Crashem wrote:Student cards are designed for new credit holders but the card act had in intended affect of making them harder to get. To have goood chance to get student card, you need to be in college, have some income and no negatives.
If you don't meet these standards, only choices are builder cards. Don't worry about canceling cards if you are going to actively manage your credit as close cards stay on your credit report but will fall off eventually.
Ideally you can find a builder card that will grow with you. Look around at your local credit unions. Also bofa has secured cc that unsecure. Not sure if any annual fee.
I'll continue to do research on secured cards then. The Bank of America card does have an annual fee of $39.
andy1088 wrote:I don't want to discourage you, but Capital one does NOT upgrade secured cards. I had a secured card with them and cancelled it after a year because they wouldn't do anything to help me (waive fee, upgrade card etc) they also won't help me with my other card to get a credit line increase. Capital one is good to start with don't get me wrong, but they are HORRIBLE to grow with or ask for any type of assistance.
What credit card company would you recommend for someone in my situation? If you know of any without an annual fee, that would be great. Currently, the only one I found without a fee for the first year is the Orchard Bank Secured Card.
Also, how long will a cancelled card be on the credit report, and how much will it hurt the credit score?
Thank you both for your replies!