Credit Cards...

[Nightingale 0]

sorry- BULL!

I worked for a property management company. the only time we EVER reported credit was if it was BAD credit. If someone paid on time, they never got reported as a good payer, and therefore didn't build credit.

Edit: depends on the policies of the management company. many do not report. I can't say "most" do not report for sure, but that has been my experience. I've leased four different apartments, and not one has shown up on my credit.

[karenmeal 0]

Yeah, I've got perfect renters history, but it doesn't help at all. If I had a credit card and used that to pay rent, then paid the credit card company, I would have great credit! (not saying I want to do that, just an example of how weird the credit system can be.)

"Life is a temporary victory over the causes which induce death." - Sylvester Graham

[skyblu 0]

Quote

I worked for a property management company. the only time we EVER reported credit was if it was BAD credit. If someone paid on time, they never got reported as a good payer, and therefore didn't build credit.

I never said it would build any kind of credit. I was addressing how to get a mortgage without credit. Being reported as a good payer will do that.

[Nightingale 0]

dunno about where you live, but the lenders I spoke with around here wouldn't even talk to me without a co-signer, and I've got perfect credit. I've had credit cards for the last four years, and a perfect renter's history for the last three.

Mortgage companies told me to "come back with a co-signer. You don't have enough credit history. What you have is good, but its not enough."

[Sheenster303 0]

When I got my cell phone 2 years ago, I had to put into my dad's name or else I would have had to pay a 400 dollar deposit because I didn't have any credit. That really sucked, but shortly after that I got a credit card and pay for the phone bill with MY credit card. That way I can gain some credit through it without it actually being in my name.

I just got a brand new spanking credit card on Saturday with triple the limit than I have on my other two credit cards. I've already put 300 dollars on it.

I'm so funny I crack my head open!

P.M.S. #102

[Nightingale 0]

hehe. yup.

my main credit card has a 12K limit on it. Combined with my two other cards, I could charge my entire first year of law school.

Nobody needs that much f-ing credit! I'm half tempted to call and ask them to LOWER my credit limit, but I know that having a high limit and debt that is much less than the limit makes my credit score better.

[nanook 1]

correct me if I'm wrong, but I think that if the credit card companies know you are banking from the "Bank of Mom and Pop" they are more lenient to giving you a card at around a $500 dollar limit. I think that you have to be able to be claimed by your parents still (single, age of 23 and younger and a full time student) but I could be wrong. I didn't even have a job when I got my first card in college and I listed my parents as a source of income.

_____________________________

"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln

[Nightingale 0]

I didn't have to do that... I listed my student job as income. I got a card with a 4K limit.

[bch7773 0]

simple... either get your parents to cosign with you, or get a visa/debit card from your bank. its secured, but it helps you build credit.

MB 3528, RB 1182

[karenmeal 0]

My parents don't technically support me anymore, the only thing they pay for is car insurance. (The car is under their name.) Because I am going to school in a different state, to get in state tuitition, we had to cut the umbilical cord. Which is one of the reasons I want a credit card! I essentially have one through my parents now, I can use their card, but I pay them back as fast as I can. I'm just trying to be more independent, instead of continually asking them for loans.

"Life is a temporary victory over the causes which induce death." - Sylvester Graham

[Misslmperfect 0]

i was in your situation when i started college...something i learned the hard way: be careful how many card applications you're sending in. every time you're declined, that goes on your report. when other companies see that they'll decline you SO fast. also, every time someone checks your credit, that goes on your report. if theres a lot of activity, thats a red flag to lenders. the 1st card i got was through capital 1 w/ a 500 limit. it did the trick. after about a year of paying on time and in full every month, i got approved by bank of america for a card with a MUCH higher limit.

just be careful about how many of those applications you're mailing in. that could come back to bite ya in the ass!

Oh Canada, merci pour la livraison!

[Nightingale 0]

if your parents act as a guarantor, many times it is their credit that is improved, not yours.

[Daizey 0]

Hey there!

I had the same problem as you. No credit history so i got denied cards....not even just major credit cards but those store cards you can get for certain stores as well. All my friends said oh your a student youll get tons...but i never did, the only time I did, i got denied.

I finally applied for a creidit card that helps build creidit history-its for peopel who got into trouble in the past or are just starting out... It generally starts with a low limit (mine was $250) then as long as you pay it on time and such they'll raise the limit about 6-8 months after.

Its a great card cause its a low mimit to start so it lets ya leanr about using a credit card responsibly-and if ya max it, its not a big deal...plus theres no interest on up to $250.......

The one i went through were 1st financial bank. Check out their website
http://www.1fbusa.com And i would defintiely highly recommend it!

best of luck to ya

*daizey*

[skycat 0]

Quote

i was in your situation when i started college...something i learned the hard way: be careful how many card applications you're sending in. every time you're declined, that goes on your report. when other companies see that they'll decline you SO fast. also, every time someone checks your credit, that goes on your report. if theres a lot of activity, thats a red flag to lenders. the 1st card i got was through capital 1 w/ a 500 limit. it did the trick. after about a year of paying on time and in full every month, i got approved by bank of america for a card with a MUCH higher limit.

just be careful about how many of those applications you're mailing in. that could come back to bite ya in the ass!

That is one thing to beware of when moving. Due to everyone and thier dog checking my credit I had a bad credit rating with the phone compay which was the last service I turned on. $200 deposit or no LD....I said fine no LD, I'll just use my cell phone anyway, it's free. (I never go over my minutes.)

Fly it like you stole it!

[EricaH 0]

OMG MissImperfect - THAT IS MOST EXCELLENT ADVICE!!!

It is so true!! I can't believe I forgot that!!

One thing I did was w/ the low limit card: buy my college class books & make sure it was paid off by semester's end. That really helped build a credit history, typically it was maxed @ the begenning of each semester, but then paid off.

It is a weird mixed up system, but you can work it if you're smart, receive & heed good advice.

Good luck to you!! Being 100% free of the parentals can be nice, but it can make life A LOT more tough @ times.

There is no can't. Only lack of knowledge or fear. Only you can fix your fear.

PMS #227 (just like the TV show)

[FliegendeWolf 0]

I'm seeing a lot of misinformation on this thread, so this reply is to no one in particular.

Your credit report does not include whether you were accepted or declined by a creditor. Rather, your credit score ALWAYS goes down any time someone requests your credit, whether they approve or deny you. This is why you don't want to apply for too much credit.

The upside to this is that any time you apply for credit, you may take advantage of the law allowing you a free copy of your credit report whenever you are denied credit, simply because the agencies do not know the outcomes of any credit decisions.

I have never once carried a balance on any credit card, and this has not negatively impacted my credit rating (in fact, as you'll see, it helps). The credit report does not say how much I pay off at a time, merely that I "pay as agreed." It does, however, include every credit card and loan that I have (and whether there is a balance), even though there are no negative marks against me.

Here is an outline of how credit agencies calculate one's credit score. You will notice that higher balances LOWER your score, as do numerous credit inquiries.

See also here for what you may expect to find on your credit report.

A One that Isn't Cold is Scarcely a One at All