I know someone that is going to be 18 very shortly. Which credit card would you apply for to get the credit ball rolling if you were in this situation knowing what you know now? Income around $15000 yr and No Credit.
I know someone with a USAA card. His son just turned 18 and he called USAA and talked to them and they gave his son a MasterCard ($500 limit) - in his own name on his own credit (which they pulled - it was a FICO of 0). Try having his parents contact a bank that they have a good relationship with.
The parents will be no help at all, trust me on this one. If you were in this situation what would you do knowing what you know now. Imagine you just turned 18 today with No Credit and a income around $15000. What would you apply for?
Student or Secured bank cards. If you're a currently enrolled college student with NO derogatory credit AND have some income (job or parental support), I'd go for either a BofA or Wells Fargo Student Visa card. If you're not a student, I wouldn't spend much time applying and trying to get a card. I'd just skip to the secured card and save my inquires until I've built up some decent credit.
I don't know if they are still like this, but I got a JCPenney card on my 18th birthday at the store with ZERO credit obviously since it was the first day I was eligible to have credit. Again, that was 8 years ago, so who knows now.
I'd try to start with a Chase secured card. They don't issue it if there are any derogs, but I don't know about no history. The CRAs do not show the card as secured, so that would help establish a track record with a prime card...plus a foot in the door for a regular Chase card once on time payments are made for about 18 months. Suggestion: before using up a hard inquiry I'd call Chase - get the secured card telephone number - and ask them if they'd issue one with no history.
any federated chain they'll give you $100 limit with your name in the phone book. work it for a year maybe another secured card, then in about 1 year you'll be ready for AA BDD and prime. takes some time but if you follow the plan you can go from nada to platinum in no time.
When I turned 18 I was approved for 1st Financial Bank, $1000 CL @ 15%...... 6 months later was approved for $450 CL @ Sears and father cosigned for $12000 car loan.... 6 months after that, was approved for Citibank $1000 @ 5.25% (employee rate)
LOL. What if you're unlisted? $150 since you can afford to pay the phone company extra or $50 since your disposable income is being further depleted?
