09-23-2011 01:46 PM
Hey guys I just turned 18 and I have no credit history I would like to apply for a credit card so I can begin to build credit does any one have a idea of a good card for a beginner, the sole propose of the card is to build credit only ....... Please Help
09-23-2011 03:04 PM
Try Capital 1 preaproval site. in my opinion the best card for you would to get one through a credit union that would grow with you.
09-23-2011 03:13 PM
Are you a college student?
Also, do you have your own income from a job?
I only ask because the new credit laws will only allow a person to get a card under 21 years old if they have their own source of income.
I just went through this with my 19 year old, so I should be able to offer you some advice.
If you are a college student, then you should start FIRST with the Capital One JOURNEY student card. It is the easiest to get without having any history. My daughter could not get any other card but this one. She charged one item on it every month and then paid it off in full. She did this for 6 months. After 6 months, she established a credit history (albeit a small one), but then applied and was approved for AMEX Zync, Citi Forward, Discover More (non student version), and VS.
Cap1 for some reason is the only company that issues credit when you are a ghost. All of the other companies will tell you that you there is absolutely no credit report for you, and thus will not give you a card.
My daughter's friend went to her Credit Union and they approved her for a VISA with a $500 limit. Credit Unions also tend to be a little more lenient if you bank with one.
If you are not a college student, then perhaps another route you can take would be to ask your parents to add you as an authorized user on one of their credit cards (so long as the payments are made on time every single month. You don't want any negative reporting). This will also start generating a credit report for you.
09-23-2011 06:17 PM
See if one of your parents can add you to one of their accounts as an authorized user. This will establish a credit history for you. They don't even have to give you the AU card if they don't want to. Their charges and timely payments every month will generate a credit history for you. However, you may not want to get added as an authorized user if payments are not being timely made. Whatever current history they have on the card, good or bad, will report to your credit report. This is why I recommend that you only get added if timely payments are made every month.
Then, once you have a job and are in college, you can get removed as an authorized user on their card, and apply for your own Capital One student Journey card.