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tacosarethebest | I'm looking to get a credit card to help build up my credit. Which card should I get? |
I want one with no annual fee. A rewards program of some sort would be nice, but not a necessity. I already have a Capital One card that I use. What else is a good one?
Additional Details
Just for a little info, in case you're going to tell me not to get another one.....I make monthly (on time) payments on a school loan, and I pay off my credit card every month. I never put more on it than I can afford. I only have it build my credit (I'm only 21). I've been told that your credit score will be higher if you have three or four lines of credit in good standing. That's the reason I'm looking into another card. |
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shaka r
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The Capitol One card is a good one to start. I would recomend getting another card if you can keep the payments made. It is easier said than done. It is always a good idea to work on your credit history. I started working on mine at 18 and now at 26, I am nearly an 800 FICO score. Anyways, I would recomend thinking about what it is you would like. Airline miles, good insurance coverage, free meals, etc. If for example, the idea of some free flights catches your fancy, look at the airline cards, and the non-airline cards that give miles. After a few years you can build up some sweet trips. Don't ever forget to read the fine print. Some cards have the miles expire after a year and of course, some charge annual fees. I personally use the NorthWest Airlines card. If your a student you can get cards without those kind of benefits but with lower interest rates. Discover has a cash back option but it takes alot of spending to get any real money. American Express Blue card is good to use for the internet, has a lower interest rate, good insurance written into the fine print, but no rewards. Chase freedom points visa has a points program that you can use. In the end, picking the right card is extremely important and often neglected part of our financial health. I would advise sitting down and carefully reading over card offers on the net and chosing one that really is about you. |
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$m¤¤v¥ £¤¢¤
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First of all, if you want to build your credit it would help knowing what makes up your credit:
35% Payment history
30% Amount of total debt vs. available credit
15% Length of time establishing credit
10% Types of credit
10% Inquiries and New Credit
While you could go for another credit card to try to build your credit, there's other alternatives that might help you out.
1. If you have a friend or family member that has excellent credit, ask them to add you as an authorized user on one of their oldest credit cards. You won't need a card as this would be for reporting purposes only. Once added, the activity from their account would reflect on yours, giving your score a boost.
2. To get the best credit score, you need a mix of different credit types including revolving accounts (credit cards, lines of credit) and installment accounts (auto loans, personal loans, mortgages).
Once you've had and used plastic responsibly for a year or so, consider applying for a small installment loan from your credit union or bank. Keeping the duration short -- no more than a year or two -- will help you build credit while limiting the amount of interest you pay. Place the proceeds of the loan in a CD for it to gain interest while you're paying on it. That way when it comes time you would've had the money available to pay for it all along. |
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abby fth
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Most of the time, the major credit card companies are the ones who give people without credit history a hard time in applying for a credit card. It is therefore incumbent upon you to look for other credit card options through which you can build your credit history. Usually, smaller companies offer more leniencies to people who do not yet have credit card history.
Entities like department stores and gas stations issue credit cards with small credit limits. If you are issued a credit card from smaller companies, always remember that your goal is to eventually obtain credit cards issued by major international companies, so make it a point to build an impressive credit history by paying your obligations to smaller credit card companies. Read more about it at: http://www.credit-card-gallery.com/article/119,Applying_For_A_Major_Credit_Card_Even_Without_Prior_History |
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?
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My husband says Orchard Bank is a good one, not sure if it has an annual fee on it or not--I don't have Orchard Bank. |
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Jeremy P
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Normally, I would recommend a credit card for poor / no credit if someone was looking for a credit card to 'build credit'. But since you already have a student loan and another credit card-- you should be able to apply for a 'standard' credit card with a lower APR and less fees.
In your situation, I would recommend the Chase Platinum Visa card. Since Chase seems to have the loosest approval guidelines of all the major credit card issuers-- this might be your best option. It has a 0% APR for 12 months-- plus, it has a rewards program. You can find this (and other great offers) here:
http://www.asapcreditcard.com/0-apr.html
This recommendation is assuming you don't have 'bad' credit. If so, you might have to try a card designed for poor / no credit.
Hope this helps. GOOD LUCK! |
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See Saw
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Get a rewards credit card:
Reward credit cards reward you depending on the amount you spend on the credit card. Usually, you can collect rewards through 3 methods. One method involves earning cash back on the card, which is generally a certain percentage of each amount you spend. The next method involves giving points or any other type of token to the customers to accrue.
http://debts-to-wealth.com/category/Earn-Rewards-With-Your-Credit-Card.html |
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shrsandy
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Don't get any credit cards! Save up and buy what you need! You don't need to build up your credit.
Listen to the Dave Ramsey Show on the radio and go to daveramsey.com to find a radio station. |
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Sane
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First, you contradict yourself, Capital One is a FEE oriented card. Second, getting any credit card is the absolute worse way to build your credit. The best way is to get a fixed loan for something like a car, stereo, PC, or furniture. Two things happen. You do build good credit without the hazzards of revolving credit and constantly wanting to use the card all the time. You have a fixed dicipline in that you have X months at X amount to pay then you are done and you always know where you stand by checking your balance. Also, with a fixed loan, you do not have the bank playing games with the rules and ripping you off as they see fit. |
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nabeels
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whatever u get, please get one for me too. |
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nyalley85
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When I was shopping around for a credit card, the best deal I got was from my bank (wells fargo). They gave me 0% interest and APR for the first 6 months, and after that it wasn't too bad. Honestly though, I'm 21 too and I wouldn't want to have more than one card. Are you planning any big purchases? I just leased a car and that is helping improve my credit tremendously.
OR open a store credit card, like macys or bloomingdales. You can either get a VISA through them, or just a card for the store. Good luck! |
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