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  1. #1
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    Question I have ZERO credit score, which card should I get?

    I recently applied for a home loan and my bank informed me that my spouse and I have zero credit.

    We both had not so great credit scores before, but it rolled off and I am looking into getting a credit card to rebuild my credit so we can buy a house.

    I first thought that I should get a secured credit card, but I have also been told that I should go for the Walmart credit card. I was looking at the Capital one Secured Mastercard. Any advice? ty
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  2. #2
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    I'd go with a secured card from Bank of America. I wouldn't go for the Wal Mart Card.
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  3. #3
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    Quote Originally Posted by Robrus1 View Post
    I'd go with a secured card from Bank of America.
    I agree.
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    Whoever you bank with would probably be your safest bet. I bank with BOA as well as a local credit union and it's by far easier to get loans and credit cards from a credit union (for obvious reasons).

    I know store cards have a stigma attached to them, but sometimes it's easier to get approved for them than regular cards from banks. If you get lucky, you could be approved for a visa instead of just a store card- but that's if you're really desperate.
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    Quote Originally Posted by DavidNY View Post
    I agree.
    I would also agree with these two, the BoA secured card that is being recommended is a great card. If you happen to prefer your or another CU/Bank, often your bank will offer a secured card as well. Can anyone else confirm first hand that the card can be upgraded to a non secured card after 6-12 months?
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  6. #6
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    I wouldn't go for the Wal-Mart card either. I'd also double check with the card company you are looking at too see if you qualify for that specific card. I tried to get a card once (I can't remember who it was by) that said the sole purpose was to help build credit, yet they turned me down saying my credit wasn't good enough (which I didn't and still don't understand). So, definitely double check with the company/companies you are debating.
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  7. #7
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    Chances are you couldn't qualify for a Wal-Mart card, unless it's something specifically for people with low credit. Usually store cards are hard to get if you have low credit or very few credit cards.

    However, getting a secured card is a good way to go if you don't have any credit.

    I've had the Capital One Secured Card for 2 years now (even though you could start looking to see if you're approved for a regular card after a year) and my score has gone from 650 to 726. However, look around and see which secured card would be the best for you (i.e. BOA has a higher down payment than Capital One... or at least it did when I got mine. Also how much credit you get compared to the down payment. Capital one is $200 when you put in the $45? maybe $50 down and you would have to look around for what other banks offer as I'm not sure.)

    You don't have to go with the same bank you currently use, when I got my card I was with BOA and now I'm with Suntrust. I had a lot of issues with my account at BOA so I decided I'd close it down, now I'm very glad I decided not to get their secured card.
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    Quote Originally Posted by Daniel View Post
    I would also agree with these two, the BoA secured card that is being recommended is a great card. If you happen to prefer your or another CU/Bank, often your bank will offer a secured card as well. Can anyone else confirm first hand that the card can be upgraded to a non secured card after 6-12 months?
    I can confirm first hand that the BofA secured card can be converted to unsecured after 12 months. That's how I got started building credit. 12 months and I went from $500 secured to unsecured and got a CLI to $1500. I banked there at the time and have since moved to a local credit union, which I strongly prefer over the big banks. An alternate avenue would be to go through your local bank/credit union, indeed.
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  9. #9
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    Well, I like how Capital One's Secured Card has a lower yearly fee, my only goal for getting the card is to rebuild my credit. I did get approved for it.
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  10. #10
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    I actually recently applied for a Capital One secured card with no credit history and got denied. Then I applied for secured card with US Bank. The Harley Davidson Secured card. It has no annual fee and a 22.99% APR. I never pay late so I don't have a problem with that and so far so good with them.
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