Sunday, November 1st, 2009

What credit card to get at 18 and not a college student?

credit card
Bryce asked:


I always thought at 18 they love to give you credit cards, I’ve tried Capitol One, Chase, a QT credit card, and a Best Buy one. All deny due to no credit history. I obviously can’t get Credit history if they won’t let me have credit. I Work 2 jobs and just want to have one just in case and to actually build my credit. What’s going on and why do i keep getting denied?

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4 Responses to “What credit card to get at 18 and not a college student?”

Kathy P Says:
November 1st, 2009 at 6:11 pm

Try a gas credit card, like Shell of Chevon, they will usually give you one, although I’m not sure if they report to the credit bureau to give you a credit history. Or try a prepaid credit card. Don’t worry, in time you will be getting plenty of offers.

Dixie Darlin' Says:
November 3rd, 2009 at 5:59 am

Stop applying for the cards, you will only be denied. You will have to start building your credit rating with secured credit. Make sure the banks report to the credit bureaus, otherwise it does no good.

Go to the bank you do business with, ask them if they have a secured credit card, if they do open a new account with $300 – $500 tell them you want a secured credit card against that account. Use the card for small purchases like gas or food and pay the card off entirely each month on time.

Also you can take your savings account and save until you have $1,000. Tell your banker you want to take a installment loan out against the savings account. Take the money you receive and put it in your checking account to repay the loan. Pay it off in 12 months. Lenders like to see a mixture of credit, revolving, installments, personal loans.

After a few months you can try for an unsecured card again. Retail store cards and gas cards are normally easier to get.

It takes 24 months of consistent on time payments to build a good credit rating.

StephenWeinstein Says:
November 4th, 2009 at 11:22 am

The reason that you are being denied is because you are applying to too often. You should wait more than a year between applications. Any more frequent can result in rejection due to recent “inquiries”.

You should start by depositing money at a bank that offers “secured” credit cards to depositors with no credit and obtaining a “secured” credit card from that bank. After you have made the payments on the “secured” credit card long enough to build your credit and have applied nowhere for over a year, then apply for a regular card.

MasterJ Says:
November 4th, 2009 at 9:12 pm

Credit card companies deny a lot of people now with the economy in the state that it is. The reason the economy is in the state that it is is because of banks handing out loans to people that couldn’t pay them off. A credit card works similarly on a smaller scale, so the card companies don’t want to risk giving a card to someone who has never had one before.
It wouldn’t hurt to try a credit card matching service. I know the deal store has one, so I pulled the link up for you in my source.

Try that out and let me know if that works for ya. If you need any more help, I’m just a message away.

-Master

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