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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Getting a credit card with no credit history.

  1. Go back to chase bank and ask them if they can honor you an secured card with $500 deposit.
  2. Went to Credit Union and ask them the same thing.
  3. Capital One would honor you some secured card too but they will not grow with you. Only purpose to build up your history.
  4. Obtain a secured loan from Chase or Credit Union for 6 months or 1 year.

Try for step up there you should get some Trade Line going on your credit report. Let them aged for at least a years before you think about some other cards.

Hope it helps.

 

 


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Valued Contributor
daybreakgonesXe
Posts: 1,790
Registered: ‎11-17-2012
0

Re: Getting a credit card with no credit history.

[ Edited ]

I would highly recommend as a student staying away from secured cards. I applied for a secured card with a $1500 that is stuck in an HSBC savings account, and as you can tell by my signature i don't really need anymore :smileytongue: only way to get it out is to close the account but i'm not so ready to do that yet...kinda want to see what Capital One (acquired most HSBC and HSBC backed credit cards) will do or offer me by the time it's ready to expire in June!

 

I helped my brother get his first credit card: The Capital One Journey. Simply the easieset credit card to get as a student! Some banks claim to have a student card yet still reject you for not having enough credit history....hmmm...

 

He started with a $500 line then CLI about 6 months later to $750.

 

Though it's really not gonna ever gain you a high limit, it's a wonderful jumping point! [Edit]: after about 7 months he actually received a pre-qualified offer for the Discover Open Road Student card...got approved with a $5000 limit because he had great payment history from his Capital One! You don't have to wait too long to get a nice credit limit :smileywink:

 

Best of luck in your journey! Use credit responsibly!

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Trancemeow
Posts: 3
Registered: ‎11-21-2012
0

Re: Getting a credit card with no credit history.

Lots of information! I like this. This really helps me.

 

Thing is I could do student credit card. At the moment, I don't know if I'm going to do spring semester because I might move.

Leaning more towards a personal credit card but not sure what to do to build credit.

 

 

Valued Contributor
daybreakgonesXe
Posts: 1,790
Registered: ‎11-17-2012
0

Re: Getting a credit card with no credit history.

If you apply for the Journey card before the end of the semester, you should be good to go even though you may not go for a spring semester. They don't request what college you're attending so far in the app, and I remember for my brother all he had to do was upload a current class schedule to get approved! Discover will ask you what college but same as above, just send a current class schedule.

 

One thing I will ask though is do you have any student/auto loans? If so that's already helping you build your credit! Though you may not get approved for a major branded card, I've seen students get JCP cards with just loans in their name.

 

If you are really pining for a personal card, then a secured card will be your best bet.

 

I will mention though that my boyfriend had an auto loan and a student loan he was paying but no credit cards. I offered a Discover card for him to apply for, even though he was no longer a student, but figured that they may be a little easier to get for a personal card. Though they declined him initially, they sent him a letter saying they could offer him another card instead. Received a $1250 limit! So if you really dont' want a student or a secured, see what Discover can do for you!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k

EQ FICO 735 TU FICO 746 Credit Karma (TU) 785 Transrisk 823/990 Credit Sesame (EX) 761 Credit.com (EX) 762 VantageScore 3.0 736 Quizzle (EQ) 741
Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011
0

Re: Getting a credit card with no credit history.


Trancemeow wrote:

Lots of information! I like this. This really helps me.

 

Thing is I could do student credit card. At the moment, I don't know if I'm going to do spring semester because I might move.

Leaning more towards a personal credit card but not sure what to do to build credit.

 

 


Student credit cards are just personal credit cards. They are created more for younger people building credit. They will not punish you for switching schools or taking a semester off. I don't recall any of my cards ever asking where I was enrolled, etc. I did get one or two of them near campus.  I might be repeating myself here but student cards are great entry points to prime lenders. Designed to be builder cards. Secured cards are more for rebuilding after you have mishandled any account previously. You don't need any secured cards or subprime cards with high AF and APR. Just treat your student CC with care and you will be rewarded.  If you have any feeling like you will not properly manage your CC and make payments, then do not get a card with a big prime lender at all. Last think you want to do is burn them and be blacklisted.

Moderator
Revelate
Posts: 8,896
Registered: ‎12-30-2011
0

Re: Getting a credit card with no credit history.

[ Edited ]

nicholasyud wrote:
  1. Go back to chase bank and ask them if they can honor you an secured card with $500 deposit.
  2. Went to Credit Union and ask them the same thing.
  3. Capital One would honor you some secured card too but they will not grow with you. Only purpose to build up your history.
  4. Obtain a secured loan from Chase or Credit Union for 6 months or 1 year.

Try for step up there you should get some Trade Line going on your credit report. Let them aged for at least a years before you think about some other cards.

Hope it helps.

 

 


Chase doesn't have a secured card product unfortunately.  I sorely wish they did when I was starting my building journey, but it doesn't exist.

 

Similarly, not certain Chase'll do a secured loan either; actually, when I look at their website they may have gone the route BOFA did, which is to not make any personal loans at all.  Only seeing Mortgage / HELOC / Student / Auto listed on their website though I haven't wandered into a branch to ask.

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Getting a credit card with no credit history.

I'm going to break outside the box and recommend finding a credit union that offers secured loans and secured credit cards. This is the best way to build not only a credit score but also a relationship that will be mutually beneficial when you get older and need a car loan or mortgage. Good luck in your credit endeavors!

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New Member
Trancemeow
Posts: 3
Registered: ‎11-21-2012
0

Re: Getting a credit card with no credit history.

[ Edited ]

I have no loans at all.

Maybe student card would work with me.

I'm not even sure what bank to try. I'm up for advice though.

I will go to chase and citi bank tomorrow to talk more.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Getting a credit card with no credit history.


Trancemeow wrote:

I have no loans at all.

Maybe student card would work with me.

Does anyone have student cc from chase? I'm not even sure what bank to try. I'm up for advice though.


You can find comparison reviews all over the web.  One recent one:

 

http://credit-card-review.toptenreviews.com/student-credit-card/

 

gives Discover More top place, followed by Wells Fargo and Discover Student Open Road, then three others quite a bit behind.

 

Not endorsing this in any way, but a data point...

Established Contributor
SevenNEW
Posts: 518
Registered: ‎08-24-2011
0

Re: Getting a credit card with no credit history.


webhopper wrote:
I'm going to break outside the box and recommend finding a credit union that offers secured loans and secured credit cards. This is the best way to build not only a credit score but also a relationship that will be mutually beneficial when you get older and need a car loan or mortgage. Good luck in your credit endeavors!

Sorry to disagree, but I don't see why one (especially a student) should invest money in a secured card when other options exist.

I strongly recommend student cards. Create a reliable payment record, and everyone will want to have a relationship with you!

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