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HELP! Need a credit card

 

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..

Jan 15, 06 18:27

Post #1 of 26 (2176 views)
HELP! Need a credit card Quote | Reply

Having no credit history makes it next to impossible for me to get a credit card in the US.

Anyone has tips on how to get a credit card fast? I'm good for it! :-)


kdw

Jan 15, 06 18:44

Post #2 of 26 (2170 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Marry someone who who has good credit?


trigoneroadie

Jan 15, 06 19:23

Post #3 of 26 (2165 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Hey P-
Have you tried going on campus/ campus bookstore at your university? Credit card companies lurk on college campuses and give credit cards to students who have zero credit history all the time. Now is a good time since it is a new semester and the bookstores will be busy- that is when they tend to set up shop. And if you are lucky, you will get a free t-shirt for applying. I know you aren't a student, but all the aps they are taking are from folks w/ no credit history either.


iO4

Jan 15, 06 19:29

Post #4 of 26 (2160 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

 
----
Don't hold back

(This post was edited by j1O24 on Feb 13, 09 17:05)


Khai

Jan 15, 06 21:02

Post #5 of 26 (2150 views)
Re: HELP! Need a credit card [trigoneroadie] [In reply to] Quote | Reply

Paulo will do anything for a free t-shirt! Getting a cc will be gravy!


Seriously man, go to your bank or credit union and apply for a "secured" credit card. You give them a sum of money to hold, and they will extend you a line of credit based on that. After a year or so, you will have built up enough of a credit history to apply for a normal (unsecured) card.

<If you're gonna be dumb, you gotta be tough>
Get Fitter!
Proud member of the Smartasscrew, MONSTER CLUB
Get your FIX today?


Monk

Jan 15, 06 21:09

Post #6 of 26 (2146 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Paolo--After you get that secured card --Always pay WELL before the deadline for the payment. You can't count on three to five days as being enough time. Always figure at least ten days. Use their envelopes and include the check and the payment coupon. I have been told that anything that comes in a different envelope or does not weigh out properly gets set aside for special handling, and that can cost more time--then you get the lae charge AND the credit ding.


kdw

Jan 15, 06 21:12

Post #7 of 26 (2146 views)
Re: HELP! Need a credit card [Khai] [In reply to] Quote | Reply

Couldn't you do the same thing with a check card linked to your checking account? Or do those not allow you to build up credit?

Somewhat on topic, I never know when they ask "Credit or Debit" what the difference is. It all seems to come out of my account the same way.


Mr. Tibbs

Jan 15, 06 21:45

Post #8 of 26 (2139 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

No credit cards. It's the devil's work. Only cash is pure.
customerjon @gmail.com is where information happens.


mojozenmaster

Jan 16, 06 4:28

Post #9 of 26 (2121 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Do an online application with Capital One, or Providian. Having no credit history makes you a relatively good risk. Don't expect a $50K credit limit, but do expect at least 19% interest rate. Good luck

**All of these words finding themselves together were greatly astonished and delighted for assuredly, they had never met before**


JoB

Jan 16, 06 7:19

Post #10 of 26 (2092 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

you won't get a credit card through on-campus recruiters b/c as a foreigner you won't clear the screening process. best way is to get a check card which is linked to your bank a/c which you can use as a CC, but you can't overdraw. Does everything you will probably need it to do.

Josef
-------
blog


Jack Schitt

Jan 16, 06 7:46

Post #11 of 26 (2078 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Make another TSR request.
------------------------------------------------------

http://home.pacbell.net/diana_do/knowjack.htm


last tri in 83

Jan 16, 06 18:26

Post #12 of 26 (2029 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

That's funny. My 19 year old college freshman with no job or money has companies falling all over themselves to give him one.

_____________________________________________
To err is human, to forgive, canine


Khai

Jan 16, 06 22:50

Post #13 of 26 (1995 views)
Re: HELP! Need a credit card [kdw] [In reply to] Quote | Reply

A cheque card will allow one to purchase things as if one had a credit card, however since it comes directly out of one's bank account it does not help to build up a credit rating. It is in effect "the same" as having a secured card in the way that the cashflow works, but because the bank views it differently it will not help to establish a credit rating. Should he later on want to purchase a car, house, or anything that requires credit, he will be no further ahead.

Paulo will have to suck it up and take the insult on the chin. He needs a secured card.

<If you're gonna be dumb, you gotta be tough>
Get Fitter!
Proud member of the Smartasscrew, MONSTER CLUB
Get your FIX today?


kdw

Jan 17, 06 3:34

Post #14 of 26 (1968 views)
Re: HELP! Need a credit card [Khai] [In reply to] Quote | Reply

Khai,

what I don't understand is when I'm making a purchase with my check card they always ask

"Credit or Debit"

and the question is if there is a difference between the two types of transactions. As far as I can tell, the $$ gets taken out of my account the same way for both.


ms6073

Jan 17, 06 7:14

Post #15 of 26 (1947 views)
Re: HELP! Need a credit card [kdw] [In reply to] Quote | Reply

In Reply To:
"Credit or Debit"


Among other things, my understanding is that typically while the difference is transparent to consumers, there is a difference in the fee structure charged to merchants depending on whether you say debit or credit. Also, in some cases debit and credit transactions are subject to 'blocking' to make sure you do not exceed you cards credit line or overdraw the bank account upon which a debit card is based before the transaction is completed such as when checking out of a hotel or returning a rental car, leaving the merchant unpaid. Blocking is sometimes also used by restaurants and other businesses for anticipated sizeable bills (like large groups at dinner or a party) to ensure credit or account money will be available to complete payment. There are also additional risks associated with using a debit card while credit cards tend to offer more protections for (obviously since the CC company is making more money off the deal). More information here: http://home.hamptonroads.com/...96019&ran=112649
________________________________________
Michael - Cogito Ergo Sum
For every winner, there are dozens of losers and odds are, you're on of them.


Alpern

Jan 17, 06 7:23

Post #16 of 26 (1941 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Capital One will definitely give you a card. Expect a $1000 or $2000 limit, though.

I got one when I had no history. If you make a reasonable amount of money in a year, even American Express will give you a card.


ms6073

Jan 17, 06 10:12

Post #17 of 26 (1916 views)
Re: HELP! Need a credit card [Alpern] [In reply to] Quote | Reply

Be careful what you wish for (sorry - replied to Alpern but this is for Paulo)

Keep in mind that Capital One is among several issuers that used to be considered a sub-prime credit card issuer. The comapny has a history of derogatory credit policies, high interest rates, and stiff penalties should payments not arrive prior to the due date. In fact you may be opening up a bigger can of worms than you think due to your lack of credit history as many of the card issuers conduct regular credit checks and if there are any problem indicators based on the issuers criteria, you can expect them to impose the higher 'penalty' interest rate and conditions regardless of your history with that specific card issuer.

Here is an offbeat but straight forward example - say one of the many 3rd party collection firms or junk debt buyers runs a scan of credit files and your name matches that of a person who is currently delinguent on an account they are trying to collect. Now there are laws that prevent this but it is very possible that the collection agency might start calling/mailing you in regards to that account and worse yet, incorrectly report to the credit reporting agencies that you owe this obligation and are seriously past due on said account. Obviously this account is not yours but you know what, while the data is admittedly innaccurate, if you are not aware of this item and your card issuer (Crap One in this case) runs a credit report, they can, will, and have imposed higher, penalty interest rate due to the negative items that appear on a credit report. On a related note, it is said that once MBNA (another card issuer) imposes an higher interest rate ending with a .98 or .99 - you are int he penalty box for the rest of the time you do business with MBNA.
________________________________________
Michael - Cogito Ergo Sum
For every winner, there are dozens of losers and odds are, you're on of them.

(This post was edited by ms6073 on Jan 17, 06 10:19)


karma

Jan 17, 06 19:56

Post #18 of 26 (1877 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Perhaps you should walk before you run and go to a major department store or oil company and get a credit card. After 6 months of paying on time you should have a stable, albeit low FICO score that will register with the big guns (Visa & Mastercard) when you apply for their cards. Try the second tier cards like dicover card, they will give credit to anyone and it will help your score too. Just be sure to pay every bill on time and carry a small balance over for a few months now and then too. Paying off the card completely every month is a sign you don't use credit like the big boys want you to (because they want to collect interest from you). Once you get two cards that you think you will want to keep for the long haul don't go and cancel all the others, keep them and get rid of one per year. If you dump them all at once it will set off flag on the account. My next door neighbor is an anylyst for Faire Isaic (FICO) and he gave me this advice.

Good Luck,

Karma

Dave Stark
dreamcatcher@astound.net
USAC & USAT level 2 certified coach


Mito Chondria

Jan 17, 06 20:33

Post #19 of 26 (1868 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

I feel your pain. It's near impossible without credit to get a credit card. If you had poor credit you would qualify!

I have no credit either and tried to get a credit card but always got denied. They told me to build credit. So I went to supergo to purchase a cheap commuter bike for $280. Thought I would get it through financing they offer as I could build my credit this way. Got denied and had to pay cash. They told me to get a gas card to start building my credit. Denied. How to f@$k to you build credit when you don't qualify anywhere to start building it in the first place?!

My next plan is to call capital one and send them a check. I heard they will give you a "credit" card that isn't really a credit card since you have to send them the money prior to your purchases. But after a while they will invite you to the circle of credit card holders.

btw, isn't it funny that in the day and age of the biggest ever credit bubble you get denied everywhere. But thousands of others buy houses with zero down, no doc loan, etc. Amazing...it will al crash soon. but that is another topic...


“The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” -Michelangelo

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Trirunner

Jan 17, 06 21:26

Post #20 of 26 (1862 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Get a store card at Macy's or Target (these are not Visa or MC and can be had with no history), use it (you can buy pink socks and shirts), make your payments on time so that you can start building a positive credit history and before you know it (about a year if I remember right) the offers for credit cards will start filling your mail box.


Meebo

Jan 17, 06 21:40

Post #21 of 26 (1857 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Not trying to be a smartass here... but reading between the lines (recent sabbatical/name change, parts request, this thread) are you in having financial problems?

If so, with 3,000 plus or minus posters on Slowtwitch there must be someone who might be able to help you or have a position for you or something... ...


..

Jan 17, 06 22:11

Post #22 of 26 (1852 views)
Re: HELP! Need a credit card [Diablo-Advocato] [In reply to] Quote | Reply

You're so perceptive... oh wait, no you're not! But thanks for a good giggle...



Anyway, I want to thank everyone for their ideas.

I have a debit card issued from my bank and I think I can get by with it for most stuff.

I really don't believe in credit, I never bought anything with credit and even back home I never had a credit card, but it seems over here you NEED a credit card.


Meebo

Jan 17, 06 22:23

Post #23 of 26 (1847 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

Childish response... I guess you got lost during your "soul-searching"...


ms6073

Jan 18, 06 5:58

Post #24 of 26 (1826 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

In Reply To:
I really don't believe in credit, I never bought anything with credit and even back home I never had a credit card, but it seems over here you NEED a credit card.


Paulo, in reality if you do not want to play the credit game - ie pay cash for everything - then there is no reason for you to play the game. Unless you make a living in a credit intensive industry like real estate, you really do not need credit because these days nearly everyone excepts cash in the form of a debit or Visa check card. Now purchasing high dollar items like automobiles might be a bit of a problem but I have not heard of many dealerships that would not take your money to purchase an automobile. Some will say that you will need a good credit history in order to purchase a new home and to some extent that is correct unless you take a little more time and find a lender who will do manual underwriting of the mortgage - ie they actually do some leg work to investigate your credit worthiness instead of depending on some numbers from a random number generator program produced by Fair Issac to customer specification.

Without getting off on a radical tangent, it seems there are far too many people who equate credit risk with FICO scores. In reality, a FICO score is nothing more than a numerical statistic that will to some extent help determine whether or not a consumer is a good risk, but for the most part it simply helps predict profit and loss for the lender. A consumer with routinely utilizing a variety of credit sources, yet may or may not be practicing sound money management practices might end up with a 750+ FICO score based on a variety of variables. Alternately, consumers who choose not to utilize credit while practicing sound money management might experience lower credit (or no credit) scores simply because because they chose to pay cash instead of playing the credit game.
________________________________________
Michael - Cogito Ergo Sum
For every winner, there are dozens of losers and odds are, you're on of them.


mcastle

Jan 18, 06 8:14

Post #25 of 26 (1812 views)
Re: HELP! Need a credit card [Paulo] [In reply to] Quote | Reply

I don't know what your needs are but debit cards aren't universally accepted for hotels and rental cars. In my experience they can also be problematic for large internet purchases. A secured credit card is the safest, least expensive option and many convert to non-secured cards after a year. A credit card used and paid in full every month is a good thing IMO.

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