Good choice for someone with no credit?

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Good choice for someone with no credit?

Postby SingingTurnip » Fri Jul 12, 2013 4:44 am

I know I know, it's odd in this day and age for someone to have no credit, but I don't have any. My mother had issues managing her budget, so I ended up going to route with no cards and no loans... and thus managed to pay for everything in life (even a college education, which is a pain and takes years longer when you have a full time job), without every accumulating debt. Or having a credit card.

Now I realize that I may need good credit one day, so I decided to get a credit card. I figured that, as I'm fairly rational, I would never worry about racking up debt like my mother so, as long as I didn't spend more than I have it wouldn't be an issue (I'm not five anymore, I can say no to candy). So I applied for the Amazon credit card when the option popped up during check out a week back.

I got turned down. Because I don't have credit they don't want me. I didn't realize that was even a thing. So, what's a good first credit card for someone who has never had a credit card and has a complete lack of credit of any kind? (I'm not joking, I don't exist on credit checks because of this, and it always confuses people. Apparently it's not a thing in the 21st century)

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Postby MemberSince99 » Fri Jul 12, 2013 4:11 pm

In your case you probably can't be an AU on anyone's account (certainly not your mother's) so you have a couple of other options.

First join a local credit union. They may be able to give you a card.

If not you will probably have to go the secured route to start with. There are a variety of secured cards out there for people to start out with.

Absolute worst case you go with a company like Credit One or First Premeire or one of the other companies that says "no credit check" when you read this, it's guaranteed you're going to be paying a hell of a lot in fees for a very low credit line.

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Postby pac4toon » Fri Jul 12, 2013 7:44 pm

Credit One will probably give you credit card with a CL of $200. The fees are nuts but I think if you use it a few times, make sure to always pay it in full and you'll eventually get pre-approved offers from companies such as Capital One or Discover. This is what my friend did because she had no credit at all. After she signed up with Capital One they gave her a starting CL of $700 and then after 6 months Cap1 increased her CL to $3000, she cancelled the Credit One card. I think as of now she has Capital One and Macy's and she continues to receive pre-approved offers from Discover, Citi Diamond, Amex green and Freedom.

That's my 2 cents. Good luck. :)
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In my sock drawer:
AmEx HHonors & BCE

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Postby Kripler68 » Fri Jul 12, 2013 8:32 pm

Try your bank, most have secured credit cards these days.

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Postby Robrus1 » Sat Jul 13, 2013 9:40 am

Personally, I'd recommend the secured card from Bank of America if you're unable to obtain a credit card from your current bank/credit union. If you get a secured card, pay on time for 12 months and then it should unsecure. After that, apply for the card you want and you should be ok, although you may want to check your scores first just to make sure. I only recommend this route because it's the one I took when I was in my early 20's and it worked well for me.
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