Best way to get credit

[watercolor]

What is the best way to establish credit? We are looking at buying a house....but there is no way we can with mine...from a prior relationship. But his- he has none. We have been told by the mortgage guy that he could easily get approved for $220 (wouldnt spend that much) but that he would need to establish 6 months of good credit, because he had none.

Any ideas on how we can get him going? My rating wont go up for 'nother year and 2 months.. so..we were looking to go before that. Also- we were told we could get a co-signer...but when we tried that route..my parents just bought a house, and have 2 new cars...and well his parents.. *sigh* Enough said. Their excuse was 'what if you dont keep up with the mortgage, it will fall back on us'...and we were like 'no, then you just tell the bank to take it.' Didnt work out so well...


Thanks.

 

[Elle]

Apply for a gas card or store credit card. Use it once, cut it up and pay the bill in full when you receive it. Also if you have a utility (gas, electirc, phone, etc.) in his name, he is building credit that way. Good luck!!!!!

 

[Kyle]

Originally posted by watercolor23
... Enough said. Their excuse was 'what if you dont keep up with the mortgage, it will fall back on us'...and we were like 'no, then you just tell the bank to take it.' Didnt work out so well...

Uhm. Actually if there is a negative balance between what they sell/auction the house for, after foreclosure, and the "owed amount" they WILL come looking for the difference.

Try Peebles, Kohl’s, Belk or some other lesser store to get the first card. They are usually more accommodating

 

[watercolor]

tys_mommy - and you know what the bear of it is? He has applied for- Sears, JC Penny's and the Texaco Gas Card...all will the inevidable answer " You do not have enough established credit at this time". Its totally bogus! And unfortunatly the SMECO account is in my name...although the phone is in his name...dont know how well that would work.

So now.. we are looking to other ways. Kwillia- line of credit for what..how would he go about doing that.

 

[watercolor]

Re: Re: Best way to get credit

Originally posted by Kyle
Uhm. Actually if there is a negative balance between what they sell/auction the house for, after forclosure, and the "owed ammount" they WILL come looking for the difference.

Really? Well then I was misinformed....

 

[Pookie]

WC,

Capitol One (Mastercard) is usually good about issuing first lines of credit. They'll prob. only grant a couple of hundred or so, but hey - it's a start.

 

[watercolor]

Originally posted by ememdee19
WC,

Capitol One (Mastercard) is usually good about issuing first lines of credit. They'll prob. only grant a couple of hundred or so, but hey - it's a start.

Hell as long as its something......I mean.. he just said to keep a good line for 6 mths and he would be approved. Can you apply online, Do you know?

 

[watercolor]

Re: Re: Re: Re: Best way to get credit

Originally posted by kwillia
What did you think the "co-signer" was for....

Get a card from Target.

No the guy told us it would not fall back on them...that is all. He told us, just because they were a co-signer...doesnt mean that they are all that liable.


Havent tried target

 

[Pookie]

Originally posted by watercolor23
Hell as long as its something......I mean.. he just said to keep a good line for 6 mths and he would be approved. Can you apply online, Do you know?

I'm sure you can go to their website and apply. You can probably also do a Google search on "First line of credit" and see what you come up with.

 

[watercolor]

Originally posted by ememdee19
I'm sure you can go to their website and apply. You can probably also do a Google search on "First line of credit" and see what you come up with.

well I did find the website and I applied for him (with his permission of course. )

And I will look into the google search...hell with google...I should be able to find something

 

[Pookie]

Re: Re: Re: Re: Re: Best way to get credit

Originally posted by watercolor23
No the guy told us it would not fall back on them...that is all. He told us, just because they were a co-signer...doesnt mean that they are all that liable.


Havent tried target

That guy definitely lied to you! If the primary owners default on the loan payments, they ALWAYS come after the co-signers. If I were you, I'd think about doing your business with somebody else!

 

[watercolor]

Obviously! And of course we are going to someone else.

 

[RodRugg]

One time my dad got some credit at the swap meet for a big bag of computer parts. It had graphic cards and mother cards and memory cards and it was as big as a garbage bag. My dad had 30 days to pay the man at the swap meet $50 so he went home and builded a computer and sold it for $80 to the neighbor. Then he took the rest of the bag and gave it to the Salvation Army. He paid the man at the swap meet and still had $30 left so he bought some baseball cards and a big box of art. My dad's pretty smart and he always has some money to eat lunch at work. Anyways, he got some credit at the swap meet.

 

[jeneisen]

Well what I did when I was 18 was go to any bank, tell them you want a secured mastercard. What you do is put up the money you want for a limit. For example, if you give them 300.00 that would be your limit and then you would use like a regular card, make payments, etc. They report it to the agencies like a regular card, but if you don't pay they keep your money. After 6 months, they give the money back and turn it into a regular card if you make payments ontime.

Also be careful how many people check your credit. Inquiries can hurt you also. The more you have, the higher risk it seems you are.


Try a credit union first. Tell them what you are doing and see if they can help. If you have little or not debt and income they can usually do something.

 

[Otter]

Think its about time Rodd got his own opinion thread..If Trevor and Ken can have one, can't Rodd have one to address the lesser things in life???

 

[migtig]

Originally posted by otter
one to address the lesser things in life???

Stop talking 'bout me as if I ain't here.

 

[Christy]

Originally posted by jeneisen

Try a credit union first. Tell them what you are doing and see if they can help. If you have little or not debt and income they can usually do something.

And trust me once you get one card a bazillion offers will follow shortly.

 

[Taz]

WC,
Try getting American Express card. There will be a yearly fee, but that is one of the easiest to get when you are trying to establish credit since it has to be paid every month.

 

[Elle]

Originally posted by Taz
WC,
Try getting American Express card. There will be a yearly fee, but that is one of the easiest to get when you are trying to establish credit since it has to be paid every month.

I know this is off but unless they have changed their rules be careful with American Express. I looked into one when I was younger, b/c they approve just about anyone, but lets say you charge something for $500 and want to take 3 months to pay it off your card you cant with them, they want payment in full at the end of the month for the entire card balance, that is the way they are able to approve everyone. I know you don't want the card for the credit but be careful if you use it for that. And also, never apply for a card with a fee, there are too many out there that don't charge one. Why pay someone $30 a year or every 3 years to give you credit when there are others that don't charge.

 

[Kyle]

Originally posted by otter
Think its about time Rodd got his own opinion thread..If Trevor and Ken can have one, can't Rodd have one to address the lesser things in life???

Hell... They might even syndicate him.