No credit history. Getting first CC?

[Woosta]

Should I try to get a secured credit card? They have a deposit amount and an annual fee though? And is it bad if I choose two different banks, for say my main bank account and credit?

 

[her209]

Pretty sure there are secured credit cards out there with no annual fees.

 

[minime72706]

When I got my first card, I just applied on the Chase Freedom site. With no credit history you won't get a very big limit, but should be able to get a card. It doesn't matter if its a separate bank, unless your main bank offers some special cards only to members.

 

[kranky]

If you have been with your bank for a while (2+ years) and have a clean record (no overdrafts), ask the branch manager if it makes sense for you to apply. The manager might go to bat for you to try to get you the card. If that doesn't work, I might try for a store card first, as they are more lenient with approvals. A secured card is fine for building credit but I would first try a store card like Target.

It's not bad if you use a different bank for credit as you do for checking.

 

[imported_Lothar]

How hard is it to qualify for a credit card?
Go to your local bank and apply. Do you have a bank account?

Those store and department stores credit cards don't belong anywhere but the trash. There are very few exceptions of course.

 

[GoingUp]

My first CC was a circuit city visa. Had a credit limit of $500.

 

[Excelsior]

My first card was through my credit union, which I had been a member of for a few years.

 

[SparkyJJO]

I got my first card through my bank. No fancy perks or anything but it started with a $1000 limit.

 

[Skunkwourk]

first one was through wells fargo since I had an account with them.

 

[cubeless]

got my first card @ 18 (many years ago) 3 days after starting at the local gm plant... went into montgomery wards and asked them for a credit card... guy said "no"... went out into the store with my girlfriend/future wife, collected up $200 worth of clothes for her, went back upstairs and said "i want to buy all this and don't have any cash until i get paid"... instant credit card...

store cards build credit like any other credit... of course the card isn't as generally useful...

fight any annual fee no matter where u get the card... they may waive it if you ask...

 

[daggerr]

If you're still a college student, then you should go for a student rewards card like the Citi mtvU card (5% rewards at restaurants, book stores, and entertainment venues).

If you're not a college student, then you should probably try for a Capital One card for people with limited credit (some of them are 1% rewards cards).

 

[FleshLight]

First CC was a citibank Platinum rewards card with a $500 limit and no annual fee. They also Paid me $50 and gave me a free iPod too =)

 

[acheron]

I never had enough credit history for a CC for years, despite never overdrawing my bank account, paying all bills on time, etc. Even after I had been married for a couple years, and my wife had had credit cards (but still good credit), nothing. I had a mortgage before I got a credit card. I switched jobs to a company that had a credit union, joined that, and they finally gave me one. *shrug*

The credit union's card had a $9000 limit, and all these other banks wouldn't give me a f'in $500 card. Guess the banks were too busy selling subprime mortgages or something.

 

[amicold]

Put a bill (ie Cellphone) in your name (assuming you're young) pay it for a month and watch the offers fly in.

 

[AstroManLuca]

Funny, I just bought my first new car ($15,000 loan) and I don't have a credit card yet.

Last time I tried was a couple months ago at Target for the 10% discount, and I was turned down. Again (before that I had tried a couple years ago).

 

[Baked]

Originally posted by: AstroManLuca
Funny, I just bought my first new car ($15,000 loan) and I don't have a credit card yet.

Where did you get the loan and at what APR?

 

[Special K]

My first credit card was the Chase Freedom. Although I had some credit history from student loans when I applied, I suspect it's not too difficult to be approved for one. Also, the Chase Freedom is the best general-purpose rewards card right now, IMO. You get 3% cash back on your top 3 spending categories each month, and 1% on everything else. If you accumulate $200 in rewards, Chase sends you a $250 check, making the effective cash back rate 3.75%/1.25%.

 

[ICRS]

My first credit card was from Citi with a limit of 7000, it was originally for 5000 but for shits and giggles a day after I got it, I requested a 2000 limit increase, and was instantly approved.

 

[JakwoW]

Originally posted by: kranky
If you have been with your bank for a while (2+ years) and have a clean record (no overdrafts), ask the branch manager if it makes sense for you to apply. The manager might go to bat for you to try to get you the card. If that doesn't work, I might try for a store card first, as they are more lenient with approvals. A secured card is fine for building credit but I would first try a store card like Target.

It's not bad if you use a different bank for credit as you do for checking.

This. Like I said in the other CC thread of the night, Look at the interest rate. Anything under 10% is not too shabby. With no history though, it might be higher. As much as 20% is not at all uncommon. But try to find the one with the lowest rate. It's usually listed on the back of all the snailmail spam that you get, if you get those. I get at least 2 a week, but I've had good credit for some time now.

 

[AstroManLuca]

Originally posted by: Baked

Originally posted by: AstroManLuca
Funny, I just bought my first new car ($15,000 loan) and I don't have a credit card yet.

Where did you get the loan and at what APR?

Affinity Plus credit union, 4.49% APR, 48 month term.

I have sorta high payments (around $350/mo) but I can handle it. I didn't want to take 5-6 years to pay off my car.

 

[fleabag]

Originally posted by: Woosta
Should I try to get a secured credit card? They have a deposit amount and an annual fee though? And is it bad if I choose two different banks, for say my main bank account and credit?

My first CC was a secured card, but I only got it because I wasn't in school at the time I applied for the card. If you don't want to have to submit proof that you're in school and or be in school (college) then just get what ever secured card you can get but get it ASAP in order to build credit. I could've gotten my CC 2 years ago but instead I screwed around I waited a whole year later and I'm regretting it ever since. One card that I can suggest is the MTVu card by Citicards, it's free and you're pretty much guaranteed you'll get it as long as you're in college. If you're not in college for what ever reason, just get the secured card because waiting just 3 months means that much more time it'll take to build credit.