I just graduated from College. When I was in College I did not have any credit cards or applied for any credit cards. I was afraid because I heard many people said credit cards are very bad if you are still in school. So I guess I am a little bit behind to everyone right.
I worked part time when I was in college. I am a saver, so most of my money I invest it in stocks. Everything I buy I use cash or debit card because I don't have any CC.
Now I have money and I'm ready to start building my credit. I tried to apply for Fidelity American Express because I have an account with Fidelity and the reward is good too, but I got denied. Then I heard some people said Captial One is good for those who wants to start building credit. I applied for Capital One card, and still got denied because I have no credit history. They don't even offer me any other options.
My last hope is going to my bank and ask for help. Bank of America rep checked my background and told me the only card they can offer me is a secure CC. I have to give them $100, then they will give me a card with $500 credit limit. I have been using the card for 3 months now. I used it to pay for gas only and the amount I used is always less then $100. I pay the bills on time and I pay it in full every month.
Recently, I got a mail from Capital One. They offer me a platinum card with no annual fee. My secure card has $39 annual fee. So I guess now Capital One wants to know "What's in my wallet" huh
My first question is should I take that offer or just wait until you are finish using that secure card.
Second question is when you are received an offer liked that. Does that mean BofA report it to 3 major credit companies? And you are in a good shape right.
Third question is pay it in full or carry a balance is a good way to build your credit. And what is APRs? How does the finace charge things work?
Thank you all for reading it. I will update more later. My goal is to get Fidelity American Express. I did some research and found some people with 730 score still got no approval for that card. May be you guys can help me.