Question : What is a good credit card for a person with no credit history?
I've applied for two student cards, one with Chase bank and one with discover, and have be denied a credit card both times due to lack of credit history. What is a card that will allow me to build good credit so i can get a better card?
- asked by Micah
All Answers:
Answer #1
You will probably have to start with a securedcard -- you pay a deposit which is held ascollateral against the line of credit. Start witha $100 or $200 limit. Use the card and pay thebalance in full every month. In about a year, youshould be able to get a regular card and/orconvert the secured card to a regular account.
- answered by bdancer222
Answer #2
Get a credit card from local bank and pay it intime. You also can use this service to avoidcommon mistakes while buiding credit andpre-estimate future scores for different scenariosof payments - credit-report-score.10001mb.com
- answered by Sam
Answer #3
You have three options at this stage:1:) Get aco-signer2:) Get added as an "authorized user" tosomeone else's credit card3:) Get a Secured CreditCard, where your balance will be equal to adeposit, minus the enrollment fee. Usually you'llget $125 in credit for a $200 deposit. Be carefulthough, many of these can have ridiculous fees.Youcan check out secured cards here:
http://www.credit.com/products/credit_cards/secure.jspPersonally I suggest getting added as anauthorized user on a parent's card in addition tothe secured card.
- answered by Sharron
Answer #4
I agree with most of the other answers - you canget a secured card, you can get added as anauthorized user, and I would like to add one more- you can try for a department store card.
- answered by Kristie Davis
Answer #5
It is best if you have a checking and savingsaccount before applying for credit and you have tohave a job.Then there are two ways you can go -(1) Ask one of your parents to add you to one oftheir credit cards - make sure the history is good- because it will be reported to your file in itsentirety on the next billing statement. Thenapply for a student credit card. (2) Apply for aCapital One Student Credit Card - they almostnever turn anyone down. They just approved mydaughter today. Her 18th birthday was yesterdayand she has NO credit. There is a link to theapplication page in the source section of thispost. Good luck to you!
- answered by Katrina Derrico
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