22 year old with no credit history

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22 year old with no credit history

Postby EMc8791 » Sun Aug 11, 2013 11:04 pm

I'm 22 (very recently 22) and I've never had a loan or credit card in my name. I have no credit history, which to my understanding isn't good, nor bad when opening a credit card.. The problem is to open a credit card, you need credit history (vice versa).

I was looking for a credit card with 0% APR for the first year (or longer) and no annual fee that I may possibly get approved for, even at a pretty low credit line.

It's been very hard to find one.

I've looked into Chase Freedom and Citi Simplicity, also considering BofA CashRewards, but most places have said they are for excellent credit scores.

Does anybody have any tips or suggestions for my case? I'm not looking for a secured credit card.

I'm also not against a card that has an annual fee (such as Capital QuickSilverOne Rewards with a $39 Annual Fee, which I may just apply for if I can't find anything else), but I was trying to avoid that.

Thanks in advanced. Any questions, please ask.

A little background also. I currently only work 20 weeks of the year (roughly a $4000 annual income, not much). I pay for a cable bill (that's not under my name) and that's all, no rent, no other utilities.

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Postby xbillyjean42x » Mon Aug 12, 2013 8:23 pm

Where do you bank at by chance? Check out your bank, they may have a starter card for someone in your situation. Also, are you a student? If you are and you receive financial aid, your grant money and money you dont have to pay back that's given to you in the form of cash payment for the year is considered income as well. I remember when I got my first bank account at BofA and all I had was financial aid income to deposit in the account, they approved me for a credit card for $500 (this was before the card act so credit was thrown freely. I'm way past BofA though hate that bank, left it a long time ago lol) If you want to start a little bit of credit without the credit cards, you can go to a jewelry shop purchase something small, make payments on it until it's paid off. Or you can do both, it would still show you have something on your file as a positive account. Capital One has a great builder card to start off with, a small credit line, but once you have 6 months to a year with them you can apply for a CLI, or move on to something else(i recommend applying for something else lol). Their annual fee ranges from 0-19 for the basic card depending on which offer u take (i've heard of other annual fees as well that where higher). Check the website, you can get pre-approval offers with some basic info u input and it can tell you which card you would qualify for. I applied for HSBC (before they went to capital one) thinking I was going to get a secure card(with my credit issues), but to my surprise it wasn't. But sometimes depending on how thin your file is, secure card might be all you can get. But it may be good because you can control the amount of credit you want on it. So you may have to put down a 300 deposit let's say, pay the annual fee if there is one, but you can add to your credit line and increase your secured credit (depending on which company you apply for and if that's an option) Your deposit you can get back after a certain period of time, and then your card will turn to an unsecured card with that amount of credit on it. By then you would have history, probably more income to work with, maybe some other types of installment loans on your account if you choose, and you would be able to qualify for better offers.
HSBC Orchard Bank Platinum/Captial One Platinum MC- $3800 Nov 2011
Capital One Platinum MC- $1500 Jun 2012
Discover IT Student- $500 Aug 2013
EECU Credit Union Visa- $500 Aug 2013
Best Buy (Citibank)- $2k Sept 2013
Citi AAdvantage MC-$4k Nov 2013

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Postby MemberSince99 » Mon Aug 12, 2013 9:59 pm

Being totally honest, since that's all that is going to be of any use to you, you have a pretty low income, and zero history. So 0% for 12 months with no annual fee is going to be a big challenge to find, but you already know that.

I would pretty much give up the notion of getting prime card terms just starting out - not at all likely to happen.

You might try a credit union and see what they can do. Otherwise, just suck it up and go the secured card route to get your foot in the credit door. Discover might also give you their student card but it surely won't be 0% for a year. As I said, I think it's just unrealistic to expect to get prime terms with no credit and low income for us mere mortals (and I"m assuming you are one of us or you wouldn't have made this post) just as it's unrealistic that we mere mortals start out with a new Mercedes as our first car and a 250k a year job right out of college and so on. A few get that, but not very many of us. Likewise few of us get the sort of cards we ideally want right ouf of the gate. But best of luck in trying.

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Postby Daniel » Tue Aug 13, 2013 10:49 am


Here is one example of a post that discusses what some of us might recommend for a person with no credit history, but you still have the issue of no income. I think member has some good ideas, and I definitely agree with the usefulness of the secured route.

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Postby Midori » Tue Aug 13, 2013 2:16 pm

Out of curiosity, why is 0% APR for 12+ months desirable for you? In your situation, it sounds like you're wanting to get a credit card for the sake of carrying a balance, but not wanting to pay interest. If you're only making $4k a year, is that a wise way to start off in the world of credit?

You work 20 weeks a year and don't pay rent or utilities-- are you a student? That would open up a new batch of starter cards to you. Otherwise, I'd be looking at the bigger picture... what your capabilities are in terms of earning income, what your spending desires are, and bringing the two of them more in sync with each other.

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