Question by dizzy lizzy: what is a good first time credit card i can get?
I recently turned 18 and I want to start building credit, the problem is no one will approve me, does anyone know know a credit card company or a store that can help get me approved?
Best answer:
Answer by shanupo
i’m 22. My first credit card was with EXPRESS…the clothing store. I dont know if you have one of those. My second card was with Nordstrom. Usually the retail store cards are easiest to get i think. However….they arent the best to have….they usually charge higher interest rates than other major credit cards…for example…a regular Visa, mastercard, amex, discover…etc.
But maybe keep it for a while…only charge what you can pay off monthly…thats a good way to build good credit. then later…maybe in a year or so…apply for a visa, mastercard etc. Most financial advisors only suggest 2 major credit cards and maybe one retail.
good luck!
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It may be harder to get approved in today’s economic times, but you can prob still get a student visa. I got a student visa from citibank with a $ 1500 limit. It’s a great starter card.
capital one approved me as soon as i turned 18 & didnt have any credit. try them. if not, see if you can get one through your bank
Here’s how I re-built my credit after having filed a Chapter 7 Bankruptcy (and no one would give me credit): I was sent an application from Capital One for a secured credit card. What they said is if I sent them $ 300, they would put it into a savings account and then set up a credit card for me with a $ 300 limit.
I then charged what I could afford to pay every month, which at the time was $ 200. Then when I got the bill I would pay it in full long before the due date (so I was never late), and then charge it up again.
I did this for 6 months. They then increased my credit limit to $ 500 (but did not ask for more money for the savings account). I continued to charge and payoff and after another 6 months they increased my limit to $ 1,000 and sent me the original $ 300 (plus interest) back, stating I was now approved for unsecured credit.
I checked my credit score which had been in the 400′s after my Bankruptcy and it was now over 600. I then applied for more credit cards and was approved for them, and canceled my Capital One card. Incidentally, when I later applied to them for another card, they turned me down!
Be sure to stay away from Providian (if they are still called that). They once offered to send me an “unsecured” credit card with a $ 100 limit, if I paid them a $ 127.00 processing fee. Yeah, right.