Forums
i would like to get a cell phone for me and my boyfriend but i have no credit when i try to apply for one the people want me to 400.00 dollars down before i can get one i need help because this is are only form of communication as of now please help
You can apply for secure credit card and build your credit
That will help you for yoru future and any new loans or connectiosn you are lookign for
Hi Kaykay,
It is important to have a strong credit history to become eligible for credit or loan. This has become a necessity in the present times. It is not possible to build up a credit history quickly. However, there are certain things you can do to build up a credit history in a considerable period of time. You can apply for a secured credit card wherein you need to deposit some amount of money, which is considered as your credit limit. The creditor will consider this amount to be your security against which he will give you the credit card.
You can also take out a short-term installment loan from a financial institution. This requires a fixed amount of payment on a monthly basis. This kind of loans contributes in building one’s credit. Another way is a piggyback credit, where you can ask some family member or friend to add you as an authorized user of their credit account. You can apply for retailer cards as well and pay the bills regularly after using them. This helps in building credit. However, holding too many such cards might affect your credit score badly.
Whichever way you opt to build credit history, remember that the key is to have a healthy practice of paying the bills regularly.
Hi kaykay,
Some banks do offer loans to individuals who don't have a credit history. For this you need to speak with a concerned person at the bank where you have a savings account. You may not be able to get a big amount of loan but can try for a smaller amount. If you have been at good standing, never bounced a check and have been an old customer, the bank may extend a small loan amount to you.
There are also online banks that work with customers with no credit history. However, you may have to agree to a high rate of interest.
Having done that, you may in the meanwhile try to build your credit history by purchasing some secured credit cards. This is to help you in future. Do not be delinquent on your debts as this will hurt your credit report badly.
I think the option to look for online loan is a good option and it will also help in building the credt report
Only catch is you need to pay high interest rate