Credit cards for low income earners & new to credit?

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Money card
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Postby Money card » Thu Feb 23, 2012 10:33 pm

Celestine don't you think the person should try for a store charge card like Sears, Gap or wherever they shop?

Capitol1 is for people who have a couple of cards on their credit report.

If a Capitol1 creditor looks at this person's file and sees no cards on Frobots credit report, they won't get a card. Don't you think it would be a good idea to first start out with a lower level card? If this and Orchard doesn't work which do you think is easier a capitol1 or Sears store charge card?


Celestine
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Postby Celestine » Thu Feb 23, 2012 11:25 pm

Money card wrote:Celestine don't you think the person should try for a store charge card like Sears, Gap or wherever they shop?

Capitol1 is for people who have a couple of cards on their credit report.

If a Capitol1 creditor looks at this person's file and sees no cards on Frobots credit report, they won't get a card. Don't you think it would be a good idea to first start out with a lower level card? If this and Orchard doesn't work which do you think is easier a capitol1 or Sears store charge card?


I don't have good faith when it comes to store cards though that is why I did not recommend getting a store credit card. Some store credit cards tends to bind them to the store or retailer making it almost useless on other retailers. So I thought a non-store credit card would be better since he will be able to use it pretty much everywhere.

And even if frobot gets approved on Sears branded credit card or other store cards, the APR is ridiculously high that will make frobot pay more on interest in the long run; if he does not pay the balance due in full.

According to Capital One's website, the Capital One Cash Rewards for Newcomers is for those who are new to the U.S. and wants to build credit. The Cash Rewards for Newcomers is aimed for people with limited or average credit.

So it is either a secured credit card or try his luck on Capital One Cash Rewards for Newcomers.

If frobot is willing to take up an annual fee of $29.00, then Capital One also has a Secured Mastercard.

frobot should be in the 690-750 credit score... frobot, if you are still reading this check your credit score. I started out within that range with no credit history or credit cards. But I do have a full time job though.

Even with high credit score, the annual income will most likely pull the chances down of getting approved.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln



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