how do I establish a credit history ?

I am 33, how do I establish a credit history if I have never had the need for credit. I applied for to credits cards but was declined due to me having no outstanding debts or any credit history. How am I supposed to get a credit history if I cannot get credit. I thought having no debt was good, so why I am i finding it hard and what can I do to get credit, so that I can establish a credit report?

Public Comments

1. You can get what's called a "secured" credit card. That means that the limit is only what you have in an account against your debt. Use that for a year and it will help you develop credit. So does using a cell phone. Good luck!
2. There are tons of credit cards ANXIOUS to take you on, if you pay a yearly fee (about $50.00)---read the fine print if these offers come to your mailbox. These are rip-offs, but they are at least credit cards. If you get a "secured" credit card (through your bank or credit union) you must pay off the debt on schedule, or the company can grab their money right out of your bank account. But if you use credit cards in any way, always pay off ASAP. Fastest way is to buy a car and pay it off on schedule. This gets you into the reports instantly.
3. it depends on where and who you apply for....Apply for a credit card at a department store of your chose. Those are easy to apply for and your credit line goes up pretty fast too...GOOD LUCK!
4. There are stores that you can get credit from and use as a start,also the secured credit card is an option. You can also go to your bank and get a secured loan. Put money in savings then get a loan using that money as collateral. That is very easy to do. And your money is there when you pay off the loan plus interest.
5. You could get a small personal loan and pay it off in a few months or you could get credit card with a small limit and use it for everyday purchases and make the full payments at the end of the month that way you do not pay interest and build credit at the same time, check out www.fastcreditcardapprovals.com here you will be able to get a credit card just go under the poor or no credit history tab.
6. Hey, I know the feeling. Being a credit analyst and underwriter for a credit card company, I manually review applications for credit cards and make a decision on whether to approve or deny credit all the time, and I've seen people in your situation. People not having any credit history to start out with can be as bad as having bad credit. But I can give you several tips to help you out, but first I'll tell you what makes up your credit score to give you a better understanding: 1. Payment history-35% 2. Total debt owed to available credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and new accounts-10% Ok, now that I got that out of the way, here's some tips on how to establish a credit score: 1. Open a checking and savings account- Now, while opening up the accounts won't directly build your credit, what it will do is create a banking relationship by being an account holder. And banks love to offer customers additional products like credit cards and loans when they're good customers. Also, it equips you with the single-most powerful tool in building credit : a checking account to help you pay your bills on time, especially if the bank offers online billpay. 2. Get a secured card- Keep in mind that everytime that you apply for credit whether you're approved or not, a "hard inquiry" is created which can lower your score 5-10 points. It's important that if you apply for credit, you have to make the application count, that's why I mentioned secured cards. This ties into what I said in #1. Some of the major banks offer these (Bank of America, Wells Fargo, USBank) and it's even easier if you bank with them. How it works is that you place a deposit upfront which is used as collateral for a credit line. For example, you deposit $300, your credit line is $300. You would still have to repay the whatever is spent on the card, the deposit is used in the event it goes to collections. Usually it takes a year so of paying on time and keeping the balance low, then the card either converts to a regular card or a better card is offered, and most importantly the deposit is no longer needed and is given back. I posted several links to several banks and credit card companies that offer secured cards, I'm sure one of those will help you out. 3. Enroll with PRBC- PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit to qualify for a mortgage and better interest rates. On-time payments for the following bills are not reported to the traditional credit bureaus: Rent Phone Insurance Natural Gas Cable Daycare Electric Cell Phone The only time your payments for these bills are reported to the other credit bureaus is if they're missing or late. With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. PRBC offers two simple ways to start building credit
7. I work for a bank and unfortunately I decline applications from people like you all of the time. As stated above you could always go with a credit card but here are a few other options. You could try to find a co-signer for a small auto loan. Auto loans seem to be one of the easiest types of loans to be approved for. A lot of car dealer will finance you no matter what just to make a sale! You could also get your credit report and make sure there are no negative marks on it. Although you may have never had a loan or credit card you still could have a collection agency showing for a movie or music club. You might also have an old medical bill showing past due as well. I've created a website that shows people how to get their free credit report and increase their credit with no costs or strings attached. Feel free to check it out if you'd like. www.incomeandcredit.net