Credit Cards

[srharris22]

So I have a friend that has pretty good score, around 700, but they do not have a credit card.   She does have good credit history/current of paying on student loans and car loans without any 'baddies".   I was trying to think of a good rewards card for them but wanted to get the communities advice.  They does not specifically need a travel card, probably general purchase rewards would be best.  

Any advice would be appreciated............also they want a low limit, but I said they could just call in and reduce it once approved.

Thanks!!!!!

[espnjunkie]

With having no previous revolving accounts she would probably be best off starting with the newcomers card from capital one. Has no annual fee, 1% cash back on purchases, 2% cash back on travel purchases and gets you started out. Limits will be low, but after six months with that card it's easy to apply for different cards. It is unlikely that she would be approved for any 'prime' cards despite having solid fico scores because of the limited history.

[wmarat]

---

srharris22 wrote:

So I have a friend that has pretty good score, around 700, but they do not have a credit card.   She does have good credit history/current of paying on student loans and car loans without any 'baddies".   I was trying to think of a good rewards card for them but wanted to get the communities advice.  They does not specifically need a travel card, probably general purchase rewards would be best.  

Any advice would be appreciated............also they want a low limit, but I said they could just call in and reduce it once approved.

Thanks!!!!!

---

A chance to get "a good rewards card" with no previous history(in spite a good FICO score) is pretty slim.

[webhopper]

I would go for Discover More, or Discover more for Students, if the person is a student   They should start with a conservative limit....

[srharris22]

Thanks!  I will pass on the info.  I told them that their credit history is not "complete" enough to get a "prime" card but was hoping their was something out there for them to get started.  I think that recommendation is perfect.

[Dadaluma83]

I can speak from personal experience you cannot get a good rewards card with no revolving history. I was in the same situation last year. Current on my student loans, no baddies, my credit score when I was finally approved for my first card was 701 I believe. I was denied for some good cards from Citi and Bank of America for one reason "Lack of revolving credit history"

So I apped for and was approved for the capital one cash card for average credit. Gardened for 6 months, then now have prime cards with great limits.

That is the way to go.

[pipeguy]

---

espnjunkie wrote:

With having no previous revolving accounts she would probably be best off starting with the newcomers card from capital one. Has no annual fee, 1% cash back on purchases, 2% cash back on travel purchases and gets you started out. Limits will be low, but after six months with that card it's easy to apply for different cards. It is unlikely that she would be approved for any 'prime' cards despite having solid fico scores because of the limited history.

---

+1

A "starter" MC/V bank card is going to be a better general purpose card vs a Discover or AmEx. Given her "good history" all she needs is 6-12 months with a general purpose MC/V to be able to get most prime cards. I'd go with a no AF MC/V from Capital One or a local credit union.