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I was talking with a friend tonight and found out she has no credit history whatsoever - no auto loans, no CCs, no SL's, no mortgage and certainly no baddies or derogs... she doesn't even have utility bills. I'm guessing her current car could go belly-up at any moment, in which case she'd need to get a new car and having a credit history would be useful.
I'm thinking she needs to get a CC of some sort to jump-start her credit. She shops at REI regularly but I'm not sure she would be approved for an REI Visa. She also shops at Target sometimes, so a store card there could be an option. Does anyone have any recommendations for a 24-year-old with no credit history?
ETA: She is no longer a student, but out of curiosity - are student cards still an option for her? I was approved for a USBank Student Visa at age 19 with no prior credit history...
I had an Orchard secured card for $250 for my first card, the initial fees were horrible but I just made sure I used and PIF each month, after 3 months I then got a Capital One card (although I was still showing no history or report at that time) with an unsecured $500 limit, they increased that through the credit steps program to $1500 over 7 months (where it still sits now)
A credit union is a great way to go but if she wants a secure card now and has the money to put aside for a year (that was how long I kept mine for reporting purposes) then Orchard may well do it