And what are some credit cards for people with no credit? What sites are fraud and which are not? I really need to know. I’m looking to build credit. I’m 19 and I’ve never had any kind of credit card. Could I have credit without doing that? Much help appreciated.. No, I’m not in college at the moment. Do you know what I found? I agree with the secured card suggestion. If you have a credit union in your area, stop by and ask about their secured credit cards. These cards are excellent ways to establish credit. This is how they work. Say you want a $500 credit limit. You will need to deposit $500 into a savings account to back the credit card. Note, this is NOT funding for the card. It is a guarantor savings account that will only be touched in the event your payment is late or you default on the card (both very bad ideas). The bank issues you a credit card for $500. You use it, just like a regular credit card, making timely payments (to better increase your credit score, never go over 30% of your credit limit at any time). In the meantime, the credit union is reporting your good payment history to the credit bureaus, establishing and raising your credit score. With responsible use, most credit unions will elect to convert your secured card to an unsecured card with a higher credit limit after a year or two. As a bonus, you will still have that money in savings to back your secured card and it will have earned some interest. The reason I recommend credit unions over banks is because more credit unions offer these cards than banks and second, credit unions won’t charge annual membership fees or other bogus fees that banks love to charge, and in all cases, the APR for the card will be lower than secured cards from banks. You may find you like dealing with a credit union so much, you’ll decide to move your other accounts to it. I moved accounts to a credit union ten years ago and never regretted the decision. They treat us as valuable members instead of nuisances or cash cows. We got our last auto loan through them at a much lower interest rate than the banks were charging and, since credit unions are member owned, we get a dividend check deposited into our savings account every year. Don’t apply for retail or gas cards. Retail cards have tightened credit requirements considerably and are, in some cases, more difficult to get than bank cards. Also, each application for credit, whether approved or not, can lower your FICO score by 5 points due to the “hard pull” inquiry on your credit report and stay there for two years. With no credit, you can almost certainly qualify for a secured card.
Www. Preapprovedcreditcards. Com — Building your credit history is easy with a student credit card. This video explains how to obtain and what to look for in . . .