Recommend on: Credit Card

Walter

I live very much within my means and therefore haven't had a need for a credit card. I use a visa debit or cash for anything I need. No car loan either thanks to a very generous family member. Its been great but its left me with no credit history whatsoever. I want to get a credit card that I'll use for my groceries, utilities, and meal purchases. It will be paid off in full and on time every month.

I have been looking around and I really like this deal:
http://www.mostmiles.com/mvt/
My fiance and I currently live in different states and any extra flights we could get would be awesome. The miles I get for signing up would pay for a round trip flight and be worth the $50 annual fee.

I am a little nervous about this whole process though. Does anyone have any advice or know of cards with better perks?

tl;dr Recommend me my first credit card.

Deebaser

Do you have any credit history? Even student loans paid off timely for 24 months? You may have to go with who will take you. Check out mint.com

All the major banks are basically the same.

Improvolone

If you get rejected for that credit card, you may have to get a secured credit card (which is perkless aside from building your credit).

Deebaser

Improv is correct. However, not many banks do the secured credit card thing anymore. if you get rejected for a rewards card based on your lack of credit, you can aways hit up Orchardbank.com (HSBC).

Walter

I have no student loans thanks to scholarships and the same generous family member. I pulled my credit report and their is nothing on it at all. I have kept a cell phone for about 6 years and have rental history, but thats it. I also have very little income since I am now in graduate school. Drat. Looks like I will have to take whoever will have me. Good thing I'm getting started on this now.

EWom

My wife and I are going through the same thing. I have a little bit of credit and can get a card through my bank but they won't approve one for her as she has no credit history. All her loans and such have been through her family. She was even rejected by Walmart for their shitass credit card. I'm going to guess you're just going to have to take whatever will take you, and most likely the only "perks" of that card, will be a stupid high interest rate.

But do it anyway, as we are finding out trying to move on from renters to home owners without credit is essentially impossible, unless you're somehow rich, and can just pay cash money for a house without the help of anyone.

Improvolone

CitiBank, HSBC, and Wells Fargo are the only banks you might have near you that have a secured credit card.

Walter

EWom wrote: »

My wife and I are going through the same thing. I have a little bit of credit and can get a card through my bank but they won't approve one for her as she has no credit history. All her loans and such have been through her family. She was even rejected by Walmart for their shitass credit card. I'm going to guess you're just going to have to take whatever will take you, and most likely the only "perks" of that card, will be a stupid high interest rate.

But do it anyway, as we are finding out trying to move on from renters to home owners without credit is essentially impossible, unless you're somehow rich, and can just pay cash money for a house without the help of anyone.

This is largely why I'm doing this. I applied for a mortgage earlier this year, offering 20% down and was rejected due to not having any credit and almost no income. Once again that very generous family member stepped in and helped me out. However, I'll most likely be moving in two years and will need a mortgage if I go to a more expensive location or nicer house.

Dang, I had dreams of free flights and sterling credit. I applied and the sight said they "need more time to process" my application. I'm going to take that as a negative. I'll look into a secured credit card and update when I find something. Thanks so much guys.

Phives

Bank of America also offers a secured card.

Improvolone

Yea, but they're evil.

Deebaser

There are three types of banks

Evil ones that have fucked you over
Evil ones that you don't realize are evil because they haven't fucked you over yet
The one Jimmy Stewart ran in It's a Wonderful Life.

Blarghy

Walter wrote: »

EWom wrote: »

My wife and I are going through the same thing. I have a little bit of credit and can get a card through my bank but they won't approve one for her as she has no credit history. All her loans and such have been through her family. She was even rejected by Walmart for their shitass credit card. I'm going to guess you're just going to have to take whatever will take you, and most likely the only "perks" of that card, will be a stupid high interest rate.

But do it anyway, as we are finding out trying to move on from renters to home owners without credit is essentially impossible, unless you're somehow rich, and can just pay cash money for a house without the help of anyone.

This is largely why I'm doing this. I applied for a mortgage earlier this year, offering 20% down and was rejected due to not having any credit and almost no income. Once again that very generous family member stepped in and helped me out. However, I'll most likely be moving in two years and will need a mortgage if I go to a more expensive location or nicer house.

Dang, I had dreams of free flights and sterling credit. I applied and the sight said they "need more time to process" my application. I'm going to take that as a negative. I'll look into a secured credit card and update when I find something. Thanks so much guys.

You may want to consider asking that very generous family member to cosign a loan with you instead of just giving you the money flat out (if that's what they are doing). If that person has a decent credit rating, it will give your chances of being accepted a big boost and will help you achieve a credit score of your own.

Walter

Blarghy wrote: »

Walter wrote: »

EWom wrote: »

My wife and I are going through the same thing. I have a little bit of credit and can get a card through my bank but they won't approve one for her as she has no credit history. All her loans and such have been through her family. She was even rejected by Walmart for their shitass credit card. I'm going to guess you're just going to have to take whatever will take you, and most likely the only "perks" of that card, will be a stupid high interest rate.

But do it anyway, as we are finding out trying to move on from renters to home owners without credit is essentially impossible, unless you're somehow rich, and can just pay cash money for a house without the help of anyone.

This is largely why I'm doing this. I applied for a mortgage earlier this year, offering 20% down and was rejected due to not having any credit and almost no income. Once again that very generous family member stepped in and helped me out. However, I'll most likely be moving in two years and will need a mortgage if I go to a more expensive location or nicer house.

Dang, I had dreams of free flights and sterling credit. I applied and the sight said they "need more time to process" my application. I'm going to take that as a negative. I'll look into a secured credit card and update when I find something. Thanks so much guys.

You may want to consider asking that very generous family member to cosign a loan with you instead of just giving you the money flat out (if that's what they are doing). If that person has a decent credit rating, it will give your chances of being accepted a big boost and will help you achieve a credit score of your own.

We couldn't find a bank that would give me a mortgage, even with a co-signer. We looked because he wanted me to build my credit. I know it sounds crazy, but I bought about a year and a half ago and NO ONE was lending. Especially not to some one without an income. I want to say we offered even 60% down and it was still impossible due to the income.

Ruckus

Deebaser wrote: »

There are three types of banks

Evil ones that have fucked you over
Evil ones that you don't realize are evil because they haven't fucked you over yet
The one Jimmy Stewart ran in It's a Wonderful Life.

Also note that the third type of bank is, in fact, fictional.

MegaMan001

I'll throw in just a piece of advice. Find a card with a locked in interest rate. Don't fall for the APR garbage or variable interest rates. If a financial catastrophe occurs you're going to get nailed.

I got a credit card when I turned 18 at 7% interest and a 500 dollar limit. Now I am 25 and that same card is at a 4.9% interset and a 15,000 dollar limit.

Every 6 months call your company and ask for a credit increase so you can amass a greater credit score.