Credit card for no credit history with no annual fee?

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johny
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Credit card for no credit history with no annual fee?

Postby johny » Wed Dec 07, 2011 10:22 am

Hi Guys,

I just got a job and begin to get salary. The next step for me is to apply for a credit card. So far I have no credit history. So, which credit card without an annual fee can I get?

PS: I was just turned down in the application for the Citi Dividend MasterCard.

Suggestions are welcome.


Money card
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Postby Money card » Sun Dec 11, 2011 2:42 pm

with this job will you be traveling on business? or only personal use?

I like the Discover More card 0% foreign transaction fee, 0 annual fee, 5% back on rotating categories like gas, home improvement, movies, hotels, theme parks. From now to the end of the year we get clothing stores, department stores and restaurants. I'm using my card on restaurants.

Another great card is the capital one venture card. there are 2 versions. The blue 2 miles per dollar spent and the gold 1.25 per dollar. You could sign up for the blue, use it for a year, then switch to the gold. You should be able to keep your miles. first year on the blue is free and after that there's a $59 annual fee so into your 11 month call and switch to the 1.25 miles which has no annual fee.

with this card you get concierge service. let's say for example you want to come to New York city and watch a Rangers/Florida panthers game. in your packet there will be a number for the concierge service, they help make reservations at any restaurant that takes reservations. If you want a room upgrade they help you with these services.

johny
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Postby johny » Tue Dec 13, 2011 1:21 pm

The thing is, I don't have so much choice. I want to apply for a credit card to build up my credit history. And I just got a job and an SSN, so most of the banks can't pull out my credit history. And I was rejected.

Just want to know which card I can apply for to build up the credit history from 0. I prefer a card without annual fee.

Thanks!

andy1088
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Postby andy1088 » Tue Dec 13, 2011 4:53 pm

Capital one has a cash rewards card for newcomers. It gives 1% back for most purchases and 2% for travel. They'll probably give you a low credit line, but its worth a shot and there is no annual fee!
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

johny
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Postby johny » Thu Dec 15, 2011 4:09 pm

andy1088 wrote:Capital one has a cash rewards card for newcomers. It gives 1% back for most purchases and 2% for travel. They'll probably give you a low credit line, but its worth a shot and there is no annual fee!


Hi Andy,

Thanks for your information. Based on the info, I found the Capital One MTV Visa Card. It doesn't come with Annual Fee, and with points to be earned.

Just one thing: It seems to be a Student Card. Does it mean that I must be a student in campus to be qualified to apply for it? What is the difference between a Student Card and a non-Student Card?

Thanks!

Money card
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Postby Money card » Fri Dec 16, 2011 10:54 pm

another card you can try is from your local bank and I don't mean chase. you could try applying for a key bank, citizens or td bank.
I'm not sure what there rewards are like. but they could be great for getting your first card.

just not wells fargo, other citi, hsbc , chase, capitol1, bank of america.

if you have a a bank of kentucky anything that's local and not big would be a place to start.

johny
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Postby johny » Mon Dec 19, 2011 7:58 am

Money card wrote:another card you can try is from your local bank and I don't mean chase. you could try applying for a key bank, citizens or td bank.
I'm not sure what there rewards are like. but they could be great for getting your first card.

just not wells fargo, other citi, hsbc , chase, capitol1, bank of america.

if you have a a bank of kentucky anything that's local and not big would be a place to start.


Thank you, MoneyCard, I'll try it in the local bank.

DoingHomework
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Postby DoingHomework » Mon Dec 19, 2011 1:24 pm

Your local bank is your best bet if you have a relationship with them, i.e. a checking account that you have had for a while. At the very least you should talk with someone at your bank to find out if you will be approved before you apply. The problem is that the act of applying generates an inquiry that works against you. So you don't want to apply unless you are fairly sure you will be approved.

Banks are very tight with credit in general right now. You should be able to get approved for something if you just have no history but you might need a cosigner, such as a parent. You did not mention how old you are. If you are under about 20 and not a student then you will almost definitely need to build a little credit by paying an electric bill in your name, rent, or something else for a few months if you don't have a cosigner. You can also build credit at your local bank if you maintain a decent balance in checking for several months.

johny
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Postby johny » Tue Dec 20, 2011 1:36 pm

DoingHomework wrote:Your local bank is your best bet if you have a relationship with them, i.e. a checking account that you have had for a while. At the very least you should talk with someone at your bank to find out if you will be approved before you apply. The problem is that the act of applying generates an inquiry that works against you. So you don't want to apply unless you are fairly sure you will be approved.

Banks are very tight with credit in general right now. You should be able to get approved for something if you just have no history but you might need a cosigner, such as a parent. You did not mention how old you are. If you are under about 20 and not a student then you will almost definitely need to build a little credit by paying an electric bill in your name, rent, or something else for a few months if you don't have a cosigner. You can also build credit at your local bank if you maintain a decent balance in checking for several months.


Thank you very much for your detailed suggestions, DoingHomework. Regrettably, I am not young any more. Almost 40, I am a sad old man.

My wife and I have a joint account in State Employee Credit Union (she is doing research in a University, hence a State Employee). I'll try to apply for a credit card from that SECU. Hopefully, it will not need my wife to cosign, for I am not sure whose credit history it will build up if the card is cosigned.

Thanks again!

DoingHomework
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Postby DoingHomework » Tue Dec 20, 2011 3:31 pm

If you are 40 years old why do you say you have no credit history? You almost definitely have some history even if it is bad. Have you ever had any account in your name (utility? Bank acct, rental lease, etc?) Are you new to the country?



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