If you have "insufficient Credit History", how do you get a credit card?
My fiance' has no credit. Everytime he applies for credit (JCpenny, Sears, Mastercard, Visa) they always say the same thing. Either "No credit score (fico score) on file" or "Insifficeint credit history". He has never had a credit card or anything in his name, so why can't he get anything? How does he start to build his credit?
Public Comments
- He can get a secured card, where you put some money on deposit, usually about $300, and make charges against that. The more you pay off your card, the more your credit history will build.
- There are credit card companies that will let you get a card if you front them money for it. Say $400.00 and then you make charges on the balance. You may have to do this several times and then you will be extended small amounts of credit to see how you do. This process creates a credit history and can enable you to get other credit.
- The secured cards are one idea. If he needs a car, auto loans are not that hard to obtain with a certain percent down, as long as he's had a job for a certain length of time. A good payment history on the auto loan will help him get credit cards Just wanted to provide you with another option...
- credit cards are dangerous. they sent my son one with a 200.00 dollar limit when he was 18. naturally he maxed it out in about two days. he never paid the bill and the peanilties so right now he has no credit and never will until he reresolves this. hes 26 now and has no credit. God knows how much he owes by now. if you get a credit card in the make pull out your sizzors and cut in half.
- Take a look at this http://sirlook.com/4rmt9 article i found it should answer your question and also has some good information on credit cards and finding good deals etc.
