I don't have any credit history, what can I do?

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Joined: Tue Aug 14, 2012 7:43 am
Location: Berkshire, MA

I don't have any credit history, what can I do?

Postby APlusCollectibles » Tue Aug 14, 2012 7:54 am


Long story, but to summarize, here it is. I have never liked debt. I've always paid things straight up with cash, or used my Berkshire Bank Debit cards, of which I have 2. One for paypal/ebay, and one for my general checking.

However a life circumstance has happened in which I have become more debt savvy, and more accustomed to debt. I made a mistake in overdrawing my account, and the bank charged me a $32.00 overdraft fee. So it made me think, when life gives you lemons, make lemonade. So I thought and considered the possibility of owning one credit card, that possibly gives cash rewards, etc.

Here is my life synopsis.

I work 3-5 days a week on my own small business, which nets $100-150 a week in revenues right now. I could possibly swing this to a profit with extra cash flow and more money to invest in newer products.

I work 4 days a week at McDonalds as a cashier, making about $150-180.00 a week, or about 720.00/month after taxes. I currently live with my parents and pay them rent of $100.00 a month, and have bills & so on and so on.

I am a UMass Minuteman graduate with a Bachelors in Business Administration specializing in Accounting/Tax.

My main goal for the credit card would be for paypal, charging my investments rather than taking the money out of my bank account, and letting that money be used to pay bills. I would profit off the investment, then pay back what I owe each month.

Do you think this is logical? Would I be able to make due, paying off what I owe on the card each month?

Let me know what you think, and possibly what cards you would recommend for a newbie with no credit rating.

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Postby t528491 » Tue Aug 14, 2012 5:48 pm

Have you ever had any sort of student loans? If so, you may already have a credit score. In that case, you could probably get a lower tier unsecured card.

If you have absolutely no credit rating, look for a secured card with a low annual fee that will eventually graduate to an unsecured card.
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

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