Best credit card when having no credit?

[cpals]

My wife doesn't have any credit... always did things on a cash basis and now when I tried to get her a Chase Freedom card they rejected the application due to 'No information in credit bureau.'

Is there a company that will accept someone with no credit?

Thanks.

 

[OCGuy]

Bank of America secured credit card. $250 minimum deposit.

Anyone that accepts you unsecured with NO credit, is going to be a company that charges horrible fees due to the risk.

 

[compuwiz1]

There is no good credit card when you are new to credit. Expect over 20% interest, generally, for a first timer.

Whatever you get, don't exceed 35% of your limit and do not pay even one day late. In time you will attain a score high enough to get a much better card.

 

[erub]

Shoulda gotten them when they were handing them out like candy in college.

 

[George P Burdell]

Get her a secured credit card.

If possible, call your CC and ask them to make your wife an addon card. Sometimes they will ask for your wife's SSN and the addon card **may** show up on her credit history.

 

[cpals]

Originally posted by: compuwiz1
There is no good credit card when you are new to credit. Expect over 20% interest, generally, for a first timer.

Whatever you get, don't exceed 35% of your limit and do not pay even one day late. In time you will attain a score high enough to get a much better card.

Interest does not bother me since we pay off our cards every month, just trying to get any card.

Thanks.

 

[compuwiz1]

Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

I swear I have gotten back from 500 fico to over 700 twice in my life by piggybacking after loss of businesses.

 

[cpals]

Originally posted by: compuwiz1
Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

She has a couple cards on my cards as an 'authorized user', but I've never had to add her social security number to get her added... how would that benefit her credit?

 

[compuwiz1]

Originally posted by: cpals

Originally posted by: compuwiz1
Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

She has a couple cards on my cards as an 'authorized user', but I've never had to add her social security number to get her added... how would that benefit her credit?

It works. I have been added on to accounts before and they did not know my social security number but since the address is the same the credit bureaus eventually pick it up. You also need to find out which of your creditors rate authorized users. They don't all do this.

 

[Rumpltzer]

Originally posted by: George P Burdell
Get her a secured credit card.

If possible, call your CC and ask them to make your wife an addon card. Sometimes they will ask for your wife's SSN and the addon card **may** show up on her credit history.

I did this.

Added a 30+ year-old user with no credit or employment history in the U.S. to a few of my credit cards. I made sure that they had her SSN. I also added her to my natural gas and electric bill and I made sure they had her SSN.

A year later, she's able to get department store (Macy's) and clothing store (Gap, Victoria's Secret, etc.) credit cards on her own and they give her $20K credit lines.


If you don't feel good about adding your wife as a user to your credit cards, you can just order the cards, activate them, and don't give them to her. Maybe use them as gas cards when you do pay at the pump and stuff so they'll have a little use. It's not clear to me if it matters if the card is used or not. In my case, the cards I ordered as a "user" on my credit cards were hardly used at all and her credit seems to be off to a good start.

 

[Rumpltzer]

Originally posted by: cpals

Originally posted by: compuwiz1
Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

She has a couple cards on my cards as an 'authorized user', but I've never had to add her social security number to get her added... how would that benefit her credit?

The MAN uses your SSN to track your credit history. The CC companies need to have hers in order to report her credit history to the MAN.

 

[cpals]

Originally posted by: compuwiz1

Originally posted by: cpals

Originally posted by: compuwiz1
Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

She has a couple cards on my cards as an 'authorized user', but I've never had to add her social security number to get her added... how would that benefit her credit?

It works. I have been added on to accounts before and they did not know my social security number but since the address is the same the credit bureaus eventually pick it up. You also need to find out which of your creditors rate authorized users. They don't all do this.

Looks like the rules have changed or will be very soon (no more authorized users for credit score):

http://credit.com/credit_infor...CO-Formula-Changes.jsp

 

[compuwiz1]

Originally posted by: cpals

Originally posted by: compuwiz1

Originally posted by: cpals

Originally posted by: compuwiz1
Also, if you have great credit, why not call and ask your credit card companies to let you add her name as an authorized user. She does not carry the cards if you do not want her to, but she will get credit strength from it. This is known as piggybacking. It works amazingly well.

She has a couple cards on my cards as an 'authorized user', but I've never had to add her social security number to get her added... how would that benefit her credit?

It works. I have been added on to accounts before and they did not know my social security number but since the address is the same the credit bureaus eventually pick it up. You also need to find out which of your creditors rate authorized users. They don't all do this.

Looks like the rules have changed or will be very soon (no more authorized users for credit score):

http://credit.com/credit_infor...CO-Formula-Changes.jsp

Decision to do this reversed. Piggybacking is still alive.

 

[onlyCOpunk]

Maybe a debit card with an overdraft?

 

[yhelothar]

my bank of america student card was a great first card for me... $600 limit
i built up my credit pretty quickly

 

[nerp]

Get a Discover card. They are more lenient than other companies and you don't have to fork over money to get it like a secured card. In addition, they offer cards with no annual fee, so you're not out $200 in "membership fees" and "activation fees" and other sleazy crap.

 

[Baked]

Try a Citi VISA. That was my 1st card when I started college. I actually got the application from a bulletin board. I don't even think it was a student card, they don't have student CC back then.

 

[pstylesss]

AMEX has 1500 of my credit to give you. Jerks.

 

[Skunkwourk]

try getting one through whatever bank you have an account with.

 

[imported_Lothar]

I don't understand how people have problems getting a credit card...

I got my 1st credit card last summer (BoA Visa platinum plus) and it had only 11.99(or 12.99?)% APR with a $2,000 limit.
I had no credit history prior and paid all purchases 5 years prior with my check card, and was still a college student at time of application.

As I understand it, using a checkcard(whether you hit the credit option or not on the transaction) doesn't build credit history, right?
I never used the piggyback method either.

When I was in college, they were practically handing out credit cards like candy.
I was lucky enough to never participate in the "sign up for a credit card" and get a free backpack or McDonalds lunch scams like some of my school mates were beholden to.

 

[Night201]

One can live life without credit. Why does she/why do you want to get her credit?

 

[nerp]

Originally posted by: Night201
One can live life without credit. Why does she/why do you want to get her credit?

This is true until:

You want to get a cell phone with contract and don't want to pay a deposit
Want to buy a house
Want to get a job in some industries
Want to rent from a realtor/landlord who actually screens applicants
Want to buy a car


You might be able to manage to get a car loan but without a credit history, you're stuck with a higher interest rate. And forget about buying a house. Unless, of course, you plan on paying for the whole thing in cash.