Where should I apply for my first credit card?
August 19, 2008 : Posted by: admin : Category: apply for credit card : Add CommentI am 20 years old, moved to the US 4 years ago, and just recently received my social security number. I have a savings account at Chase, and a debit card that I hardly ever use. I want to apply for a credit card to start building my credit history. Where should I apply? I heard that if one is denied many times, it harms one's credit history. Should I apply at a store like Macy's or Shoprite or something?
Yes, start with a store card, any major retail chain. If that doesn't work, check with your bank and see if they issue secured credit cards. They put a hold on part of your savings and give you a credit limit up to that amount. Gas cards (issued by the major oil companies) are another option, they have a low limit so they are easier to get.
Once you get a card, you need to use it in order to establish your credit history, but be sure the payments are on time. Credit issuers don't report the fact that you got turned down, but they definitely report inquiries (the fact that they checked your credit because you applied for a card or loan), and too many inquiries will hurt your credit score. So do not apply at a lot of places. Pick a mid-level store like JC Penney and see what happens.
Also, having too many credit cards can be a negative. Once you establish credit you will be inundated with credit card offers. Resist the tempation - keep two or three bank, store and/or gas cards and stick them them.
August 15th, 2007 at 6:19 pm
Yes, start with a store card, any major retail chain. If that doesn't work, check with your bank and see if they issue secured credit cards. They put a hold on part of your savings and give you a credit limit up to that amount. Gas cards (issued by the major oil companies) are another option, they have a low limit so they are easier to get.
Once you get a card, you need to use it in order to establish your credit history, but be sure the payments are on time. Credit issuers don't report the fact that you got turned down, but they definitely report inquiries (the fact that they checked your credit because you applied for a card or loan), and too many inquiries will hurt your credit score. So do not apply at a lot of places. Pick a mid-level store like JC Penney and see what happens.
Also, having too many credit cards can be a negative. Once you establish credit you will be inundated with credit card offers. Resist the tempation - keep two or three bank, store and/or gas cards and stick them them.
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August 15th, 2007 at 6:44 pm
go to http://www.quickiecredit.com they have every credit card on there.
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August 15th, 2007 at 6:58 pm
A lot of stores will not give you a credit card if you don't have a major credit card. I work at JCPenney part time and I see countless people turned down everyday. It is sad really, because people are quick to do anything to save 10% when in fact they are hurting themselves in the long run.
If you feel that you must get a credit card, look online and compare the type of card you are looking for. Good luck. Be smart.
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August 15th, 2007 at 9:08 pm
One of the ways to establish your credit is applying for a department store credit card. Do not spend much with it and try to pay it off as soon as possible. You credit points will start accumulating. I suppose you should also apply for a credit card by such banks as First Premier, Orchard or Capital One (bad credit card offers) - they are not as advantageous as cards for good credit, but you won't be denied. As you pay off your cards as soon as possible, you will build a decent credit in the shortest possible time. But there are two main restrictions: do not overspend or miss the payments and do not apply for too many cards.
Good luck!
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http://credit-land.com/
August 16th, 2007 at 2:49 am
To attract people to get a card restricted to a single store, the retailer offers lot of discounts or special offers. These can consist of a free gift, or discounts on purchase prices when you use the card. If you buy from the shop frequently, this card can lead to big savings on your necessary goods when you use these cards. Another advantage of store cards is that getting it is quite easy even though your credit history is bad. This allows you to restore your credit history.
http://get-out-of-the-debt-trap.com/category/Store-Cards.html
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August 16th, 2007 at 4:44 am
prepaid card scores over credit cards especially if the owner has a not so perfect credit history.
The rejection is non existent in case of prepaid credit cards, there are no credit checks, no employment verification, and approval is guaranteed.
With a bit of dilligent shopping and comparision of various prepaid credit card offers, it is not difficult to find a prepaid card with no annual fees, no late payment fees, no repayments, and no penalties whatsoever. So, the ownership costs of a prepaid card can be negligible.
With prepaid cards it is very easy to promote financial discipline. Since you can only spend what you have, there is no overspending, and hence no debts.
Some prepaid cards do report their use to major credit bureaus and hence are a good instrument to rebuild credit history.
Prepaid cards have wide acceptablility, and in some cases they are even more readily accepted than credit cards. Apply online at: http://www.credit-card-gallery.com/PrePaid_Card.html
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