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Old 04-04-2014, 10:53 AM   #1
Confused about dryer sheets
 
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Haven't seen this question before.

Hi I'm B

Lurker for years. Haven't seen this question before. Self employed for 35+ years. Got out of all debt house, auto, cc, everything about 25 years ago.
Have used a debit card for all those years for business and personal use.
Have rented cars numerous times, traveled over seas, used like a credit card never been turned down.

Want to start doing a lot of traveling. Want to accumulate travel miles, etc.
Applied for a CC a few days ago turned down do to no credit bureau file on any of the three. I understand and can accept that.

I do business with companies world wide with my debit card.
Should I try to get a CC to get the travel points or just continue doing the same.

Sorry for the long first post and this a legit question.

B
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Old 04-04-2014, 11:19 AM   #2
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I would get a secured card, establish some history with it, then apply for a more traditional credit card.

Perfect Ways To Obtain A Credit Card With No Credit - Forbes

6 ways to deal with limited or no credit | Bankrate.com

https://www.bankofamerica.com/credit...uild-credit.go
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Old 04-04-2014, 04:53 PM   #3
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Agree that get a secured card for a while and then establish a record of payment. Or another option if you want/need a new car is get a car loan with some of the real low interest rates. That will also build payment history.

I don't think you have zero credit, as your record does not indicate late payments for utilities and such. What you do not have is open credit accounts.
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Old 04-04-2014, 04:55 PM   #4
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Get a secured card, preferably from a local Credit Union. Ask for a card that wil automatically get changed to an regular, unsecured credit card after a certain amount of time, about 6 months. Of course, it goes with out saying that you should pay every bill on time, never go over your limit, etc.
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Old 04-04-2014, 04:59 PM   #5
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Get a secured card, preferably from a local Credit Union. Ask for a card that wil automatically get changed to an regular, unsecured credit card after a certain amount of time, about 6 months. Of course, it goes with out saying that you should pay every bill on time, never go over your limit, etc.
If you are doing this with a credit union or small bank, make a significant deposit if you do not have it there already. Always helps get their attention.
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Old 04-04-2014, 06:56 PM   #6
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The credit landscape has changed a lot since I got my first credit card, so my experience may not be relevant. But after I got turned down because of no credit history, I went to the bank where I had most of my accounts. They issued me a regular credit card (not prepaid), which I suspected at the time was because they could see that I had a lot of money deposited with them and hence was unlikely to default on my card.

If your local bank also won't issue you a credit card, they at any rate would be a good choice opening up a prepaid card.
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Old 04-04-2014, 10:47 PM   #7
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Quote:
Originally Posted by bmass View Post
Hi I'm B

Lurker for years. Haven't seen this question before. Self employed for 35+ years. Got out of all debt house, auto, cc, everything about 25 years ago.
Have used a debit card for all those years for business and personal use.
Have rented cars numerous times, traveled over seas, used like a credit card never been turned down.

Want to start doing a lot of traveling. Want to accumulate travel miles, etc.
Applied for a CC a few days ago turned down do to no credit bureau file on any of the three. I understand and can accept that.

I do business with companies world wide with my debit card.
Should I try to get a CC to get the travel points or just continue doing the same.

Sorry for the long first post and this a legit question.

B
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Old 04-05-2014, 11:19 AM   #8
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I doubt it's the bank's decision whether you have sufficient credit history to get a card. That's probably up to Visa/MC or whomever. Otherwise, I'd tell the bank through which my debit card was issued that if they can't see fit to provide with a debit, I'd be looking elsewhere for my banking needs.

Other option- start taking out cash loans and paying them back quickly. Use share secured loans at a credit union: put $10000 in a savings account, and borrow $10000 using the account funds as collateral. Interest rate is usually a couple of percent higher than what the account pays, which isn't much lol. Pay it off in thirty days. Might cost you $30 in interest. Check with the bank or with Visa/MC and ask them how much credit history you need to get a card.

Just off the top of my head...
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Old 04-05-2014, 11:51 AM   #9
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Actually the issuing bank makes the credit decision.
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Old 04-05-2014, 01:10 PM   #10
Confused about dryer sheets
 
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A lot of good ideas I hadn't thought of.
Thanks very much.
B
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Old 04-05-2014, 01:28 PM   #11
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Originally Posted by seraphim View Post
. Pay it off in thirty days. Might cost you $30 in interest. Check with the bank or with Visa/MC and ask them how much credit history you need to get a card.

Just off the top of my head...

It takes about six months if regular payments to establish credit.
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