if you dont have credit how do you get it

Asked by Ms.lesliebenson, West Babylon, NY Sun May 15, 2011

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5
Jacques Ambr…, Agent, Forest Hills, NY
Mon May 16, 2011
If you have no credit then a secured card would be an answer. Also american express might have an option for you. If it's an issue of bad credit find a credit repair agency to deal with any derogatory information.
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Anna M Brocco, Agent, Williston Park, NY
Mon May 16, 2011
If looking to rent and have no credit be upfront with your potential landlord; show employment history, provide pay stubs, possibly show tax returns, offer additional security, possibly pre-pay some of the rent, have letters of reference, etc.
0 votes
Scott Butcher, , Austin, TX
Sun May 15, 2011
It is possible to get an FHA loan without a credit score. There are a very few FHA lenders that will still do these types of loans, so feel free to ask around to different lenders. I do represent one that will do them, so I know something about it (just not licensed in NY). I'd ask a local mortgage broker/banker and not one of the 'Big Banks' as they don't offer these types of FHA loans at this time based on what I know.

You will need to document your prior rental history and be able to produce up to 4 different tradelines showing on-time payments for: electric bills, water bills, phone bills, gas bills, etc.

Good luck.
0 votes
Kelsey Faith, Agent, San Antonio, TX
Sun May 15, 2011
A good way to build your credit s with a secured credit card. When you apply for a secured credit card you put down a certain amount of money, what ever you put down is the amount that you will have available on your card. Say you put down $300, you thin have a $300 credit limit. It works just like a credit card but is easier to get approved for since it is secured. Just make sure you pay your bill each month! They do report to all 3 credit companies! Good luck!
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun May 15, 2011
If you have no credit history at all, you can start with applying for a credit card. Use it on a regular basis and pay it off immediately.

Make sure you have a checking and savings account at a bank.

You might be able to apply for a very small, short term loan at the bank and pay it off to establish credit.

Gas and department store credit cards are also fairly easily available. Use them in small amounts and pay them off immediately.

If you have employment that is steady, that will count. Also, if you are renting and are paying your rent on time and your landlord can be a good reference, this will also count.
Web Reference:  http://gailgladstone.com
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