Secured Credit Cards

[Jekyll]

I need to get a credit card so I can start building a credit history. Unfortunately, I'm not a full-time student so I can't get any of the student cards. My credit union said I could apply through them but I probably wouldn't be approved. Do I have any options other than a secured card? And which ones are good?

 

[dfagdfsh]

I started out with a horrible Capitol One card - something like $600 limit with a 30%+ interesting rate. Kept it for two years and was able to get a real card after that.

 

[SkinnyGoomba]

Does a charge card help build credit?

You can probably get a charge card without too much drama.

 

[Dakota rube]

Originally Posted by Jekyll

I need to get a credit card so I can start building a credit history. Unfortunately, I'm not a full-time student so I can't get any of the student cards. My credit union said I could apply through them but I probably wouldn't be approved. Do I have any options other than a secured card? And which ones are good?

I don't think any of them are any good. I'd go have a sit-down at your credit union and ask for an exception.

An alternative would be to take a small signature note at your CU; say $500 and pay it back in a couple months. Keep doing that and you'll not eat up a bunch of your capital paying the secured card fees. Have you read the fine print on those deals? Everyone I've ever seen is an incredible rip-off.

 

[globetrotter]

that's how I built my credit when I moved to the states.

 

[MrG]

Do you have a parent who could co-sign? That's how I built my credit - when I was a teenager my mother co-signed a card for me. Eventually, after I'd had the card for a while, the company took my mother off of it. It took a long time for them to take her off of it, but that may be because neither of us never asked.

 

[CDFS]

Building credit by debit is one of the funniest things out off America.

 

[rjmaiorano]

Secured cards are generally a last resort, I would stay away if you can.

Approval at your Credit Union is dependent on a few things, mainly your standing relationship with them and your cash balances both immediate and history. A savvy banker will know how to manipulate your application to get you approved. Underwriters only know what a banker tells them (generally).

Do you have any bills? car loan, student loan, gym membership, phone bill? All of these are considered in early credit history. If you have any of these in decent length then approval is pretty likely.