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Mom2one · 05-08-2007

I am a recent immigrant to this country-three years ago I came from the UK. I have only recently got myself set up with work and banking and so on. I know that I currently have no credit history, and I wish to work on that. I do NOT want credit cards, but I feel that being in this country and as a single mother I need to be able to have emergency credit in case something happens.

But with no credit history no one will take a chance on me, so how do I get a credit history?

SerenBaker · 05-09-2007

You can try taking out a small loan from the bank for just a couple of hundred dollars and pay that back. Then do it again. Try for a credit card of $500 balance, buy something small (under $50) and then pay the whole bill at the end of the month. Good luck.

attagirl · 05-09-2007

I agree with Seren... this is the quickest and easiest way to build your credit. Once you have done that you should have no problem at all. One card should be efficient to begin with. The small loan idea is something that I know works from experience.

Mom2one · 05-10-2007

But would the bank give me a loan, given that I have no credit history for them to base their decision on? This is something that tripped me up recently in fact. I attempted to buy something on credit, because I knew that I had a large cheque about to clear that would cover the item. It was on sale, and would have saved me over $400 on an essential item.

Now I will have to pay at full price, and of course I can't afford to do that right now.

Lloyd Brown · 05-10-2007

While a bank may not be willing to give someone with no credit a loan, there are places like Household Finance Corporation that are very good ways for someone to build their credit.

Department stores like Sears are also very good, and they always have somethin you can use.

Just make sure you don't make just the minimum payment or you will be theirs for life.

Mom2one · 05-11-2007

So do Sears not use the same credit criteria as other places? The most recent attempt I made was at Wal-mart, and they declined me. I have the cash to buy the item outright, I just want to build up a credit history.

Lloyd Brown · 05-11-2007

Quote:

Originally Posted by Mom2one

So do Sears not use the same credit criteria as other places? The most recent attempt I made was at Wal-mart, and they declined me. I have the cash to buy the item outright, I just want to build up a credit history.

Well, I will be honest . . . I got my Sears card 35+ years ago, so things may have changed, but they were always the card to get.

What is interesting is that because I decided to buy another house I decided to check my credit report (you can check it for free at https://www.annualcreditreport.com/cra/index.jsp ) and my Sears card was still listed, even though I have not used it in well over 20 years.

Mom2one · 05-14-2007

Thanks. Someone else recently told me to try Sears too, so with a second opinion saying the same I am leaning towards trying it.

Funny enough I tried to find a credit history with them and came up with nothing. Apparently you have to have at least six months history for your record to show up with them.

05-08-2007	#1 (permalink)
Mom2one Consumer Join Date: May 2007 Posts: 99	No Credit? I am a recent immigrant to this country-three years ago I came from the UK. I have only recently got myself set up with work and banking and so on. I know that I currently have no credit history, and I wish to work on that. I do NOT want credit cards, but I feel that being in this country and as a single mother I need to be able to have emergency credit in case something happens. But with no credit history no one will take a chance on me, so how do I get a credit history?

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05-09-2007	#2 (permalink)
SerenBaker Consumer Join Date: May 2007 Posts: 50	You can try taking out a small loan from the bank for just a couple of hundred dollars and pay that back. Then do it again. Try for a credit card of $500 balance, buy something small (under $50) and then pay the whole bill at the end of the month. Good luck.

05-09-2007	#3 (permalink)
attagirl Consumer Join Date: May 2007 Posts: 42	I agree with Seren... this is the quickest and easiest way to build your credit. Once you have done that you should have no problem at all. One card should be efficient to begin with. The small loan idea is something that I know works from experience.

05-10-2007	#4 (permalink)
Mom2one Consumer Join Date: May 2007 Posts: 99	But would the bank give me a loan, given that I have no credit history for them to base their decision on? This is something that tripped me up recently in fact. I attempted to buy something on credit, because I knew that I had a large cheque about to clear that would cover the item. It was on sale, and would have saved me over $400 on an essential item. Now I will have to pay at full price, and of course I can't afford to do that right now.

05-10-2007	#5 (permalink)
Lloyd Brown Administrator Join Date: Sep 2006 Posts: 518	While a bank may not be willing to give someone with no credit a loan, there are places like Household Finance Corporation that are very good ways for someone to build their credit. Department stores like Sears are also very good, and they always have somethin you can use. Just make sure you don't make just the minimum payment or you will be theirs for life.

05-11-2007	#6 (permalink)
Mom2one Consumer Join Date: May 2007 Posts: 99	So do Sears not use the same credit criteria as other places? The most recent attempt I made was at Wal-mart, and they declined me. I have the cash to buy the item outright, I just want to build up a credit history.

05-14-2007	#8 (permalink)
Mom2one Consumer Join Date: May 2007 Posts: 99	Thanks. Someone else recently told me to try Sears too, so with a second opinion saying the same I am leaning towards trying it. Funny enough I tried to find a credit history with them and came up with nothing. Apparently you have to have at least six months history for your record to show up with them.