im 18 i have no credit i was wondering if anyone knows what credit card company takes people with no credit?

Question

im trying to build credit but i cant find a credit card that takes people with no credit history.

Answer 1

Capital One
First Premier Bank
Orchard Bank

Answer 2

You can set up some credit just by getting a bank account of some kind.

For really fast cash (when an emergency happens), you can get an online checking account that pays interest.

For investments (start saving and investing for retirement NOW. Trust me), get an online account with Sharebuilder, Etrade, TDAmeritrade, something.

That'll establish a little something. Now, if you still want to get some debt:

1. Going to college or trade school? Get a student loan, for a part of it.
-They often have fairly small amounts (my smallest was about $500),
-they give you a lot of time to repay them (mine was a 16-year note),
-they can be flexible if you go through hard times (one's 20s are often easier remembered than done), and
-the rates often can't be beaten (I went in with virtually no credit, and after some financial juggling, I had my loan bought by a company that charges me 2.85% -- when those "loan consolidation" companies call me with 7% offers, I have carte blanche to laugh in their faces).

2. If you MUST take out a loan, try getting a personal loan for a few grand, and taking time to pay it off. This has two advantages over a credit card:
a. It's a specific amount, so you can't "spend-spend-spend" and suddenly end up over your head (I've seen it far too many times).
b. Unlike credit cards, your rate is locked. Read that 3-page, black-n-white brochure that comes with any credit card offer. That's the government ordering them to tell you the real deal. Look carefully, and you'll see that they can charge you thousands a year in fees, 36% interest in some cases, and impose a ton of restrictions on you. This is even more true when they see you as an easy mark. You're young, have no credit history, seem desperate to get a card... they'll swear they've seen you in the park sitting on a statue (pigeon reference).

As your financial literacy grows, you'll find that they get more and more desperate to SERVE YOU. This is a good position to be in, trust me.

I don't know what you want credit for, but remember that the more people you owe money to, the poorer you are. Give your power to others moderately and wisely. Good luck, and remember that the first offer is just a warm-up.

Answer 3

You may want to check where you do your banking to see whether secured credit cards are offered. Some of the major banks like Citi, Bank of America, WaMu, Wells Fargo, all offer secured cards which can be even easier to get if you already bank there. You can think of a secured card as building credit with a savings account, because that's basically how it works. You put a deposit upfront which is usually tied to a savings account and that deposit's used as collateral to get the same amount as a credit limit. For example, you deposit $200, your credit line's $200. It would help to increase the deposit periodically in order to boost your credit line. Having a higher credit line looks better on your report and it helps you get more credit. Also the deposit gains interest like a savings account, so in turn that would be more money for you. As long as you keep the total balance lower than 25-30% of the avaiable credit and pay slightly more than the minimum payment on time every month, the card will convert to a regular card or a better card's offered and you get the deposit back with interest. Orchard Bank also offers cards for people who're wanting to start out or start over. They also offer secured cards in the event you don't qualify for a regular card.

I've posted links to all the secured card sites as well as Orchard Bank.

Good Luck!

Answer 4

The best way to go is to not go into debt for anything. The only thing you need a credit history for is to get more credit. Credit is buying things you can't afford. If you need a card so you can buy things on line or over the phone, get a debit card. Please don't start the bad habit of going into debt......you will never get out.

Go straight to your library and borrow, Total Money Makeover by Dave Ramsey and go to his website and listen to his radio show for free. You'll learn enough to be a financial genius and you will be so far ahead of most people. When you go into debt, you limit your choices.

If you're thinking of building credit in order to buy a home, there are places that can manually approved a mortgage not based on a credit score. Churchill Mortgage is one of them. There are many others. Don't go into debt as a slave to a FICO score.

Good luck!

Answer 5

The Orchard bank card is the best for people who want to build their credit history. They report to credit bureaus to help you build a positive credit score.

Answer 6

You start from zero . You need to do the following things.

1. Open a checking account like wamu.

2. Use your personal check to write when you go shopping.

3. After 2-3 months, try to apply for this bank's acredit card. It will offer you some credit line like 500.

4. You can use this card to buy anything and accumulate your credit.

Does it make sense to you?

Answer 7

I wouldn't advise getting a credit card. I had to file bankrupcy at a young age. But if you're more responsible than I am, you can apply online. No credit is better than bad credit. What you need to do is get a small loan and pay it back, keep doing that and your credit will sky rocket. After you've established credit then you can start applying to as many credit card companys as you want.

Answer 8

You can find a complete list of credit cards designed for people with little or no credit here:

http://www.asapcreditcard.com/poor-credit.html

Although these offers tend to have higher interest rates (and additional fees) when compared to 'standard' credit cards, they'll give you the opportunity to prove your creditworthiness and build your credit score over time. Eventually, with regular on-time payments-- you'll be able to qualify for better offers with lower APR's and less fees. But for now, these are your options...

Hope this helps. GOOD LUCK!

Answer 9

Try going to the bank and getting a secure credit card (you have enough money in an account, say $500.00, to cover the amount) then you can charge smaller amounts and pay that off, my son did that and it worked towards a real credit card.

Answer 10

the answer is citi bank. just be very very careful. the interest rate is high. you need to pay it off every single month and never carry a balance. If you do not think you can do this, then you need to find another way to build credit like buy a cell phone in your name. You could get in BIG trouble here.