topic Re: Credit card for people with limited history in Credit Cards

Credit card for people with limited history

Anonymous — Mon, 02 Feb 2009 21:35:11 GMT

I am new in this country and I want to build my credit. I am looking for the credit card do you have any recommendations of which credit card I should apply. My credit history is limited.

Thanks for help

Re: Credit card for people with limited history

haulingthescoreup — Mon, 02 Feb 2009 21:40:06 GMT

Hi, welcome to the forums!

Bank of America secured card
A secured card from a local credit union
Possibly Capital One if you still travel overseas --they charge less (maybe none at all?) in foreign transaction fees.

Do realize that you will most likely have to do secured cards at first. But if you only get two or three and use them responsibly, you can probably get additional accounts after 6-9 months.

You might look for posts here by member wmarat. He came to the US from the former Soviet Union and Israel, and he's doing much better than many of us who have had credit a long time but didn't always treat it well!

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 01:15:46 GMT

Hello and welcome.

Orchard bank is a wonderful credit card, I have it.

There is also a secured credit card called National City you have to call in the number and get the application for a secured credit card as they do not have it on their website. I have been told that the card is very ugly though ..lol

Hope this helps

Re: Credit card for people with limited history

wmarat — Tue, 03 Feb 2009 02:55:33 GMT

I would recommend:

1. A secured CC with big national bank. I have very positive experience with BOA. YMMV

2. A secured/unsecured CC with local CU. If local CU offers a secured card, make sure they unsecure it after a while.

3. Establish relationship with big, national CU like PenFed or/and Alliant. ( They have best savings rates on certificates and best autoloan rates.). So you will be able to get their CC with decent CL in 1-2 years.

4. Cap 1. They do not charge FTF, which is very handy for international traveller, but right now they approve you for toy limit of $300 and probably wont grow with you. I would wait with Cap 1.

5. I would not apply for builders/rebuilders cards like Orchard, HSBC, Hooters etc. They usually have low CL, AF and wont grow with you.

6. Store card. Get store card which you'll use. I am very pleased with Macy's. I would not get GEMB cards, unless you know for sure you are going to use it. I have 3 GEMB cards: JCP, WalMart and PayPal Buyers Credit. I am about to close Walmart and Paypal. DW frequently shops in JCP and does not allow me to close JCP. BTW, Target denied me due to lack of credit history, so I use my Macy's Visa at Target.

7. Gas card. I would not get one. It is very inconvenient to look only for certain gas stattion. I would wait, and get PenFed CashBack card (5% back at any gas station).

Good Luck

@Anonymous wrote:
I am new in this country and I want to build my credit. I am looking for the credit card do you have any recommendations of which credit card I should apply. My credit history is limited.
Thanks for help

Re: Credit card for people with limited history

wmarat — Tue, 03 Feb 2009 02:57:22 GMT

Thanks

@haulingthescoreup wrote:
Hi, welcome to the forums!

Bank of America secured card
A secured card from a local credit union
Possibly Capital One if you still travel overseas --they charge less (maybe none at all?) in foreign transaction fees.

Do realize that you will most likely have to do secured cards at first. But if you only get two or three and use them responsibly, you can probably get additional accounts after 6-9 months.

You might look for posts here by member wmarat. He came to the US from the former Soviet Union and Israel, and he's doing much better than many of us who have had credit a long time but didn't always treat it well!

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 04:03:29 GMT

I got a credit card from my bank after I had had an account with them for a year (with a debit dard). I guess I could have asked after 6 months or so I was told, but I didn't really care for my credit.

Re: Credit card for people with limited history

eddymvp — Tue, 03 Feb 2009 04:11:45 GMT

My Mom came here just 3 months ago and with 3 months employment verication the local credit union gave her a CL of 500. Originally it was 2K since we put that her income was 20K a year, but she is only working part time and only make about 10K a year so they only give it to her for 500 with no annual fee. The local credit union is DCU.

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 05:01:42 GMT

@Anonymous wrote:
Hello and welcome.

Orchard bank is a wonderful credit card, I have it.

There is also a secured credit card called National City you have to call in the number and get the application for a secured credit card as they do not have it on their website. I have been told that the card is very ugly though ..lol

Hope this helps

Orchard is good for building credit but keep in mind that you need to diversify as Orchard will not grow with you and the fees will eventually become a annoyance, the lack of CLI and high interest will be problem in the long run.

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 05:28:51 GMT

Thank you for all your advise

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 20:46:17 GMT

@Anonymous wrote:
Thank you for all your advise

You are welcome and good luck. Keep us posted if you can on how it goes.

Re: Credit card for people with limited history

Anonymous — Tue, 03 Feb 2009 21:37:56 GMT

I agree with the others completely. A BOA secured or partial secured, CU, or Capital One are good places to start.

FWIW, Capital One was my first CC. Working part time at a gas station, no credit history, and they gave me a $200 CL CC. Not bad if you don't want to go the secured route, but Capital One will most likely not grow with you.