The problem: I'm 25 and have almost no credit history. I want to build credit fast. I applied for a Kohl's card about 5 months ago and got declined, because I had absolutely no credit.
Since then, I found out about getting a signed secured loan from my credit union, which I guess is borrowing my own money, and paying myself back (losing a lil to the bank for interest) to build some credit history. I've put 2 payments down on a 12 month auto-pay system so far..so I guess I've got 2 months of history paid on time?
Now..I want to buy an 800 dollar dollar camera from best buy. They have a credit card, which I almost want to apply for, to see if I could put it on there to start paying off and building faster credit score..rather than just history(from the loan thing in p1). If I sign up, it says I can get an approval or denial in 60 seconds.
My biggest problem right now is, this thing is on sale..and I need to get the sale price, and I don't know when that resets. Hope I can get a credit card pro to help out..
- If I get approved, but for a low amount, can I decline to get the actual card? Will this hurt my credit?
- Will they tell me what limit they'll allow me to have?
- I've read stories about them giving out 300 dollar credit lines..that doesn't go very far to 800 dollars, but honestly, I don't care..I can / will just buy it out right with cash, cuz I've got more than enough..I just want to build some credit here since I have almost no history.
- If I get a card with 300 dollars, is it considered wise to say..put 90 on the card, pay the rest cash, and just pay that off over the 18 month no interest duration?