Current Events > Im 30 years old and have no credit.

(+) Yeah! (+)

I know its pretty rare to be 30 with no credit i just paid everything with cash. How do i go about getting credit?

Get a credit card. Then start making small purchases and paying them off immediately.
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Get a credit card with a low limit, like $500. If you can't get a credit card, get someone like your parents to co-sign it for you. Start using it every month and it'll slowly build it up. You can also put some bills under your name and start paying them off every month.
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If you've made it to 30 without credit, why do you need it going forward?

Anyway, one easy risk-and-codt-free method I heard from a bank is actually to borrow money from the bank and immediately pay it back. I think you can even borrow from your own accounts. I dunno if every bank will let you do this though.
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mirage_004 posted...

Get a credit card. Then start making small purchases and paying them off immediately.

Should i go to my bank and get one? i make about 52000 a year and been with the same company for 6 years if that helps.

might be hard to get an unsecured card but go to your bank and apply in person and try anyway, if it doesnt work then look for a secured card. what bank do you use?
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Awesome posted...

might be hard to get an unsecured card but go to your bank and apply in person and try anyway, if it doesnt work then look for a secured card. what bank do you use?

Chase been with them for 10years

yeah might be hard with them with no credit at all. try capital ones secured card, then after 6 months of on time payments try for discover and chase.
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Credit is overrated anyway. Can you afford to pay it off every month?
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SomeLikeItHoth posted...

Credit is overrated anyway. Can you afford to pay it off every month?

Yes i want to buy a house within the next year is the reason i need credit right now

My score is 725 last I checked
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DevsBro posted...

If you've made it to 30 without credit, why do you need it going forward?

Anyway, one easy risk-and-codt-free method I heard from a bank is actually to borrow money from the bank and immediately pay it back. I think you can even borrow from your own accounts. I dunno if every bank will let you do this though.

Interesting strategy.
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I have credit for one reason: I pay everything with cool cash.

GateOfDoom posted...

SomeLikeItHoth posted...

Credit is overrated anyway. Can you afford to pay it off every month?

Yes i want to buy a house within the next year is the reason i need credit right now

Probably should've thought about that about 10 years ago.

Get a local credit union card or a secured card. After a few months of paying in full apply for another with some rewards.
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if you plan on buying in a year you won't have the credit to get approved OR you'll get an extremely shitty rate.

start now, even now to get a legit apartment they do credit checks.
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Mr_Legendia posted...

DevsBro posted...

If you've made it to 30 without credit, why do you need it going forward?

Anyway, one easy risk-and-codt-free method I heard from a bank is actually to borrow money from the bank and immediately pay it back. I think you can even borrow from your own accounts. I dunno if every bank will let you do this though.

Interesting strategy.

Don't pay it back immediately.

Try not to pay off anything immediately or you won't get much out of it.

A better idea would be to get a loan and pay about 10-15% above the minimum payment so you finish paying the loan without any accrued interest but it still took the allotted time.

I'm not an expert but I have a 765 and I've always been told to draw out the payments without accruing interest.

An expert could provide better details but this is the advice I've been given by pretty much everyone knowledgble on the matter.
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GateOfDoom posted...

I know its pretty rare to be 30 with no credit i just paid everything with cash. How do i go about getting credit?

Same boat

Anyone who's telling you how to get an unsecured credit card hasn't been in your situation. You pretty much have to get a secured credit card.

Honestly. I was 25 when I got my first credit card, and it was somewhat difficult? I tried going to a bank and they told me they could loan me like 1000 bucks and then I'd pay interest and after a year I'd have a solid score, but they wouldn't let me use it. Sounds stupid but it makes sense because you have no credit history at all.

So I said fuck asking a bank for a credit card. I was getting scam offers from other places. I tried applying for a quicksilver card and got denied. I think I applied for another one and got denied, so I had two hard pulls on me so far.

In the end what I did was sign up for a secured credit card, which is where you give them like a certain amount of cash (in my case it was 200) and you get a 300-350 dollar limit credit card. After a year they gave me back my 200 dollars and raised my limit to 600, and I'm sure I'm due for another limit raise. My score is around 730 currently, so I'm just waiting for it to hit 750 to go for the quick silver card and have a higher limit.

So basically your best choice is to get a secured credit card where you give them money already and they give you a slightly higher credit limit than what you gave them. The reasoning for this is if you max out your credit card and default/never pay it back at least they can recoup most of their losses. Then once they trust you enough they give you back that initial payment you did.

Best thing you could do though is look for a secured credit card with no annual fees. In my case Capital one was pretty solid and I like their app, however other people may have other recommended secured credit cards.

Unrelated to your situation, but surprisingly I tried opening a new bank account once (before having a credit card) and I had to be asked for my license and social security because they couldn't find me at all, because I had no credit history at all. Interesting how things like that can work out.
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Rainbow_Dashing posted...

Anyone who's telling you how to get an unsecured credit card hasn't been in your situation. You pretty much have to get a secured credit card.

My first card was an unsecured card from my local credit union with a $500 CL (which it is still at because I'm not gonna use a HP on increasing that lol, I just use it on rare occasion to keep it open)
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Step 1

Capital One secure card.

Step 2

Capital One will increase your limit in 5 months providing you pay your card on time.

Step 3

Wait one more month then...
Get a Capital One Platinum card. With your income you should get a $5000 line of credit.

Step 4

Keep your credit cards at less than 10% of your total available credit limit. Do not apply for another card until after your house closes.
At the year mark go for that house. Your credit score should be 730-740 by then.

If you are signing a mortgage with another person, make sure they have a decent score also...
700+.
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Also my second ever card was Citi DoubleCash which is now my highest CL. I think some of y'all are a bit too conservative regarding which ones to apply for.
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I'd start with Capital One and check their prequals. You've been with Chase for some time now, so I'd check up their prequals too. I'm also 30 and my only credit card is a Chase Sapphire Preferred with a generous limit.
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Sounds like a 4 Step verification
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life is not forever, all these people with 800 credit or more

won't ever see the benefits of that for real real, you ain't guaranteed to be here even tomorrow.
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