topic Re: No Credit History in Credit Cards

No Credit History

YoungJay18 — Fri, 23 Sep 2011 20:46:32 GMT

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

Re: No Credit History

Anonymous — Fri, 23 Sep 2011 22:02:37 GMT

Are you a college student?

Re: No Credit History

coldnmn — Fri, 23 Sep 2011 22:04:09 GMT

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.

Re: No Credit History

Anonymous — Fri, 23 Sep 2011 22:13:04 GMT

@Anonymous wrote:
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.

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 00:30:16 GMT

No IM not a college student but I will be entering soon hopefully by 2012

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 00:31:15 GMT

I currently don't have a job but IM surly looking for 1 at the moment IM expecting to get 1 very soon

Re: No Credit History

Anonymous — Sat, 24 Sep 2011 00:44:05 GMT

Don't apply for anything until you have an income. I would see if you can get added as an AU (authorized user).

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 01:01:43 GMT

And what does that mean because honestly I don't know LOL

Re: No Credit History

Anonymous — Sat, 24 Sep 2011 01:17:49 GMT

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.

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 01:21:10 GMT

Oh OK ill just try to get a job than ill go for that journey 1 so when IM in college ill already have at least a little credit history

Re: No Credit History

Anonymous — Sat, 24 Sep 2011 01:22:46 GMT

Just let me explain authorized user a little better.

An authorized user simply means that a parent has given you permission to use THEIR credit card. In order to become an authorized user, the card holder (ex. parent), has to call the credit card company, and tell them that they want to add you as an authorized user. The bank will then send out a card with your name on it. Most banks will report the history of an AU on your own credit report, thus generating history.

Some parents do this just for the purpose of generating a history for their kids. Often, they do not let them actually use the card. They hide it away, and then cancel AU status once they are able to get his/her own card. Some parents will allow use of the card for small purchases, etc.

I hope this makes sense.

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 01:29:06 GMT

It makes perfect sense LOL now I laugh at all the kids used to be in my high school who said that they supposedly had they own credit card ... But since my parents don't got a credit card ill just have to go get a job and do it on my own

Re: No Credit History

Anonymous — Sat, 24 Sep 2011 01:32:48 GMT

Yes sounds like a good plan. And I must commend you for your interest and concerns about credit.

My daughter is 19, and she started with the Journey also. It paved the way for even better cards.

BEST OF LUCK TO YOU!!!

Re: No Credit History

YoungJay18 — Sat, 24 Sep 2011 01:33:40 GMT

Thank you very much