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Card for no credit history, small baking business to build my credit
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More details at end
• Current cards: None
• FICO Score: N/A
• Oldest account age: N/A
• Income: $9,000
• Average monthly spend and categories:
• dining $0 • groceries: $315 • gas: $0 • travel: $0 • other: $100• Open to Business Cards: Yes
• What's the purpose of your next card? Building credit, Cashback
• Do you have any cards you've been looking at? I have no idea what I’m doing when it comes to picking a card, so I might be falling for marketing schemes. The Capital One Savor Rewards for Students looked good but I could be totally wrong.
• Are you OK with category spending or do you want a general spending card? Yes. Groceries is my major spender.
I live at home and have no bills. My business is a sole proprietorship and purchases for it are the only kind of purchases I regularly make. Since I never had a reason to shop, I never had a purpose for a credit card.
Currently I make all my purchases on my debit card, but I would like to get a credit card to build my credit while making the same purchases, and maybe even get some points along the way (but building credit is my first priority).
I will set up auto pay, will only spend 30% of my limit, and won’t spend what I don’t have. I’ll basically treat it as my debit card.
A card that prioritizes grocery would be best, since 70% of my spending is for ingredients at grocery stores (I’m not big enough to buy through wholesale)
I need a beginner card obviously since I have no credit history.
Oh I’m also a college student so I should qualify for student cards.
Top Comment: I detected that your post may be about utilization and its impact on credit score. Please read the info below: Ignore the 10/20/30 utilization %. It’s only applicable when you need to apply for a new line of credit, 1-2 months out. Utilization is suppose to fluctuate, can be easily manipulated, and holds no memory. It doesn’t build credit--think of it as a finishing touch when you need to optimize your score. Feel free to safely and organically use 100% of your credit limit within a month and let whatever utilization report, provided you pay off your statement balance in full before due date. Every month. Every time. For more info, please read this post: Putting the "30% rule" myth regarding revolving utilization to rest Credit Card Basics - Utilization I can be summoned to comment by using command(s): !utilization Sometimes my comment may not pertain to your post. If this is the case, please ignore this and downvote it. I am constantly improving my detection algorithm. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Having no credit score?
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So I'm 23 and planning on renting an apartment this summer after graduating college. I've been a commuter for all 5 years I've been in college so this will be my first time living on my own. As of right now I don't have a credit score since I've never had a credit card (only a debit card) and I've never taken out and repaid a loan. What's the fastest/simplest way to become credit visible? Is it as simple as applying for a credit card and using it for purchases for the next several months and then I'll have a score? Or maybe it would be simpler or faster to take out and repay a credit-builder loan? Appreciate any advice, thanks!
Top Comment: What I did was get my Loan with that company it wasn't that hard and its alot higher now
How is no credit a bad thing?
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I am 43 and have never had a credit card and owe zero dollars on my credit report because I have always paid for things in cash. I’m being evicted and I can’t get a loan to not be homeless because I was responsible enough to not use money I didn’t have. How am I the asshole? I am gonna be homeless with a cat and a rabbit because I was financially responsible? Using money you don’t have is the game now and I’m gonna have to accept that. I have no choice. I always paid off my debts and now I get zero credit for a lifetime of being a good guy that pays his debts. I don’t know if I can be in this world I don’t understand. How am I the asshole? I deserve to live on the street because I paid what I owed and didn’t ask for handouts. I should have played some social credit game. I give up.
Top Comment: Everyone needs to keep a very close eye on their credit score since it factors into many of lifes biggest decisions. A couple steps you can take right now include: Taking a look at your credit score - Looking at your own credit score does not hurt your credit, it also includes a credit monitor Freezing your credit reports - This can be done with Experian, Equifax and Transunion to help prevent unauthorized accounts from being opened Feel free to ask any credit score related question
I don't have bad credit, I have no credit
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Credit score can't be calculated, Experian says. I am older, and spent sixteen years overseas. I have a normal amount of money, no debt, no credit cards, but no credit history. The only reason I want a credit score is because I may need it to apply for an apartment lease or something of that nature. I am not planning on applying for any loans, but I guess I wouldn't mind being able to, if I decide I want one.
What should I do?
Top Comment:
Discover and capital one let you see if you pre qualify for a secured card. Give more than the required security deposit so that you have a higher limit.
What are the benefits of a zero credit score?
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Many of us know the so-called benefits of a high credit score and the disadvantages of a low credit score, but what is the benefit of a zero credit score- other than being better than a low one?
Top Comment: It's fine. I have no credit score, and I wiped away my debts. I'd rather be debt free than stress over money. You can attach your bank account to your credit score and show you pay your bills on time. You don't need a credit card.
I'm 32 never had a credit card, no credit history, where do I start?
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A little background about my situation- I'm 32 years old, have never had a credit card. Any time I've made any big purchases (cars etc) I have always paid-up front and in the total amount. Never had any debt in my life have never had late payments on rent or anything like that. I would like to buy some property (preferably a house) in the coming few years and I won't be able to put the whole amount up at once. I imagine I don't have a credit score. Yesterday I applied for a Wells Fargo credit card online and literally received an email rejection before I received the "we've received your application email" :( I'm self employed and have a "good amount" of money in my bank.
I am not very educated in personal finance and credit delegation; I would like to build credit so I can receive a loan for when I am ready to buy a house.
I've read about getting a secured credit card, would that be the way to go? Can I show up in person at my bank and request one or is there a better way to go about building credit?
All suggestions appreciated, thanks.
UPDATE: Researched a few cards online and also showed up to Wells Fargo in person to see what they could do for me. The banker told me they no longer offer secured credit cards as of two years ago because of all the fraud things happening with them. They also do not offer a money market account... Pulled my credit score online - had no history (at least no one was stealing my identity) and ended up applying for a Capital One Secured Mastercard - had to put down $200 for a credit line, online it said it was refundable. I did not get accepted for the Capital One Quicksilver Rewards Card. Hopefully in 6-12 months I will have credit built up and will apply and be accepted for a credit card with good rewards. Thank you all for the help!
Top Comment: Open an account at a credit union. Put money in there. Apply for their card. Use it some.
24 with no credit
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I’m 24, I have a good job and am making very good money for my age. I have always bought my cars cash and never had a credit card, I have absolutely zero credit history. I’m wanting to start building credit because I would like to buy a house in the next 2 years, what is the best way to get this started? The bank I’ve used since I was 18 is local and does not do credit cards, and I’ve actually been declined for the few credit cards I applied for. I’ve been thinking about financing a new motorcycle purely to get some credit going, is this a good way to start building? (I’m going to get one either way but would pay cash if i didn’t need credit) Any tips would be great.
Top Comment:
You can try joining a local credit union that offers credit cards to build up credit from there.
No credit history - how to build as high as possible in six months?
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Hi all,
Very basic understanding of credit so feel free to give any and all advice.
From what I've read, the earliest you can get a credit score is about 4-6 months, so I'm looking to build it as high as possible in that time frame.
Does utilizing more than one secured credit card at a time equate to more credit? Should I get both a secured credit card and a credit building loan?
If you were starting from nothing, what would you do?
My dad has terrible credit, so being an authorized user isn't an option as he isn't to be trusted in that sense. I'm not able to go through my current bank as it was a local, small, state-based bank and I've recently moved states, have yet to switch to a new bank. No student loans, no car payments, absolutely nothing in terms of history.
I'm trying to build credit to have a good enough score to get an apartment in six months, anything else is irrelevant to me at this time.
Top Comment: Everyone needs to keep a very close eye on their credit score since it factors into many of lifes biggest decisions. A couple steps you can take right now include: Taking a look at your credit score - Looking at your own credit score does not hurt your credit, it also includes a credit monitor Freezing your credit reports - This can be done with Experian, Equifax and Transunion to help prevent unauthorized accounts from being opened Feel free to ask any credit score related question
33 with no credit, but want to build. How doomed am I?
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Credit never really crossed my mind, for most of my life I've been a very low necessites person. Anything I need I would pay out of pocket because I didn't need much. Have a liscense but never got a car because my city's public transportation was adequate enough to get me where I needed to go, and I live with family and pay rent and other expenses.
But now I want to do more, and it seems like you can't get beyond a certain level in in the U.S.A. without building credit or working a job where you make so much money that it doesn't matter. But I'm kinda worried because I'm inching ever closer to 40 without much to show and I fear that I may not be able to do much in terms of building credit as I'm aging.
Do credit card companies and such look down on people my age who haven't built credit yet? Are there any obstacles there for late starters like me? For a person who has never even had a credit card or thought much about credit, where should I start?
Top Comment:
Totally not doomed. I reentered the workforce after ten years as a SAHM, at age 39, with only collections and charge offs. I disputed a bunch of stuff, got employed, got two credit cards and a car loan, and by age 41 was able to buy a house on just my own merit (and a 10% down payment, which I earned with my job).