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Sweet K | I have no credit, what credit card should I get? |
I want to start building up my credit, I'm 21 and I have none. I was thinking of getting a Kohl's department store charge. They have great deals on clearance clothes there, and with the card it's usually an additional 10% off. Or would it be better for me to get a card through my bank or someone like Capital One? Any other suggestions on building my credit I would really appreciate. Thanks! |
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BillK
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In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:
OPEN A BANK ACCOUNT
Open a bank account and use it responsibly. This is the first step in establishing a financial history.
CO-SIGN
One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.
SECURED CREDIT CARD
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.
DEPARTMENT AND GASOLINE CREDIT CARDS
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.
This website can be very useful for you:
http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php?page=1&category=7 |
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jakana b
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Go to your bank first. Reseach all their cards and select one that suits you. Many cards have reward options that's why you need to do a little checking around. If you are 21 look for a card with the lowest interest rates. Don't just up and apply for the first card someone pushes in your face. I would not apply for any dept store card. With most cards interest rates hovering around 21-30% they will kill you if you are ever in a financial bind. |
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shortbusr_us
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credit cards through stores are a big rip, just as bad as an american express or master card. what i did was take out a small loan, less than $1000, from my credit union bank. their APR's were low, and the limit was small enough so that frivolous spending didn't get out of hand. |
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Atreyu's Mommy & Due Aug 24
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If you have no credit, they may not approve you for a regular credit card and maybe not even a kohls store card. I would try applying for either one (visa or another main credit card would be best). If you are declined, try the kohls card. If you are declined for that you will need to get a credit card for someone with no credit or bad credit. I suggest checking with your local Credit Union and see if they have a card for you. Many offer a secured credit card. You will need to put money in a savings account, which you can't touch. This will be your credit limit. After a few months you may be able to get a capital one card. Keep both cards open. You will need 3 credit references on your report to get a credit score, which is what loan officers will look at for a mortgage, or car loan.
Do Not apply for an Orchard Bank card. They have annual fee's and many other fee's that wil take up your entire credit limit for the first bill. It's a waste of money. Many Credit Unions do not charge any fee's. I know mine doesn't. Make sure you watch out for all these fee's. At least with a secured card your money is in a savings account, which means interest, and you get it back once you cancel your card.
You can also see if your parents will cosign for you on a credit card. I really suggest you get a visa or mastercard. And if you want to get a Kohl's card also go ahead. Bank cards look better to lenders.
I just have to comment on the person who said "real experts in budgeting and money NEVER have credit of any kind, they always pay cash." You can't just pay cash for everything. I don't know many people who buy a $200,000 house with a check, or even a $20,000 car with cash. If you want these things later in life, you will need credit for any mortgage or car loan. If you always pay off your balance at the end of the month, credit will cost you nothing except what you actually spend. Finance charges aren't calculated until you have a balance for more than a month. |
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Sarah K
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I'd suggest going ahead and getting it. Just make sure you can pay it off on time (and in full) each month. If there are annual fees, just make sure that you'd use the card often enough that those fees make sense (i.e. are less than your savings). Once you pay that card off responsibly for a few (say 6-12) months, you could try applying for a "standard" credit card. The other option for jumping right in is to start out with a secured credit card, but you'd have to have enough money to make a deposit. I've heard that some secured cards end up making little financial sense because of all the fees involved, but I don't have personal experience with this type of credit card.
The higher your available credit, the better in general, but only if you use it responsibly (i.e. stay below 30% of your available credit). All else being the same, it's better to have 2 cards with a $5,000 limit than 10 cards with a $1,000 limit. |
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Alexander Vasarab
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That may not be a bad idea, a lot of department stores are quick to give away credit cards and they are indeed considered "revolving" accounts. So if after 6-8 months of using that and paying it off responsibly you'd like to pick up a standard credit card, you should be able to get one without a problem.
My first card was a Capital One card, and they do not hesitate to give cards with low limits out to those without a credit history (they've raised my limit ten-fold since then). I don't, however, recommend that you go with CO because they don't report your credit limit to the bureaus.
My next card will be a Chase or Citi card, and I expect to use it as my primary card and only charge a couple of bucks a month to my CO account. So on that notion, I'd say go with Kohl's for a few months and then apply with Chase or Citi. Even if they deny you, it will only affect your credit for 12 months (and it's only a difference of ~5 points). Also, I recommend waiting for mail offers in the interim. "Getting an offer" tends to bump up the chances of successfully applying if you have no credit history.
One last thing, there's a lot to be said of the primary credit scoring algorithm, FICO. They look at how many accounts you have open, individual account balance/limit ratio, full balance/limit ratio, length of credit history, etc. Lots of variables. So, if you apply for a Kohl's card now and then apply for one of the starter Citi cards in 7 months, yes it will show two inquiries on your credit report until this time next year, but those will completely drop off after that, and yet you will still have two revolving accounts by then. It's important to have a few different types of credit, and as long as each account is paid promptly and in full, you will never pay interest and build an immaculate credit history. |
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SPIFIMAN1
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Orchard bank is good so are department stores. |
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Baby Blue
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the best thing to do to build credit is to get a credit card. I haven't had much experience with capital one credit cards but capital one bank has given me a lot of trouble with fake charges and fake NSF's and I am not satisfied with them at all. I also heard bad things about getting a loan through Capital One Credit Company. So i suggest you go with a more reputable company like VISA. |
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Michelle H
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The worst kind of credit cards are the store credit cards (i.e. Kohl's dept store card). The important thing to remember is the more cards you apply for/have, the worse it is for your credit. The best way to build good credit is to apply for a low balance (500 or 1000 dollars at MOST) through your bank or other financial company. The banks usually give a pretty low rate (10 to 15% instead of the 20-30% you will pay with a dept store card). Also, it is important to pay your bill in full every month to build GOOD credit. |
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grey'sanatomy
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Go ahead and get the Kohl's card. That will be a good start.
I also suggest trying to get a credit card from your bank if you can get one. It doesnt hurt to have two cards (the bank credit card will be good to have since you can use this to pay your bills automatically.Try to set up an automatic payment for your phone bill using your card.Credit rating agencies like to see that you use your card regularly and you pay on time.)
NEVER miss a payment and Make sure you pay the ENTIRE balance every month. That way you do not have to pay interest fees and you wont go into a debt spiral. (credit cards are VERY expensive if you only pay the minimum payment)
also, do not max out your card. if you have a 1000$ credit limit, try not to use more than 500$ a month. they look at your debt/credit limit ratio and the lower it is, the better your credit score will be.
Remember to stop the urge to shop in excess because credit cards can give you the feeling that you have money even though you do not. remember that it is DEBT.
So be wise about using your card. Hope this helps |
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typestd
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dinner card |
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papyrusbtl
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The only good credit card is a dead credit card.
You will always pay for credit, and real experts in budgeting and money NEVER have credit of any kind, they always pay cash.
If you're going to try one credit card, go to Sears. They are VERY conservative about what credit they will offer you, and have strict rules and low payments. They will never offer you more credit than you can possibly pay off, like most of the other credit companies.
Look on-line and read advice about protecting your credit.
But, you will save money, your sanity, and your future if you buy everything with cash from here on out. |
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jshufelt
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You should have at least a checking or savings account, if so, go to that bank and talk to someone about getting a credit card thru them. Sometimes they have deals where they will waive fees if you have multiple accounts.
Whatever you do, don't fall into the trap of department store cards!! The interest rates are typically 20%-30%. Even though it sounds good that you save 10% on your purchase today, if it takes you 3 months to pay off the balance with 24% interest you end up paying more for it than if you paid cash!
Any major credit card is better to have because it is widely accepted (try using the Kohl's card next time your car breaks down!) and you can build your credit quicker if you utilize the card often. Just remember to only charge what you can afford to pay off every month!
Word of advice-stay away from Capital One, they don't report what your credit limit is, just what your balance owed is. So the lenders have no way of knowing how much of a credit risk you may or may not be and will give you poor interest rates. |
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