hi im 18 years old. and i recently applied for a credit card,they turned me down because i have no credit.then i applied for a few more credit cards and still got turned down.i am not a student. i was wondering if anyone knows of any credit cards that would except people with no credit?or of a way of getting credit?
One of the best ways is to get a secured card. You will have to pay $250 or $300 that will go into a savings account in your name, and you won't be able to access that money, but the bank will give you a credit card up to the limit you put in the savings account. Use the card, and pay off the balance each month, and in a year you will have a credit history. The bank will lift the freeze on your savings and upgrade your card to unsecured status. 2 banks that are recommended here are: bank of america, and american pacific bank. both offer decent interest rates, decent annual fees, and report to all 3 CRA's. also american pacific bank reports to the CRA's as "unsecured"
i looked in to getting a secured card and i don't fell comfortable having it linked to my bank accounts. i have heard about credit cards for people with bad to no credit.i believe it says that if you have no credit or if you need to build it up they will pre approve you for a credit card.i recently applied for a chase card. what is your view on that?
You don't link it to your existing bank accounts, the bank sets up an account for you at their own bank You asked my opinion, so I say that the secured route is a better way to go. From what I have heard the cards you are referring to work as follows.... you have to pay a high annual fee, and a "one-time" registration fee of 70 or 80$, and they start you off with a low credit limit like $200. At really high interest rates... so you get the card, it has a $200 limit and already on the card is the registration fee of 80$ and the annual fee of $45 and the interest the first month leaving maybe 50-70$ available to charge on the card. I guess if you have no other choice and need to build credit you could go this route..if i had the spare $$ to leave in a savings account I would do the secured route. PS: I actually did get a secured Bank of America Card a few years ago. I has no recent credit history and was even turned down for a gas co. card. I started out with $300 in BOA, then deposited another $300 a few months later,, then another $400 a few months after that. I used the card but paid it off every month....after about 16 months they offered me an unsecured card with $2500 CL and I have $1000 in the bank as well! it worked out ok for me, I was then able to get an AMEX BLUE with $5000 CL , instant approval on line!
