secured-credit/
I am sorry to hear about your problem. I find it strange that you could not get approved for a secured credit card since you would have deposited your own money to be used as collateral. There may be a reason why they declined you that is not typical of other secured credit card companies. You might want to try again. My personal advice to you is that you start studying personal finance. Read financial blogs or go to your local book store.
One tip I can give you is once you do get a credit card use only that one for a minimum of six months to a year before applying for anything else. Multiple credit inquiries lower your overall credit score because it is perceived in the eyes of the credit bureaus that you are in serious need of money and are a credit risk.
You are no different than any other young person. It is usually a challenge to get your first credit card. Once you get your first credit card and start paying on time you start to build good credit. Good credit will help you get car loans and a home mortgage at a low interest rate. Good Luck
Here is an article about secured credit: http://creditfast.com/secured-credit-cards-get-approved-build-credit/
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You also have to be employed at least 12/18 months even though it is secured. If you are not working ask your parents to cosign for you
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Retired bill collector 35 years
How old are you?
What’s your credit score? Do you have any negative accounts on your credit report?
Keep in mind, you must be 21 years or older to get a credit card with a stable job. If you’re between 18 to 20 you have to prove stable employment and/or co-sign with an adult 21 years or older with good credit and a stable job.
Keep in mind if you have negative items on your credit that could be an automatic denial of credit.
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Do nothing.
Continuing to apply, or to do anything else to attempt to build your credit, will cause you to continue to be denied in the future.
Wait more than a year before you do anything.
You build your credit by applying after a period of more than one year without applying.
When you have recently applied enough to know that no company will approve you, it is true that no company will approve you: because of your excessive applying.
To be able to build your credit, you must apply less, not more.
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