My friend is 34 and she has no credit well she has started paying back a school loan. So she has 1 month of credit.. Im trying to build her credit, whats best? If she had bad credit Id say First premier. Capital one you think?
Credit Card first time
My friend is 34 and she has no credit well she has started paying back a school loan. So she has 1 month of credit.. Im trying to build her credit, whats best? If she had bad credit Id say First premier. Capital one you think?
Bank of America is pretty good.
92 Lx 466, 11.8 @ 111 (Daily Driver)
98 sunfire GT (terrible gas mileage)
the best thing for credit is time. really isnt a good short term way to build it.
Yea but she need sto get a loan or a credit card to start it. i said first franklin a $500 loan but they want a co signer because of her no credit and like I said a credit card if used wisely will be a good idea.
hmm
capital one is the best one with independent and dependent choices but the disadvantage is they need your insurance payment as collateral to join. They offer crazy plans up to 15yrs or more on the credit builder or with a co-signer. Their apr's are ok if you pay the insurance collateral but they claim they will reimburse it back to you after a certain time. I'd say they are in need of desperate attention if they have gone through such lengths for their customers. Just don't get American Express unless you're a baller, stick it to 1 or 2 credit cards at the most. The real objective is to pay for everything with cash if you have it and if you want it but credit cards has helped me during the hard times before. good luck
to build credit, you have to have lots of credibility & consistency.
capital one is good.. that was my first credit company. to build her credit have it make small purchases that she CAN payoff each month. the higher the balance is to the credit limit the worse it looks to creditors.
tell her to only stick with one credit card.. it will only get her in trouble
also, if she has home utility bills and a cell phone in her name that will help with her credit..
^ Common Misconception. Utility bills and cell phone bills only show up n your credit if you default. The DO NOT show up if you pay them regularly. You have to have credit extended to you in order for it to show up on your credit report. Cell phones and utilities are payments for service, no credit involved.
My first card was Capital One as well. I got it about 10 year ago though so I have no idea how their cards are for people without credit these days. She will probably get something with a very low limit at first and she should just be patient, use it a little and pay it off each month. Time builds history.
2005 Mazdaspeed MX-5 -1.8L Turbo
Exactly IF you default then it goes on your credit. How nice is that you know. Only if you do something bad it goes on ur credit
I started out with Bank of America's credit card, had a 1k limit at 18. I have since cancelled it, and Now I have a Best Buy Mastercard, and I can use it where ever I want, and have a 3k limit. Im 20, and have hella good credit. Just treat the card as if it's not even there, unless she needs if for emergencies. that's what I do.
2013 Dart 1.4T 6MT
boooooostin'
capital one is a good way to go. i got my first card there and had like a $200 limit and it was able to be raised in like 4 months. great company to go with imo
Yea I had the SAME thingOriginally Posted by redrumracer
credit card (or 2), really doesn't matter who as she just needs to pay them off monthly.
ok she go turned down by capital one.
She's probably going to have to go one of two ways:
1) Secured card - She will have to give a deposit equal to the credit limit. It sucks, but it will build her credit and if she goes with something like a BoA secured card, they will review it once a year and if she is responsible with it and keeps the balance low, they will remove the secured part and she will have a normal card.
2) Card marketed towards people with bad credit. This will have a high interest rate and a lot of fees
She needs to be careful, patient and choose wisely though. Having a lot of inquiries on your credit from applying for things will cause you to be turned down. It lowers your score and looks like you are desperate to get credit.
2005 Mazdaspeed MX-5 -1.8L Turbo
she's 34 and no credit? damn.
try citi, ask for a card with like 1k or less limit.
Well I started with a store credit card (less than 2 years ago), then got a Bank of America ( bout 1 year ago, though I hate them so much...) AAA card and had it ever since. I just kept it, I've had it for 1 year now and as u know (owner of thread) that I at one point had a 714 beacon score and I still retained my store card with a balance of zero, I also have my same credit limit of $500. I just pay as I go. I always leave something on my card though for my "revolving credit" thingy.
CHASE ->>> WHAT MATTERS
I used to work at BestBank and they had something called a CD Secured Loan.
How it works is you put money towards a CD and you take out a loan secured by the CD. Its a guaranteed loan cause they know for sure that the CD is there and they approve you for the loan within 72 hours. The loan can be anything up to 90% of the loan. The best part about this loan is they update on your credit report EVERY month when you make the payment. So make the CD for as long as the terms provided and take out the loan for that long as well.
Example: I made a 1 yr CD with $1200 and got back $1088 with the loan. I pay it monthly and it helps my credit. At the end of the year, when im done paying the loan, i get the money from the CD back and the interested associated with it.
^Well u sir have money, lots of us dont. I've been trying to start a CD and/or IRA or even a mutual fund and I cant get into that $1000 limit thing.
CHASE ->>> WHAT MATTERS
Capital One gave me a credit card the day I turned 18.
With a 20% interest rate. AHHH!!! Maxed it out once, paid it off, maxed it out again, still paying it off.
And. I still dont have **** for credit.
How is she 34 and has no credit? Does she not have a cell phone? Does she not pay rent or have a morgage? Does she not have electricity or gas or water?
bahh!! i have cell phone, gas, electic, rent, insurance & credit card in my name and STILL nothing. assholes.
i bounce around jobs a lot. the ones i have now i've been at since feb of this year.
but i moved from kennesaw to canton so i kinda had to change jobs.
ehh...that's another thing too. Loan officers and banks want to know that they'll get their money. Keeping a job for a long time really helps that out. When i applied for the motorcycle loan in may, my restaurant was only open since january of this year and they said having it opened longer would've helped me out a lot....even though i had little history
I already know that, but this is the 3rd time this has happened. I get so close then my car actually BREAKS like bad. THIS time I threw a rod, LAST time my motor just went out the time before that my OTHER car quit running. UGH, but I'll get there soon enough. I work hard for my money as well. 2 jobs, no life. But I'll get there soon enough, after this last motor replacement, it'll be the start of that lovely thing called... compound interest.
CHASE ->>> WHAT MATTERS
hmm
Watch this show on CNBC
M ON THE MONEY Featuring Carmen; this show explains and tells alot of wise info and situations about real life financial decisions. You will learn alot from watching and hearing about other peoples money problems. Carmen is a pro personal finance expert and she seems like a good pro. Last time I watched the show which was earlier; she mentioned something about two cards that can build your credit if you're still a beginner/novice. Secured cards which require your deposit to make your limit & prepaid cards. Only get credit cards that have minimal fee's and communicate with all three credit bureaus. Watch the show and you will never be bored with it. Credit cards are the devil!
But dam, majority of the people who call that show have major debt in student loans; which i'll never use! But one main thing i noticed was that even the high income people always spend more when they know they make more. I'd be hella cheap even if I was making good $$$$.
time and the first bills to pay would be the credit card
....True ////OFFSET\\\\
None of that gives you credit. WHY DO PEOPLE THINK THESE THINGS GIVES YOU CREDIT?????????
Car loans are easy to get, but for a good responsible way to build credit, a American express card is good because you have to pay it off every month. I give her MAJOR props for never having credit cards. She can obviously manage her money VERY well.
I bought my first house without any credit, went to get a cell phone the week of the purchase and they said Iwould have to give a $200 deposit since I didn't have enough credit, although I worked for the Cellular company and just bought a $90k house. I thought thtat was ironic. But credit does make the financial world go round.
01' Mercedes C320 $10500 o.b.o. or trade 4 G35 coupe
http://www.importatlanta.com/forums/...9#post38098929
Its funny many years ago belk and other clothing stores would look down to people needing credit. Now they push it hardcore
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