What's the best way to build credit for someone who has none?

**need4speed** · November 4th, 2003 11:58 PM

I'm just curious. What's the best way for someone to build credit, who has no credit history?

It's like the Chicken and the Egg scenario. How can someone have a Credit History if CC Companies won't give you one? ... can be quite funny but very annoying...

I know there are those secured cc's... but is there another way?

**ghosthunter** · November 5th, 2003 01:29 AM

have a guarantor for your credit card.

**bmdj** · November 5th, 2003 02:14 AM

I know there are those secured cc's... but is there another way?

after a year(dipende sa bank) automatic magiging regular cc na yon. (",)

**ghosthunter** · November 5th, 2003 08:16 AM

open an account in the bank and maintain its required minimum.

**need4speed** · November 5th, 2003 09:10 AM

Originally posted by ghosthunter
open an account in the bank and maintain its required minimum.

thanks for the info dude... but i'm in the states. It's not as easy to get a CC here as it is in Manila. I already have a CC from HSBC Premier. But coz of the exchange rate fluctuation, I'd rather get a local one. And since I'm living here already, I have to build a credit history locally.

Here in the states, from the stories I've heard, If you don't have a credit history by the time you finish Coll/Univ. it would be quite difficult to get one. People tell me it sometimes takes a year or a bit more just to get a regular one.

(this is why i posted this message on the OFW forum and not the NCR one).

In any case, thanks for the info nonetheless

**need4speed** · November 5th, 2003 09:13 AM

Originally posted by ghosthunter
open an account in the bank and maintain its required minimum.

oh yeah... i forgot to add, I'm way above the minimum requirements for my bank. This though, does not automatically mean you can have a CC from your own bank. In manila it works, but not here in the US.

**bmdj** · November 6th, 2003 01:28 AM

OO nga mahirap nga sabi ng cousin ko. Mas madali kung nag-aaral ka may cc kana, ang tawag yata dyan Student CC/Student loan etc.. (",)

**need4speed** · November 6th, 2003 01:54 AM

Originally posted by bmdj
OO nga mahirap nga sabi ng cousin ko. Mas madali kung nag-aaral ka may cc kana, ang tawag yata dyan Student CC/Student loan etc.. (",)

yup... that's right... i read somewhere where the CC companies did a study. If they get a person while they are still in college, they'd usually be loyal to the first card that they acquired. This is the reasoning for this student cc.

but for peeps like me who are already done and come here to work. It's pretty annoying. I have friends who came here a few years earlier than me, and tell me the exact story i'm facing right now.

*sigh*... that's life... :freak:

**Macky** · November 12th, 2003 06:38 AM

Just started my credit history in '99. Apllied for membership from DCU. After ma-approved, apply agad ng CC at computer loan. I got a 10.9% APR on their CC (compared to the 24.99% I got from another CC company) and 12.9% APR for a year sa computer loan ko. Then after 3 months, nag-apply na ako ng car loan

Pangit din maraming credit inquiry kaya wag na wag maga-apply ng CC at loans na hindi ka siguradong maa-approved. Sure shot ang DCU basta may sponsor ka lang!

**kuroy** · November 12th, 2003 06:55 AM

pre...try mo mag open account sa wells fargo. then after a while offeran ka nila ng wells fargo visa credit card.

as long as my bank account ka sa kanila checking./savings madali ang approval ng credit cards mo..

ganyan din ako nag start dati..ang hirap talaga kasi ndi naman lahat puwede mong gamitan ng atm...dami ko naapplyan amex,citi,tech cu,bank of am, etc pero lagi ako reject...

pero ang wells fargo ok talaga....hindi na ako nag switch ng cc after ng WF. ok ang service and walang annual fee/membership/etc. dami ko ngayong nagdadatingan ng mga cc offers sa mga dating nag reject sa akin pero snub sila ngayon...

lagi ka lang on time magbayad sa cc mo gaganda ang history mo...