Hi, I need a help regarding establishing my credit history. Iâ??m confused with lots of options, and Iâ??m not sure what to do? I would really appreciate if you could help me with this, since I canâ??t get any unsecured cards because I donâ??t have credit history at all. Should I choose for the start some of secured cards? If so, could you suggest which one is good to go? Thanks a lot!
You might try a Credit Union if you have, or can gain access to one. Ask if they report it to the CRAs as secured. The best option would be if they don't. If you are a student, you might apply for an unsecured card on a student program. Applications can be found on most college campuses. Don't know if it will work, but maybe you can try even if you aren't a student. Maybe someone else will have more ideas for you.
I suggest a secured card for 3-6 months minimum. Maybe 2 cards. Get a good little history showing and keep you balances low. As for a card you choose check with you bank they might offer if not do a serch on here for some secured card companies, preferably ones that do not rape with all the fees. Wells Fargo is good and so is Bank of America. Good luck
If you are desperate and cannot find approval anywhere, you can apply at Capital One. I applied their three years ago with FICO score of "N/A or 0" and was approved with 200 dollar credit line at 19.8% fixed and $59 annual fee!! Now that credit limit, interest rate and annual fee sound HORRIBLE, but that tradeline along with providian shot me into prime land where i am a satisfied cardholder with AMEX, BofA, Chase, but I had to start somewhere and they are willing to grant credit to anyone. Also, my capital one account now has 1200 credit line, 13.9 fixed and no annual fee, so i have come a long ways and do not recommend Cap One to someone with established credit, but they will start you in the right direction!
So far, I think I will try with secured cards from Bank of America, HSBC bank and maybe Wells Fargo ... I quess it would be better to have at least 2 credit cards, since I'm not sure to what bureus they reporting ... Thanks to all of you for help!
A secured card with a bank/credit union that will give you your deposit back after so many months of satisfactory payment history would not be so bad - you save money plus gain interest on it plus get a good trade line on your reports.
