I can't get a credit card because I have no credit score?
So, this doesn't make any sense to me. I'm a sophomore in college and wanted to get a credit card just to start building up a good credit score. I was planning on just using it for groceries and gas (the same things I currently use my debit card for), and was definitely going to live within my means and pay off the balance completely each month. But...when I applied for a student credit card through Bank of America, I was denied because I "have no credit score". Well, duh. That's why I wanted the card in the first place. Anyways...how am I supposed to build credit when my lack of a credit score keeps me from getting a card? *NOTE* I don't have a "bad" credit score. It's simply non-existent. I have never had a credit card before, just the debit card through my checking account.
Which gas card can I get approved with a credit score of 630?
I don’t think anybody will be able to answer your direct question, but what you need to make sure of is that you’re NOT applying for a co-branded card. In other words, you want to be applying for a card that’s good only at the gas station, and NOT a Visa or MasterCard.Gasoline and other retail merchant credit cards have significantly lower credit standards than the “major” cards (Visa/MC/Discover/Amex) because they know that granting you their credit card will increase sales at their locations, so they can expect to make a signifcant profit on every dollar of credit that you utilize. Whereas when you get a “major” card , they can only make about 2% on each dollar of credit you use.If you look online to answer this question, you’ll find that they’re frequently suggestingco-branded cards. If you see a major card logo, then it’s co-branded. Applying for one of these cards will be wasting a hard pull of your credit. Getting a retailer-specific credit card (only usable at that retailer’s outlets) is one of the recommended steps to improving your credit, and it achieves this goal even if it has a minimal credit limt.Not being able to get a gas or other retailer card would be indicative of how bad your credit problem really is,
How do I get a credit card if I have a low credit score?
The Fingerhut Fresh Start program lets you get a Fingerhut revolving account after you make a small purchase ($50) on their installment plan and pay that off over at least 2 months.After you do that without any late payments, you need to make a purchase on your new Fingerhut revolving account, so that it will show up on your credit report.This extra account will help to give you a higher score, especially after another 6 months to a year. but you might want to apply for another retailer or gas card before then, as those accounts have less stringent criteria but they will actually help your credit score just as much as one of the major credit cards like Mastercard or Visa.Click to read more about the Fingerhut Fresh Start program.(BTW, I notice when I go to this link, they suggest buying a $200 item … there is no benefit to spending more than $50. It will help you just the same to get the revolving account. A bigger purchase will not give you a better credit score or make it go any faster. Just find something that’s hopefully useful to you without spending any more than is required to qualify for the program, which will be $50 plus shipping. Do it!)
620 Credit score?
You are not doing bad for your age. In fact, it sounds like you have already established some great habits for staying in control of your credit. Credit score is calculated partly from how long your accounts have been open. If you are nineteen, then your accounts are probably no more than a couple years old. If you continue in this track, then you should find that your credit score does rise with age. I don't really see a benefit to having a gas credit card. It's just one more bill to manage.
How do secured credit cards help your credit?
A secured line of credit can be used to develop a positive payment pattern. If you make your minimum payments on time, that shows a pattern of payment. That payment pattern is reported to credit bureaus and subsequently shown to anyone who pulls your credit report from those bureaus. The credit bureaus use that positive payment pattern in their algorithm that determines your credit score - the better your pattern, the higher your score. Plus, the entity pulling that report can actually see the positive payment pattern - what you paid, was it on time, for how many payments in a row, etc. The entities pulling your credit report might include auto finance companies, apartment rental companies, furniture financing companies, utilities (water, electric, gas, cable, internet service provider), etc. The higher your credit score and the better your payment patterns, the more likely those entities are to extend you credit. If you show not only the ability to pay a bill - judged by your income - but also the willingness to pay your bill - your payment pattern - the less risky it is for those credit issuing companies to do business with you.Just a little story about the ability vs. willingness question … I used to work at a company that issued credit cards for the purchase of aviation fuel. We had a lot of doctors as cardholders - a lot of doctors own and fly small aircraft. And let me tell you, those guys were the worst payers! They earned plenty of money (ability to pay) but cared the least about paying their aviation fuel bills (willingness to pay). It just wasn’t important to them.
How can I get my credit score over 780 if I don't have any mortgage loans?
I bank at Wells Fargo and about the only thing they seem to offer free is your FICO score. You may not believe this as I’ve heard them max is supposed to be 850… but I’ve hit 851 by experimenting around with my credit habits. I do have a mortgage and a long history of paying on time… but I don’t keep a lot of debt. I have the mortgage, I had a tractor payment ( yes a tractor payment! ) until a year before this time and my credit score was about 820. I also had a credit card that I bought gas and paid off every month and another credit card that I never used.I just wanted to see how much I could still positively affect it so I read up & did the following.Took out another credit card. ( 3 now )Continued to use the first one for gas and payed it off every TWO WEEKS.Bought some small items with the other two and paid them off ever TWO WEEKS.My credit score started moving upward and within three months it hit 851. Here’s proof.