Help With Credit Score - No credit history?

No credit history?

I just applied for a credit card, but I got rejected. First, would I be rejected because I don't have a credit history (I've never had a credit card)? Or would I only be rejected if someone stole my identity and got me a bad credit rating at this point? I'm going to college full time, and I wanted the credit card just so that I can get a good credit rating. I'm not making any income from a job, but my mom does make some deposits to my checking account for things that I will need, like money to buy college textbooks. I was planning to use the credit card to buy textbooks and a few minor things at Wal-mart that I'll need, and use my checking account funds to pay the credit card bill. The only reason I want the credit card, I repeat, is to get a good credit rating. Did the lack of income from a job kill me? If I don't have a credit history, how do I go about getting it if I cannot have a credit card? Do I get a joint-credit card with my mother, or is that worthless?

Public Comments

i think you have your answer right there.....you're not making any income from a job....a lender wants to know how you will pay back your loans...you can't so you're a high risk. check to see if your mom will co-sign a credit card with you or have you added to hers.
If you have no job on record with social security they will not give you one. If you absolutely need one...better to have a cosigner first to help you get started.
Credit Cards are BAD!!! They are evil!!!! The easiest way to get a credit card is have a joint credit card with your mom that's the best way to build credit. Soon or later they will start send you offers. Also try some of those local department store in the mall like forever 21 or victoria secret. STAY AWAY FROM CREDIT CARD BAD BAD BAD!!
They say that you should go to a department store and start with one of those credit cards first, and just pay it off every month.. You could also get a secured card in which you put down money and can only charge that amount. You can even try for a Wal-mart card..
I started by buying a vehicle....it cost 5,000 and I put down 4,000 and financed the rest. They want to see that you're serious about buying something and 4,000 is what convinced them. Now I have $10,000 credit cards, but I never use them.
It probably depends on the company that you applied to. Some have stricter requirements then others. When I was 18 with no credit history I got a credit card with out a problem, of course they sent me one of those "You're Pre-Approved!" letters first. If you want to build up your credit history, and you're not getting any of those "Pre-Approved" letters, then you might try a secured credit card. Basically you put money on the card via check or money order and it acts just like a credit card after that. It can be reloaded later with more money also. Most of the companies that offer them will report to credit agencies for you also to help you get a credit history. Check out the link below for one offered through Bank of America. I don't believe it reports to credit agencies but, since it's Bank of America offering it, you may be able to get a "real" credit card through them at a later date. There are, of course, other cards also. Search Google for "Secured Credit Card" and you'll find lots of places. Check out the company offering it with Google before you sign up though as, like anything, there are some scams and untrustworthy companies out there. Other than that you might want to go to a bank and see if you can get a very small loan, say $1000 or less. Just leave the money in the bank and don't spend it. Pay a few months worth of payments on it and then pay off the loan entirely (plus interest of course) using the original loan amount. The bank will then report to the credit bureaus that you've paid off a loan in full which should boost your score quite a bit. The bank wont tell them it was a small loan, only that you paid it off which is what future creditors will want to know. Good luck!
Only the bank knows why you were rejected. It's more likely that you were rejected for not having a credit history, or because you have no income. Good for you for getting a credit card young and wanting to build a good credit rating! It will help you alot down the road. A wise man once told me "Always apply for credit when you DON'T need it" as banks will rarely give you credit when you DO need it. Go figure ... If your mom is agreeable, the easiest way to get a credit card is with her as a co-signer. I did the same thing as you when I turned 18. My dad co-signed, but I never needed him to make a payment. Twelve years later I have the highest credit rating you can get. I could have never done it without his signature. Down the road, a good credit rating will help your get lons/mortgages at a great rate. If your mom is uneasy about co-signing, tell her you will get a low credit limit (maybe $500). If that still doesn't work, check out your bank's website to see if they offer a Visa/Debit card -- it's linked to your chequing account, but allows you to do credit-card-type things (like buy stuff online, reserve hotel rooms, etc). One last piece of advice, ALWAYS pay the FULL balance by the due date!! If you do, you will never pay a dime in interest. And if you can handle having credit available (some people can't -- they spend money without being able to afford it), get a credit card that gets you airmiles or bonus points (these usually have a higher interest rate, but what do you care? you're not paying interest, remember). If you pay your balance in full each month, then these bonuses are exactly that -- bonuses!! We put everything on our credit card, pay the balance in full each month, then use the 'free' points to get free travel, gas, movie coupons, whatever.
Since you are not working this is probably why you got rejected. If your mom is willing to do it, then you can apply for a credit card in your name but have her co-sign or actually have a joint account with her. If she just orders a credit card for you from one of her accounts that will not help you establish your credit. Then again, another way to help you build up your credit rating is by getting a credit account at a retailer, like a department store, or a gas card if you drive. From what I have heard these (store cards, and gas cards are a bit easier to get than unsecured credit cards). A great way to build excellent credit is with assets like real estate. I know if I knew earlier on what I later learned the first thing that I would have purchased is a piece of real estate. This will go along way. You can also check your local library for books and other tools might have really great strategies for building up a strong/ good credit rating. To Your Success PureVu
It's good that you're thinking about this. There are two things I would do in your position (actually, I did them when I WAS in your position) ... 1)get a job 2) apply for a department store credit card There's no reason that you can't put in 10 - 20 hrs of work a week. It would be ideal if you could get a job on campus. Talk to your advisor or with the placement center (the people that place graduating seniors in jobs). Working on campus will make it more convenient and it will help you make contacts on your new campus. Don't try to apply for a major credit card... they're not likely to take a chance on you but small department stores ARE. They might give you a small credit limit from which you can buy clothing (which you'll need anyway) or things for your dorm or apartment. Make healthy monthly payments (not just a minimum). Cosignatures don't help much. Even if you were a shining star with your mom, you're not likely to get credit for that. Good luck!
try orchard bank
A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit cardwhich credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.
First let's look at the secured credit card for bad credit. A secured credit card requires that you deposit money with the issuing bank, and the bank will issue a credit card in the same amount for your use. Secured cards are guaranteed to be approved, because the bank has your deposit money in case you do not pay your balance. A secured credit card for bad credit operates much like a regular credit card. You receive a monthly statement, and you pay your minimum monthly payment or the balance in full each month. You are charged an interest rate, annual fee and possibly other fees for a secured credit card account. Be aware that with a secured credit card for bad credit, your charges are not deducted from the deposit you have with the issuing bank. The bank is simply holding your deposit in the case that you default on your credit card balance. You must pay your monthly payments, and owe the bank the balance that you have charged on the credit card. You cannot refuse to pay simply because the bank is holding a deposit without further damaging your credit. Apply online at: http://www.credit-card-gallery.com/Guaranteed_Approval.html
There are credit cards for people with NO credit history.. try to apply to that cards, usually they are secured credit cards. Ii still you are not approved, try to find a co-signer for your credit card application.. someone with a good credit score. history. btw, here are the list of credit cards for people with no credit history. http://www.badcreditresources.com/bad-credit-personal-loans.html http://www.badcreditresources.com/secured-credit-card.html
im sure because they dont want to give a person such huge responsibility all at once. always begin with a retail card.. burdines, bloomingdales, wal-mart etc.. this will construct your credibility