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Best Credit Card for people with NO Credit


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18 replies to this topic

#1 Knight

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Posted 21 October 2017 - 10:47 PM

Hello,

 

It's good to be back after a long hiatus. Boy I've been going through threads and discussions for 6 hours now and I can't put my finger on the correct answer.

I am trying to help someone new in the country build their credit from scratch. They had applied for a Cap1 platinum to no avail. I know store cards are a good start but which one. Some of the info I read seems outdated. Can you guys help?

 

Also they need a Credit card because they travel a lot and need to rent a vehicle from time to time.

 

Finally, I am glad this topic brought me back here because I needed to brush up on my credit knowledge.

 

Thank you all.





#2 Tyra

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Posted 21 October 2017 - 11:11 PM

I'd start with a secured card.  



#3 csilva110814

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Posted 22 October 2017 - 08:34 AM

Bank of America
Capital one
Discover it
All 3 offer secured credit cards


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#4 JoeCleveland

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Posted 22 October 2017 - 09:39 AM

Capital One QS One would probably get them started at a $300 CL and with their credit steps you can get that CL up in less than year......     Unsecured



#5 Konrad2012

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Posted 22 October 2017 - 10:59 AM

The surefire way is for you to add them as an AU on a couple cards. They'll eventually have a score and can move forward from there.

Otherwise I'd have them walk in to a local credit union that offers a secured card and start a relationship.

#6 ronsetoe

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Posted 22 October 2017 - 11:50 AM

The surefire way is for you to add them as an AU on a couple cards. They'll eventually have a score and can move forward from there.

Otherwise I'd have them walk in to a local credit union that offers a secured card and start a relationship.

Yup!

You can even shred the cards so they can't be used, they just show up on their credit report.

I piggyback friends and family every now and then.

It is best if they have their own primary, so a secured is also a good idea.

Open Sky will give a secured without a HP. good luck



#7 TheSorceressKnight

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Posted 22 October 2017 - 12:20 PM

My very first credit card was Cap1 Journey. Unsecured, 1.25% cash bash, steps program. Pretty decent.



#8 Knight

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Posted 22 October 2017 - 03:34 PM

Thank you folks.

Do you recommend them to open any store cards? JC Penney, etc...



#9 ronsetoe

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Posted 22 October 2017 - 03:37 PM

The surefire way is for you to add them as an AU on a couple cards. They'll eventually have a score and can move forward from there.

Otherwise I'd have them walk in to a local credit union that offers a secured card and start a relationship.

this..again



#10 Knight

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Posted 22 October 2017 - 03:52 PM

BTW is OpenSky upgradable to unsecured cc like the Cap1 QS?



#11 ronsetoe

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Posted 22 October 2017 - 03:55 PM

BTW is OpenSky upgradable to unsecured cc like the Cap1 QS?

No. With the AU cards and 1 primary, after a few months, they can get most anything. Been there done it many many times.

Just make sure you add them to an older line with a decent limit and low utilization. good luck



#12 Kat58

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Posted 22 October 2017 - 04:26 PM

 

BTW is OpenSky upgradable to unsecured cc like the Cap1 QS?

No. With the AU cards and 1 primary, after a few months, they can get most anything. Been there done it many many times.

Just make sure you add them to an older line with a decent limit and low utilization. good luck

 

If you can't do the AU thing, Discovers' secured card is by far the best choice (as far as secured cards).



#13 hegemony

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Posted 22 October 2017 - 06:33 PM

just don't get a subprime card like discovery.



#14 Zosimus

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Posted 22 October 2017 - 07:27 PM

Well, the fastest way to get real credit is to have someone add him/her as an authorized user on a credit card. That should get the person at least a 650 FICO immediately. If this person is your friend, help him/her out or find someone on the forum willing to do so. Alternatively, there are websites that sell tradelines, but expect to Shell out at least 400 bucks.

A secured credit card will get your friend credit in about six months' time. If your friend just needs a card to pay with, a debit card can do anything a credit card can, and there's no fee involved.

#15 hegemony

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Posted 22 October 2017 - 07:34 PM

Well, the fastest way to get real credit is to have someone add him/her as an authorized user on a credit card. That should get the person at least a 650 FICO immediately. If this person is your friend, help him/her out or find someone on the forum willing to do so. Alternatively, there are websites that sell tradelines, but expect to Shell out at least 400 bucks.

A secured credit card will get your friend credit in about six months' time. If your friend just needs a card to pay with, a debit card can do anything a credit card can, and there's no fee involved.

 

any suggestions?



#16 breeze

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Posted 22 October 2017 - 07:36 PM

We officially oppose the purchase of tradelines, but having a family member add an AU is the best way to help someone get started. Only get store cards if you shop at that store and get a discount for using the card, and never carry balances on store cards - it more than takes away any advantage you get from the discount for using the card. 

 

Heg! 



#17 mendelssohn

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Posted 22 October 2017 - 07:57 PM

Do NOT buy tradelines. Most companies are scams, and there is no guarantee that they will report.

#18 Zosimus

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Posted 22 October 2017 - 08:51 PM

Capital One or Discover It secured. No annual fees

#19 dvd

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Posted 22 October 2017 - 10:53 PM

BTW is OpenSky upgradable to unsecured cc like the Cap1 QS?


No


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