Finding Credit Cards Blog

I’m a college student and have no established credit. I’ve had a debit card for about 6 years, but I’d like to open a credit card to start building credit. I’ve researched MTV and Citi bank Visas, Discover, and American Express, but am still not sure what the best option would be. I plan to use my card sparingly and pay it immediately from my debit account.

Best to start off with whatever your own bank is offering. If you plan to be a full payer it shouldn’t cost you anything whichever you choose.

But you are known to your own bank so this should help ensure you get approved. Decline rates are in the region of 50%, so this is worth thinking about!

I’ve applied for two student cards, one with Chase bank and one with discover, and have be denied a credit card both times due to lack of credit history. What is a card that will allow me to build good credit so i can get a better card?

It is best if you have a checking and savings account before applying for credit and you have to have a job.

Then there are two ways you can go -

(1) Ask one of your parents to add you to one of their credit cards - make sure the history is good - because it will be reported to your file in its entirety on the next billing statement. Then apply for a student credit card.

(2) Apply for a Capital One Student Credit Card - they almost never turn anyone down. They just approved my daughter today. Her 18th birthday was yesterday and she has NO credit. There is a link to the application page in the source section of this post.

Good luck to you!

I have a pretty low credit score (597) and want to begin rebuilding my credit. The score is low from charge offs about 3 years ago. Is there a certain bank or credit card that is easier on people like me that will give me a credit card? And yes–I do plan on paying on time. It would be for small simple purchases that I would otherwise buy with cash and could pay off easily each month.

Try HSBC credit cards. Specifically Orchard Bank credit cards specialize f/ people trying to rebuild credit history. Expect low credit limit though more than likely with any credit card company.

So my credit score is something like 562. I am looking to get a credit card with something like 2000 dollar limit or lower that wont have unbelievable fees. Does something like this exist? I’ve applied for credit cards over the last year and have been denied each time. Yeah, my credit sucks. What can I do?

Every time you try to get a credit card, the inquiry reduces your rating.
It is usually only 1 or 2 points, but if you have bad credit it can reduce it up to 5 points.

You will not find a card with a $2,000 limit.
The best you can hope for is one with a $250 limit.

Problem with a limit that low.
Any time you use more than 30% of your available credit limit you are destroying your rating.
Ex: $250 limit - never use more than $75 at any time during the month on that card.
And, of course make sure you pay a credit card in full for top ratings.
Carrying balances on credit cards can destroy credit very easily.

There are some cards, but I consider them scams.
A certain bank has a card.
$250 limit
$95 annual fee
$75 proceesing fee
$10 monthly fee
$5 just to see your bill online
You end up with a card that is maxed out (which lowers credit) and you only have about $20 available to use.

They also have an inquiry fee to see if they can raise your limit.
Each time they do this (un announced about every 3 months) you get hit with a $35 inquiry fee.
This fee puts people over the limit -
They get that nice $40 over the limit fee.
And then the interest rate can go up to 45% - yes - they can go up that high.

In conclusion - stay away from these cards.
Go to your bank and get a secured loan.
You give them $500 or $1000, you invest in a cd- and you make a secured loan against that amount.
Paying back on time for at least a year will improve your credit.

Do not ever in life consider getting a credit card to carry balances.
This will only destroy your credit - and in turn your life.
/

I want a limit of maybe 10,000 dollars to help with my wedding. I also currently have a credit card, my only credit card of 3,000 dollars that I would like to pay off with the new credit card. I have very good credit so I really dont think that will be an issue.

I just wrote an article on this very topic.

I would definitely go for a Visa or Mastercard. You can use any main company (Bank of America, Chase, etc.). Just do a quick comparison on those sites and see which one offers the lowest rates for the longest period of time. If you are transfering a balance, don’t forget to see what the balance transfer fees are!

Just look for the ones that are offering a zero percent interest rate (and a rewards program would be nice). Make sure to only do this from secure websites that are from the actual companies. Good luck, and I hope you have a blessed marriage =).

http://www.Credit-Card-Advice.com/

I have no credit history cause i’ve never had a credit card or borrowed money or anything and I want to establish credit now. well I applied for a credit card that required a deposit..secured credit card will that help boost my credit and how high will my score go once i start establishing credit?

Well first, I would like to explain what makes up your score:

1. Payment history- 35%
2. Total debt owed vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit established- 10%
5. Inquiries and New accounts- 10%

Ok, with all that said, I’ll answer your question.

Secured cards are a perfect way to establish credit. Being that you’re having to place a deposit upfront as collateral in order to secure a line of credit. Now the deposit wouldn’t be used unless the account became seriously delinquent, so whatever is charged on the card would need to be repaid like regular card. I’m going to point out some major advantages with a secured card.

The deposit is usually linked to either a savings account or certificate of deposit, which either way gains interest while you’re building credit. So, your money isn’t just sitting there. Also, by adding to the deposit, you can increase the credit line, which can help your score, because high limits not only show responsibility in using high limits, but it also creates a much-needed cushion between the total debt you have and available credit. So the higher you can get your limit, the better it looks when it reports on your credit.

Now a good way to use the card would be by making a small purchase ($20) that can be easily paid off on time every month. This not only shows activty on the account, but it also minimizes the interest that you have to pay, so the bill won’t get out of hand. I’ll give an example:

You buy like a couple of coffees at Starbuck’s or a CD of your favorite group every month, then pay it off when the bill comes. Then do it again. Also, add to the deposit as much as you can. Even though you would be increasing the credit line, you would treat the card as if it had a $50 limit, but you’re only spending $20. You do this like I said so the balance won’t get out of hand and you don’t get charged boatloads of interest.

Usually after a year or so of paying on time and keeping the balance low, if not 0, the card either converts to a regular card or a better card is offered. And more importantly, the deposit is given back to you with interest attached like I mentioned earlier. Although you’re using your own money, you’re "custom building" a high limit credit card, saving up money and building credit at the same time.

Like one poster said, there are some bad ones to avoid, so I took the liberty of posting links to some of the better ones out there.

As far as how much your score will go up, that will depend because having a credit card is only part of it. There’s 2 types of credit, revolving (credit cards, line of credit) and installment (student loans, auto loans, furniture loans, mortgages). You have to have a balanced mixture of the two to build a good score. But be patient, work hard, and most of all….

Good Luck!

I’m looking at getting my first credit card. I’m 20 years old and I have a credit card that is linked to my parents, so I have near perfect credit. I’m trying to start building my own credit and I want to know what is the best card for a young person trying to build their own credit.

No credit card is best or rather every card is best if you are alert and repay the amount borrowed on time. Hence as you are a new starter so be careful and always pay back on time and this will surely increase your credit score. Now for good credit cards it differs some have 0% APR for the first year some give rewards and cash back on some purchase so you have to choose which suits you the best.

What happens to one’s credit when the person’s sole credit card is taken and used illegally? We’re not sure how this will affect efforts to refinance, as this is my wife’s only credit card. She will be receiving a replacement in the next week and will have an affidavit indicating that the charges were not hers.

Any suggested approaches to ensuring that her credit info is considered before the card was stolen and the account closed?

You really shouldn’t have much of an impact, since the card is being re-issued. Basically you still have the same account, same history, same limit as the old card, just with a new number. She will need to be very careful about the fraudulent purchases. If the bank does not wave them, she could be held responsible. If she doesn’t pay this will hurt her credit. To be on the safe side take the affidavit with you when you re-finance this will be your proof that if anything negative shows up, it wasn’t yours.

My next question has to be how did they get her card. If a wallet was stolen, home broken into, mail stolen, keep in mind the other info this thief may have. Name, address, social, etc they may have more than enough to commit credit fraud,(Opening other lines in her name) it may be a good idea to sign up for a credit monitoring service for a little while.

A friend of mine was made bankrupt a few years ago, but has been discharged for about 18 months or so. So he can try and build his credit up, which credit card companies would allow him to obtain a credit card? He is not interested in the interest rate etc - he just wants a company who will definitely say yes, as if they say no, it will make his credit scoring worse.

go to moneysupermarket. go to the credit card section. They have a list of credit card companies that accept people with a bad credit history. Vanquis and capital one are just a few of the companies on the list

Let’s say I buy something for $100. I return it and they say I will have that credit back on my credit card. So now my credit card balance is $100? What if I paid for that $100 already and then returned it and got credit back? Can a credit card have a balance and have money withdrawn from it?

Yes. The retailer will credit back the $100 onto your account. If you already paid it, you’ll have a postive balance.