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Unread 2013-11-29, 04:24 PM   #1
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Default First Time Credit Card

My wife has zero credit and we tried to get her one through our bank (BOA) and they said no because lack of credit. Businesses also said the same. Anyone have a good credit card to start up with. This is just to build her credit. thanks for help!
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Unread 2013-11-29, 04:28 PM   #2
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Discover Student Card. This card charges zero percent APR (the annual interest rate for the card) for the first nine months—"not bad for a student card," Harzog says. "It's going to be for someone who's had a little bit of experience. It might be hard to get this card if you haven't had any credit experience at all." It also offers rewards: 5 percent cash-back on things like gas, groceries, and restaurants—places that students frequent (you'll earn 1 percent cash-back on everything else). No annual fee.
Capital One Journey Student Rewards Card. This card offers a 19.8 percent APR. "You might be able to qualify for this with limited credit history," Harzog says. This card also rewards you for paying your bill on time: a 25 percent bonus on the cash-back you earned that month. No annual fee.
Orchard Bank Secured Mastercard. With a secured card, you have to make a deposit into a savings account that's linked to the card. The deposit you make is like collateral for the card; that's your credit limit. This particular card comes with a low 7.99 percent variable purchase APR, and the $35 annual fee is waived for the first year.
Chase Freedom Credit Card. "The Chase Freedom card has been very friendly to people with little or no credit," Sekar says. The card offers 5 percent cash-back on purchases at gas stations, grocery stores, and restaurants. There's also zero percent APR for the first 15 months on purchases and balance transfers.
Citi Forward for College Students Card. "This card has great rewards," Sekar says. Earn points for every $1 spent at restaurants (including fast food), and on books, music, and movies. There's no annual fee, and the card offers zero percent APR on purchases for the first seven months.
The Capitol One Cash Card. This card charges no annual fee and offers 1.5 percent cash-back on all purchases. Sekar points out that there are no foreign transaction fees, so "it's a good card if you're going abroad."
If you're having trouble qualifying for a credit card, Sekar recommends checking with your local credit union to see what credit cards they offer. "They tend to be more individualized," she says.
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Unread 2013-11-29, 04:37 PM   #3
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Thank you!
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Unread 2013-11-29, 05:11 PM   #4
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I too have no credit im only 19 but BOA offered me a cash rewards card in june. I took it to slowly build credit it has a 500 max as of now
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Unread 2013-11-29, 05:12 PM   #5
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I too have no credit im only 19 but BOA offered me a cash rewards card in june. I took it to slowly build credit it has a 500 max as of now
So you disliked the post but offered a suggestion...
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Unread 2013-11-29, 05:20 PM   #6
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Accident im at work bored trying to be slick with my phone
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Unread 2013-11-29, 06:48 PM   #7
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Id try capital 1 for a bankcard, if declined for that anyone can get a card through Comenity they finance stores such as Victoria Secret, Buckle, Express etc. They might start with low limits but go up every 3-4 months, I've also see them decline online apps but approve you once a human looks at denials that are borderline approval. The first thing I'd do is close all accounts with BoA and go to a credit union. I see you're in Ottawa, but Community America Credit Union is great, abs they have many options for people with no credit.
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Unread 2013-11-29, 06:59 PM   #8
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Yeah I am going to try a couple of the above listed and then might look into a credit union. And I really have no idea why BOA didn't accept hers.
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Unread 2013-11-29, 07:14 PM   #9
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Yeah I am going to try a couple of the above listed and then might look into a credit union. And I really have no idea why BOA didn't accept hers.
Because they are a big huge prime credit provider that tightened lending structure after economy crash. She has nothing on her credit report at all? You could put her as authorized user on your accounts wait few months and try again.
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Unread 2013-12-02, 02:36 PM   #10
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There are a number of sites that you can put basic information in and it will tell you which cards to apply for.

You could also sign up for Credit Karma - it is a free site as advertised to monitor your credit, but it they make their money off of suggesting ways to improve it or save money (CC's, car loans, etc.). It may have some suggestions.

I had a co-signer on my first card which is how I got it. You could also take out a small loan with a cosigner.
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Unread 2013-12-02, 11:20 PM   #11
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I was offered a student credit card on my 18th birthday and despite my mother saying I shouldn't do it I went ahead an got it. Started with a $200 limit and now the card has a limit over $10,000. I hardly ever use the card but about once a year they raise the limit. I keep this as my emergency credit card just in case shit hits the fan and I need a LOT of money for something.

Using this card to build my credit I was able to get a car note for $21,000 on my 20th bday as my credit score was right at 800. The sales rep was shocked that I was approved for such a low rate at 20 years old lol.
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Unread 2013-12-04, 02:23 AM   #12
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Did you own a home, what other accounts did you get from 18-20 outside of the student card? I don't like to call bs too much but from 18-20 there's no way you went from no credit to 800 score. Who provided the score transunion, Equifax, experian, fico, someone else? If you had a 800 scoreit wasn't on the typical scoring model.
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Unread 2013-12-04, 07:26 AM   #13
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I would sign up for the Citi Forward card. It is awesome.
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Unread 2013-12-04, 06:58 PM   #14
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Did you own a home, what other accounts did you get from 18-20 outside of the student card? I don't like to call bs too much but from 18-20 there's no way you went from no credit to 800 score. Who provided the score transunion, Equifax, experian, fico, someone else? If you had a 800 scoreit wasn't on the typical scoring model.
The card is a Visa Gold Card through 1st Financial Bank. I applied for the card literally on my 18th birthday and got the card in the mail about 2 weeks later. The only other accounts I had during my 18th birthday and the time I got the car loan were 2 Stafford Loans for school and 2 checking accounts. The Stafford Loans at the time were being deferred as I was still in school so they had no impact on my credit.

Considering that the car loan was through an actual dealer and not a buy here pay here I am sure they used one of the major credit scoring systems.
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Unread 2013-12-06, 11:14 AM   #15
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Still impossible to get 800 score in 2 years with a nonprime lender credit card and deferred student loans. FYI checking accounts don't report to a credit report or increase score, only hurt you if write bad checks and don't pay them off and send the DDA account to collections then hurts score.
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Unread 2013-12-06, 12:05 PM   #16
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Yeah I am going to try a couple of the above listed and then might look into a credit union. And I really have no idea why BOA didn't accept hers.
3 years ago when I had zero credit and have been with BOA with checking for 5 years at that time they declined me saying I didn't have enough credit.
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Unread 2013-12-06, 12:21 PM   #17
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Did you own a home, what other accounts did you get from 18-20 outside of the student card? I don't like to call bs too much but from 18-20 there's no way you went from no credit to 800 score. Who provided the score transunion, Equifax, experian, fico, someone else? If you had a 800 scoreit wasn't on the typical scoring model.
had the same thing happen to me. I had one credit card and paid it off each month, got a 817/814/822 credit report when I went to get a home loan. got denied based on LACK of credit, but my credit score was essentially perfect.

Should add now I have car loan, 2xCC's paid monthly, and a home. Credit score has decreased but definitely not much. You don't fuck around with credit .
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Unread 2013-12-06, 12:45 PM   #18
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had the same thing happen to me. I had one credit card and paid it off each month, got a 817/814/822 credit report when I went to get a home loan. got denied based on LACK of credit, but my credit score was essentially perfect.

Should add now I have car loan, 2xCC's paid monthly, and a home. Credit score has decreased but definitely not much. You don't fuck around with credit .
Credit score isn't everything. Credit history helps a lot too.
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Unread 2013-12-06, 03:25 PM   #19
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I built most my credit up from paying off my car, I have a chase freedom card now, but I am a little too spend friendly with plastic, I will usually use it for bigger purchases. I tend to be a little more frugal when using cash.
Its just too damn easy to swipe, handing over dead presidents is a different story.
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Unread 2013-12-06, 08:02 PM   #20
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Get a secure credit card at her bank if she has an account. Or a credit union. Pretty much is a credit card that you deposit an x amount of money and thats your limit. So what you deposit is pretty much colateral. Or a store credit card which you frequently shop at. Key is to pay it off at the end of the month
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Unread 2013-12-08, 09:07 AM   #21
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Credit score isn't everything. Credit history helps a lot too.
Absolutely agree!
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Unread 2013-12-10, 12:15 AM   #22
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Credit score isn't everything. Credit history helps a lot too.
That's what makes no sense to me, a large portion of score is based in established history over a long time, on time payments, debt to income ratio, credit limit vs balances, low inquiries, the type of debt you have(when I bought a house my score went up 100+ points) there are changes in credit/beacon/fico scores coming soon. When I see these 800+ in 1-2 in doubting its a real score. They have different scores for different things like cars they take past car loan history snot among other things and you get an auto loan score. In tired and don't feel like typing anymore. While im not end all be all on all things credit, unless there's credit/bankruptcy attorney on here I'd put my knowledge up against anyone. If anyone has questions pm me ill give you s correct answer or ask my counsel or someone else high up in my company.
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Unread 2013-12-12, 12:51 PM   #23
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I used Discover Student card for a part of a student loan 16 months ago. I'm still in school (deferred payments) and they call me all the time. I think they sold my information because i get spam emails and calls all the time from vendors about my discover card. I pay a few bucks every month so its not like im delinquent. i'm past the zero apr term and its about 22-27%. also account features online are poor.

Im glad i got the card and glad they extended me credit, but discover company is brutal. easy to get but hard to get away from!!
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