I would like to acquire a VISA card - I have no credit established. I have paid for everything to date with check/cash monies. How can I get established with a first time credit card? Let the viscious cycle begin to establish any credit!!! People in debt up to their eyebrows continue to be approved over and over again. Isn't this convulted logic?
The simple fact of the matter is that creditors would 1000/100 times take a person with multiple bankruptcies, judgements, liens and writeoffs over somebody with no credit history. You want to talk about "convuluted logic". Look how eagerly and desperately creditors want to get students hooked on 'their' credit cards. Criteria? Your a student you got one, no make that five, no make that 20. Do they care that the student will in all likelihood crash financially and get stuck with 7 years of bad credit? Certainly not. They figure they can get enough from interest and fees and perhaps squeeze the parents to pay some or all of it off to make a tidy profit. Obviously it works because they are still convassing student campuses like vultures. Yet if it should come to pass that you are out of school and have not obtained a credit card. You are considered a creature lower than pond scum. There MUST be something WRONG with you since you have no credit by this time and the older you are the worse they consider you. Prey tell you not be over 30 for than surely you must be the worst person and the highest risk on the face of the earth or so the beancounters that program the credit risk scores would have you believe. The reality is for somebody with no credit history a "quality" secured card (don't even consider the unsecured sub-prime ripoffs of the world such as Cross Country Bank, First Bank of Marin, Premier Bank etc. etc.) don't even consider those that don't report your credit line to the credit bureaus such as Aspire (this is done mainly to keep you in sub-prime hell) nor an Amex secured Optima card, sure its a great name but the fact remains they DO NOT report this account to the credit bureaus. In fact avoid any company that doesn't report your credit line to the credit bureaus or doesn't report your secured card as unsecured. My advice is to get with the best secured card on the market, Western Security Bank. While you need to put a minimum $500 deposit it has the best interest rate in the industry (5.9%, the rest don't even come close) a one time annual fee of $39, none of these bullshit, participation fees, activation fees, monthly fees, we just made this up fees. You'll find sometime after 6 months of having this card the "pre-approved" offers will start coming in whereupon you can pick and choose.
If the $500 is too much you could try a card through Capital One (there number is 800-608-5227 or on the web www.capitalone.com). I have a card through them (it was my first because I like you never got a card for any credit - always paid with cash - until now and I am 21. It was very difficult). They do have a little high intrest rate, but it isn't bad if you pay most of your balance due every month. You can put down as little as a $49 deposit. I find that the customer service there is wonderful and they do report your card to all 3 credit bereaus every month so it builds your credit very fast. I have had the card for about 6 months now and I get other offers in the mail now. I hope that this helps you out Good luck!
I haven't any problems with ist Natl Bank of Marin, I feel it you have credit that is not so good and you want a major credit card you have to start somewhere even if mean sub prime card companys.
Establishing credit is very difficult. I started out with a jewelry store card that my mother was miraculously able to co-sign on (she had filed bankruptcy but they weren't included in it so they let her keep her account). If you don't have a co-signer I would go for Providian or Western Security Bank's secured card, a 5.9% fixed APR is unbeatable. Capital One is also decent. I have had two cards with Capital One and although their limits are crappy they don't screw around. Just be careful, don't take any offer, definitely research first!!
