Need advice on getting a credit card with no history.

[DMarc0]

Hi,

I could really use some advice.

Personal back story: Age 21, I’m not a student so I won’t qualify for a Student Card, zero credit history, zero loan history, zero debt, income base 90k+ (verifiable with pay stubs if needed for application) co-signing is not an option. Any card I get will be paid in full every month.

I'm looking to get a credit card to establish history; the cards that I would really prefer are the Chase Sapphire Preferred Plus or the Starwood Preferred Guest. I know with zero history these cards are out of my league, so I may have to go the route of getting a secured credit card. If possible is there an unsecured card I would qualify for?

If I have to get a secured credit card what would be recommended? I know that most secured cards won’t graduate to unsecured. I'm not a member of a credit union and have no desire to get a secured card from my existing banks or go to a new bank/union.

What secured card would be recommended? I've looked at the capital one secured credit card although I am not keen on it. I would only keep it long enough until I could be approved for an unsecured card. I’ve read on the forums that it’s possible to have the annual fee waived after a period of time so I would be willing to keep it open longer, but I would prefer not to have my oldest history come from a secured card that has annual fees.

Any advice that you can give me will be gladly received I am fairly inexperienced when it comes to credit.

Thank you.

[09Lexie]

Welcome to the forum! You mention you do not want a secured cc from your bank. If your bank is not BoA, I would suggest them since they do graduate. Cap1 Newcomers might be helpful. Do you have a credit score?

[CollegeStudent530]

It doesn't matter if your oldest line of credit comes from a secured card, especially since you are starting out fresh. Once you establish credit for 6-12 months, apply for a regular credit card and eventually, that regular credit card will be your new oldest line of credit (...if you close your secured credit card). 

Good luck! It was tough getting a credit card with low income, but Golden 1 Credit Union helped me out with my first unsecured credit card and helped me getting a Student Visa afterwards. But you have... a strong income of $90K, so .. maybe others in this forum might know more. 

[DMarc0]

As far as I am aware I don't have a score, I tried to get a report but all the agencies errored, I plan on calling them but I doubt I have a score since I have never used credit for anything.

I don't bank at BoA and don't desire to open an account just for this purpose.

I thought the Capitol One Newcomers card was for immigrants only? I'll need to look into it if it isn't.

[OatmealRocks]

OP I started off with a secure CC.  About 1 year later, my deposit was returned to my checking account and my CL was doubled.  I highly suggest you start this route.  It is a start.  I also changed my CC type to a different one from BOA.  In the beginning they suggested I put $500 mininum but I went higher.

[SnackTrader]

+1 to a secured card and getting one with a chance to graduate so that you can get your deposit back.

Edit: To clarify, you will get your deposit back with any lender, unless you default. However, if the card does not graduate then you would have to close the card in order to get your money back.

[09Lexie]

You do not need to bank with BoA for their secured cc.

[DMarc0]

What secured cards are most recommended? If I don't have to bank at BoA I'd be interested in going down this path, especially if it graduates to unsecured.

[knoregs]

IMO BOA is the best. You can add the 123 rewards package to it and as long as you use it wisely it'll unsecure in about a year. Others have reported some pretty generous CLI's upon graduation. I did a secured personal loan from my bank and then added the secured BOA card. A month later was approved for unsecured CAP1 card. Then gardened for five months and got my Discover card.

Oh yeah... I don't have any other accounts with BOA, just the CC.

~kn

[DMarc0]

After doing more research I think I'm going to go after the Cap1 Newcomers if I can't get approved for that I will then go to BoA secured.

It seems there is a lot of reading I need to do regarding when to pay and how much to spend on the card comparative CL.

Is there a downside to just paying the balance down in full every month?