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Anyone know of a credit card I can get that won't deny me???

M

mackstann

Banned
I have no credit, just turned 18, and make 16000 a year/ 32000 household, I don't want fees, and if it's only 200 or 300 credit line I don't care. I just need to get some credit.
 
Damn, try anyway, it's worth a shot!

Also if you're making that much money I'm sure you can get one through your bank. Try asking about their Visa or Mastercards. You can probably qualify for a secured Visa/MC. Think you have to put a deposit, but that will build your credit history up so you get offers from other CC companys.
 
Here is a fool proof way I should know because 1) I'm a banker (used to work in consumer credit) and 2) my sister turned 18 last year and had zero, zip, nada credit no one would approve here until I convinced her to get a secured Visa with her bank.

1) Save up at least $500 which you will NOT have access to for at least 1 year.
2) Go to your local bank (where you hold your checking/savings accounts). If you already have a savings account you'd like to use then deposit your funds into that account or create a new savings account or CD (certificate of deposit).
3) Apply for a secured credit card using your savings account or CD as collateral.

Why will the bank approve you? Easy, since you're using your savings or CD as collateral if you ever default on the credit card they just debit that account to pay for your oustanding balance. Of course if this ever happens you're screwed and your credit has it's first bad mark, not a good way to start out.

It is a hassle because you do have to surrender $500 or more for at least 1 year BUT if you really want credit and don't want to be ripped off with a "$59 application fee" and "$40 annual fee" and "29.9% APR" with a smallish $200 limit then this is indeed the way to go. After 1 year you will have established credit then slowly you can get a CitiBank card, Amex Blue, department stores, etc.

Which local bank do you bank with?
 
You're probably in luck then, I have a friend who belongs to a credit union and applied for a secured credit card. She has no credit at all because she just turned 18 last week. After being 18 for less than a week she was approved for a $1,000 credit card all she did was deposit $1,000 into her savings account, the credit union FROZE the account (you cannot withdraw from it), she applied, was approved in about 3 seconds her personal banker called those types of accounts as "shoe ins" hehe how appropriate.

Your other option is to get a high risk credit card, $29-$59 application fee, $40 annual fee, high APR. It's obvious that a secured credit card is the way to go.

Are you able to scrounge up and kiss $500 or more good bye for 1 year?
 
did a search for a card to "establish credit", and got this:

Annual Start-up
Fees Fees

$89 $29

$186 $0

$79 $19

$228 $0

$35 $0

$348 $0

$69 $0

no thanks!

I actually work for a credit card company, but it really doesn't matter cus all of the people I deal with have credit or are college students, so I don't deal with this situation at work.
 
All these high risk companies really rip people off with their start-up and annual fees plus the super sky high 29% interest rate. Like I have said 100 times save up, open a savings or CD, get a secured credit card, boom bada bing instant credit without paying through the ass in fees.
 
boom bada bing?

hehe, I need some sleep, maybe you do too RossMAN

btw congrats on the Elite status, I never posted in that congrats thread cus I don't like posting in threads with a million posts where I don't get noticed. 🙂

edit: also just noticed i'm gettin up there, towards golden 🙂
 
Is it me or are there only 4 people on right now?:

me,
rossMAN
technics1200
guitronics

seems like it ---?


edit: must..... leeaarrn...too.....counnntt...
 
Thanks guys and congrats on your up and coming Golden Member status, my favorite of them all was Platinum.

Well this Ferengi's ears are tired just finished some orange juice and I can barely spell now, good night all.
 
When I started out to get credit my first cards were a gasoline card & a JCPenney's (some kind of Jr version), after awhile it seems they are easier to get.
 
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