Which credit card is best for a beginner who is trying to establish good credit? Serious answers only, please.

Answer 1

A credit score is an "I love debt score." You are hosed if you think this is ever a good idea. Save and pay for something or don't buy it, period.

If you can't afford to buy something now, how will you ever afford it later AT A HIGHER PRICE? That's what credit cards do, they take an item and raise the price of it. People think they're paying $25k for a $25k car. Please. You're paying $55k for that car years later after interest, full coverage, rolling what you owe on it into the next one, etc.

"The biggest stealer of wealth in America are car payments. The average car payment in America is $464. If you invested that instead of giving it to the bank, you WILL retire with $5.8 million." -Dave Ramsey

If you want to get wealthy you have to stay away from debt. The wealthy don't go into debt. What a concept. There's a list of cars that the top 10 Billionaires drive. None of them are new cars. That's because it's in their DNA not to put their money where they will come out losing.

Poor people remain poor by act as if they're wealthy. Wealthy people remain wealthy by acting as if they're poor.

Before you do a single thing with credit cards or spend one more dollar listen to this man for free, on the radio or online, daily, and you will make decisions that wealthy people make. This is like getting financial wisdom from Bill Gates, except this guy has a radio show. Listen to the clips and archives.

Half way down click "Listen to Dave". JUST listen and then replay it.
http://www.daveramsey.com/tdrs/index.cfm/2007/9/17/Getting-rich

Answer 2

What every credit card you get, the most important thing to to only charge what you can afford to pay in full and on time every month. Don't run up and carry a balance.

Go to your bank first. You may have to get a secured card (you pay a deposit which is kept as collateral for the credit card account). But after 6 months to a year, you should be able to get a regular credit card. Try to avoid monthly or annual fees if possible.

Answer 3

Capital One will usually give you a starter card when you have limited or no credit history. The limit will be low so be careful about charging up the entire card even if you pay it off in full each month.

Another good option is to go to your bank and see what they offer. Many of them offer credit cards, not just debit cards. It may be easier to get a card from them because you already have a banking history with them. Look for a card with no annual fee and a low interest rate.

Please read up on responsible credit usage and how your FICO score is calculated so you will have an idea on how to build your credit. Suze Orman has some great info. www.suzeorman.com

Major portions of your credit score are: length of credit, timeliness of payments, debt to income ratio, and used to available credit ratio.

You won't be able to do much about the length of credit at this point....it will have to grow over time. So be good on the rest. Pay your bill EARLY so it doesn't get lost in the mail. If you pay online, take a print screen of the confirmation number, make sure it is still scheduled 2 days prior to the date you scheduled it for, make sure it came out on the day you wanted. (I took a hit for a late payment when a payment I scheduled disappeared from the website and I didn't have any documentation to prove I had scheduled it.)

Keep your usage to less than 30% of your credit limit......even if you pay your bill off each month. If you have a $500 limit and charge $498 on it and the credit card company reports your monthly balance the day before you pay it off in full, it looks like a maxed out credit card on your credit report....which hurts you.

Answer 4

Cap one has been mentioned here, and yes they prolly will give you a card. However, they have no idea what customer service is and will rip you a new one. Orchard from HSBC is ok and helps you establish credit. I would NOT recomend Cap one or Citi in any shape or form.

Answer 5

if you are trying to stablish credit there are a few credit cards wthat will approve you but their interest and annual fees will be high but once you have stablish credit you could drop that card and get a better once, check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates and fees.

Answer 6

Capital One is a good first credit card but before getting one make sure the intrest rate is good and that they arn't going to charge you an anual fee for it. This goes for what ever company you decide to go with.

Answer 7

A student card would be good, or
you might want to go here to compare them, pick one that is right for u
http://www.bestcreditrates.net