What is the best way to start off with credit?

[GlocksAndCredit]

Are you a student?? If so Discover IT (More card when I applied) gave me my first chance with Credit. I am so grateful for them. I had zero credit at the time; only a checking account.

Also what kind of income if you don't mind me asking...

[hizzaah]

Discover was who gave me my shot at my own credit card with their student IT card. I tried the Journey and one other student card and neither approved me (didn't know about recon lines at the time). 4 months after opening the IT, Chase gave me a Freedom card (though I've used Chase as my main bank since high school). If you apply for the Discover IT and aren't approved, they sometimes offer you a secured card instead.

You have no credit and thus no inquiries either. If you don't want a secured card, you might have to just pick one mentioned and give it a shot.

[Jaylima91]

OP, you are pretty limited in options. Now as far as checkings and Savings, I have two accounts, one with Wellfs Fargo and one with BofA. Neither checked my CR and no HP was done. Me personally I would start with a Secured card and there is absolutely nothing wrong with that. I would rather start off with a secured card then jump into a lender like Credit One and First Premier that charge you fees for just using the card.

[heyarrnold]

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@Anonymous wrote:

Being an authorized user on some else's account isn't really an option for me. The reason I want to avoid secured credit cards is simply that they cost too much money--they tend to have annual fees and require me to deposit money where it's not earning me much in the way of interest. (I'm trying to squirrel away what I can to an IRA.) I'd rather start off with a very low credit limit and no annual fee than a secured card.

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That may be true; however, you are not going to keep the secured card for more than a year. At least I didn't. I had my secured card for 6 months, and I then applied to a Discover It card. I got approved for 1.5K at the time, and I was really happy with that. I canceled my secured card, and got my security deposit back. And it has only been getting better for me, as far as approvals and credit limits, since then. I also have to add that Amex backdating helped tremendously. 

[OHWWCB]

Banks pulls a Chexsystems report on you when they open an account, not a credit report so it won't adversely affect your score.

[Closingracer99]

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@Jaylima91 wrote:
OP, you are pretty limited in options. Now as far as checkings and Savings, I have two accounts, one with Wellfs Fargo and one with BofA. Neither checked my CR and no HP was done. Me personally I would start with a Secured card and there is absolutely nothing wrong with that. I would rather start off with a secured card then jump into a lender like Credit One and First Premier that charge you fees for just using the card.

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+1

I also believe they also return the deposit once you graduate from the card

[keithB]

"What is the best way to start off with credit?"

>>> Rich parents and lots of money =)

[OHWWCB]

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@keithB wrote:

"What is the best way to start off with credit?"

>>> Rich parents and lots of money =)

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LOL!

[SunriseEarth]

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@Anonymous wrote:

Being an authorized user on some else's account isn't really an option for me. The reason I want to avoid secured credit cards is simply that they cost too much money--they tend to have annual fees and require me to deposit money where it's not earning me much in the way of interest. (I'm trying to squirrel away what I can to an IRA.) I'd rather start off with a very low credit limit and no annual fee than a secured card.

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Secured cards get a lot of flack, but that might be your best option with no credit history.   You could try the Cap One or Discover student cards, but if those are a no-go, look into SDFCU's secured card, let it report for 6 months to generate a FICO score and then try for some prime cards.   Even if you had a small deposit, it'd be worth it in the end.  

[Anonymous]

I got a student card from a major bank with zero credit history as my first card. It even had rewards. I still have it and use it.

If you have a banking relationship with BoA, Chase or Citi try their student versions. They will give you a **bleep** limit but I think that is the best start if you can get it.