Establishing A Credit History?

Question

What is a good credit card to get to establish a credit history?

I have never had one and just got a job about a month ago. I dont plan to rack up the bill or anything, I just want it to help get credit history.

Answer 1

DO NOT I REPEAT DO NOT GET A CAPITAL ONE CARD. they are the worst company to get one with. they have the most customer complaints. just get a MMC or Visa start small with 500 limit and build up

Answer 2

I had the worst time finding a decent credit card to start out with so what I did was go to the bank and apply for a "signature loan" first. Most banks will give you up to $2000. I didn't spend it but put it in a savings account and used the money to pay back the loan over the span of about 6-10 months. (The loan was for 12 months and I did this several times) This way you earn a little interest on the money sitting in the bank and you pay off the loan a little early. Of course you end up paying interest on the loan but it is no worse than having a credit card. The quickest way to establish credit with a credit card is to have a balance on it and make regular payments on it. Of course when you have a balance on a credit card there is interest on it that you pay too but if you are starting out you won't get the good cards with the low interest rates. Generally a bank loan will have a smaller rate of interest than a new user's credit card. If I were you I would go speak with someone at the bank and get their advice on establishing credit before I did anything though...educate yourself first to make smart decisions. Good Luck!

Answer 3

There is no magic credit card to help you build a credit history.

Most every 18 year old (in this country ({the US}, anyways) gets an application from Capitol One. They are as good as anyone else. As a first-time borrower, you're not going to get a top-notch interest rate. It's the unfortunate truth.

Also, you're not going to get a very high credit limit. I'd be suprised if you even got $500 (maybe if you had someone with really rockin' credit cosign...but even then...)

BUT, here are the most important things you can do to help build your credit:

1) Make EVERY one of your payments on-time. Sounds silly, but it's the most important.
2) Pay more than your minimum balance each month. If your minimum is $35, pay $60.
3) If you're really interested in building your credit more quickly (but be careful...this can get out of hand) try not to pay off your whole balance every month. Showing you can carry a balance, and still make sizable payments is another thing they look ay.
4) Don't go applying for 10 cards in a row. Each application shows up as an "inquiry" to your credit report. To the credit card company, and inquiry looks like more potential debt. They don't know if you're going to be approved for any of those, so they may turn you down because they don't want to risk giving you MORE potential debt, which may be too much for you to handle. Try a couple. If they turn you down, wait a while before you do it again.
5) If you can't get a bank credit card, some department stores' cards will be easier to get. Just get one somewhere sensible, like Kohl's or (maybe) Target...don't get one at Best Buy, or somewhere where you really won't be buying something you NEED, but rather just want.

Oh, and lastly...if you do end up with a Capitol One card, please don't be like the tens of thousands of other teenagers, and please PLEASE get a design other than the lightening one! *laughs* Everyone I've ever known has had that one at one point.

Answer 4

If you have a checking account with a company, they are more likely to set you up with a small line credit card. Once you get your card, if you have a car, use it ONLY to buy gas. That is something you already pay for, so it is no additional or surprise cost to you at the end of the month. When you get your bill pay it all off in full. Do NOT use it for anything else, and never tell yourself "oh I'll just pay PART of the bill this month" because that'll roll over to the next month and then the next and so on and so forth. So step 1: Open Credit Card with Bank Step 2: Buy gas (or groceries? whatever you buy already monthly!) Step 3: PAY OFF IN FULL!
In 6 months you'll have an amazing credit score :)

Answer 5

You can find a complete list of credit cards to help establish your credit history 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 build and improve 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 6

you will get what's referred to as a "secured" mastercard. this skill that the decrease is in basic terms what you have in an account against your debt. Use that for a year and it will enable you boost credit. So does using a cell telephone. good success!

Answer 7

Try Orchard Bank or First Premier Bank.

Answer 8

pay your bills on time
get a cell phone and pay it on time
get a credit card from a gas company and use it every month and pay it on time.
each payment and history will enhance your scores.

Answer 9

Chase or Orchard bank

Answer 10

You go Tulip. Great advice