I am currently a student at a 2 yrs community college. I have no previous credit history. I've try applying for a few credit cards ( american express, chevy chase credit card, citibank student credit card ) i was rejected because of insufficient credit history. Can someone recommend me a good credit card company, that will get me started. I would like a credit that that has money back rewards or gas rewards (gas prices are ridiculous btw). But most importantly i just want to build my credit history, so any recommendations are welcome. Thanks in advance!
Hi nam. For cc's might want to try: Capital One, Orchard Bank, or a secured one from your own bank (bank of american or wells fargo). Two should be plenty for you. The nice thing about a secured from Bofa, is that after you have had the secured for **I think** a year, they will often approve you for a prime/platinum/ with rewards. Might want to check to see if Citibank has a secured one too and if they will bump you up after a year. Also, you'll want to balance out your credit mix. So maybe after you get your cc and have had it for awhile, might want to try a department cc, like target. Another excellent way to build your credit and add to the mix is a savings secured loan. Most banks will give you a "loan" against your savings with the bank. You make monthly payments to the bank on the loan, and establish a positive tradeline on your credit reports. Make sure if you do this, the bank reports the loan to the CRA's. And don't BE LATE! I doubt with a non-existent history you will be appoved for any of the cc's with rewards. Maybe in another year or two. Have to start with the subprimes/secured cc's and work your way up. Of course, if you have a family member with a cc that has low balances and perfect payment history, they could make you an AU on that card and that would significantly help your scores. History is a big factor in credit scores, so the sooner you start establishing positive tradelines, the better.
