I have no credit, how do i go about getting my first credit card?
I'm 18 just graduated from high school, and I would like to apply for a credit card, i have absolutely no credit at all. Where do I go or who do i talk to to apply for a credit card? Any tips on what would be a good first credit card?
I would recommend staying away from store and gas credit cards. They are easier to be get but they are also the easiest to get in trouble with. As a loan originator, I see people who are just starting to get credit get in the most trouble with those cards. If you belong to a credit union they would be the best place to go to start getting credit. The interest rates are a lot lower and usually will rarely go up. Starter loans (credit cards are loans) can start at about $300 to $500. You can also get secured loans where you would put the funds down and the bank or credit union holds the money until you pay off the loan they have given you.
November 26th, 2008 at 8:50 am
Gas company cards are the easiest to get — and the best way to build credit from zero. Go to Texaco, Shell, Chevron, one of them, fill out an application and mail it in. You will surely get one, if you have a job. Then MAKE SURE not to abuse it. And PAY THE FULL AMOUNT OFF every month, and PAY ON TIME. Credit companies look for timely payments, good payment amounts, and length of the account. Pretty soon, you'll get invitations to Major credit cards. But for God Sake BE CAREFUL. Credit cards can ruin you if you're not careful. Take it from someone who knows…
References :
November 26th, 2008 at 9:07 am
Texaco and Chevron are giving out credit cards like crazy. Also, no credit really isn't a bad thing with credit cards. I would look into student cards that banks offer or try capital one.
References :
November 26th, 2008 at 9:47 am
Search for a card that fits you perfectly… my source below has an excellent search function I havent found elsewhere – search for a poor credit credit card… this way, applying for the card is 100% approval… and you won't ruin your credit by possibly being denied… use the card a couple of times, pay it off, then cut it up… cancel the card and apply for a new higher card two months later… you will have immaculate credit….
START YOUNG!!
References :
http://www.affiliatetier.com/credit_repair/
November 26th, 2008 at 10:26 am
If you apply for a credit card, no matter what kind, you will be denied!! So this is what you do.
Go to the bank… citibank, and bank of america do it for sure… ask for a SECURED credit card application (as opposed to unsecured). For this you will need money. 200-2000 depending on how high you want the limit. YOu give them a money order for that amount, along with the application and they will send a credit card with a limit for your initial deposit.
You are free to use the card and pay off the card over the next 18 months. At the end of the 18 months, you get your deposit back plus about 1% interest and you can continue to use the card.
Once you have used the card for a few months you will get TONS of offers in the mail for more cards. Only get 4-6 cards MAX
References :
November 26th, 2008 at 11:09 am
get secured credit card for 200$ and up is going to help you report to your credit
References :
orcherdbank.com
November 26th, 2008 at 11:47 am
I would recommend staying away from store and gas credit cards. They are easier to be get but they are also the easiest to get in trouble with. As a loan originator, I see people who are just starting to get credit get in the most trouble with those cards. If you belong to a credit union they would be the best place to go to start getting credit. The interest rates are a lot lower and usually will rarely go up. Starter loans (credit cards are loans) can start at about $300 to $500. You can also get secured loans where you would put the funds down and the bank or credit union holds the money until you pay off the loan they have given you.
References :
Loan originator who doesn't want to see you ruin your credit before you turn 20.
November 26th, 2008 at 12:03 pm
If you just turned 18, you will probably receive a lot of 'pre-approved' offers in the mail. Pick ONE to apply for. Use it ONLY for things you need and could pay cash for. Pay in full every month.
References :