Frequent Contributor
Posts: 380
Registered: ‎02-06-2009

Re: Getting a credit card with no credit history.

I agree with SevenNEW. Secured cards are for REbuilders, not new builders. Go for the student cards.

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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011

Re: Getting a credit card with no credit history.

I have seen numerous folks with no credit come to the boards and inquire why they get turned down for student cards.

In today's era, especially since the CARD Act was passed, students are faced with more denials than ever before.

I stand by my earlier advice. It is well documented on the auto loan forum that a lack of installment history leads to higher apr on car loans for first time car buyers.

Also, secured loans and cards are a safe option for a student because if they run into financial trouble they can close the account and use the deposit to cover any outstanding charges. It is so much easier to lose good credit when you are a student, and I like to see people hedge those risks with a small deposit. Also, secured cards do graduate usually, and will grow which is better than getting a toy limit card that never grows.

Best of luck to the OP!

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