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Old 01-10-2011, 11:43 PM
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GreenI.A. GreenI.A. is online now
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Join Date: Jul 2010
Location: North East
Posts: 2,118
if a regular bank turns you down try a credit union, offer to bring all of your accounts there. Also prepare an excellent business plan and give a copy to the loan officer you meet with.

To build credit I started right away when I was 18, it was a capitol one, high interest rate and low credit limit being I had no credit history. I ook it and used it strickly for gas but only when I had the cash in my debt acount to pay for it. I would fill my tank and then the next day pay my credit card online. So it was always paid off right away and no interest or fees were charged to me. Every three months or so they could raise my limit and lower my interest rate. The credit cards like this because they are charging the store a percentage of the sale but there getting paid by you right away so theres little risk. When your card has a limit of 2k and you need to buy a piece of equipment of landscape supplies that are 1800, throw it on the card but ay i6 t off right away. thats what I did, also had my father co-sign my first truck loan, I showed the credit union the loan was through that all the payments were threw my bank account, and after 6 months he came off the loan and it was just my name so it impacted my credit more. Always paid atleast 1.5x the minumum payment on the truck. You start getting more credit card offers and you can start choosing the best ones. I did that and I was able to get the credit to buy my first home at 21, after only three years. I was given a $350,000 mortgage at a great interest rate, so it worked. The only negative I had on my report at the time was that I hadn't had credit history for more than 5 years yet
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