Establish credit
 

Hey guys, Im wanting to start this thread so that like before, we can talk about a problems and find the way to solve it ourselves.


I'm trying to Establish CREDIT.

I've never had credit, or a credit card or a Social Security number,

What bank will most likely accept me and allow me to receive a credit card, with out having to recur to a Secured Credit Card.


I have no credit history, so I cant get any loans, I cant get a Contract phone, and I can't set up anything in Payments with out getting completely ripped off.

What Choices do I have?
How can I establish a FICO credit?
Is a Secured Credit Card my Only Option?

Thanks and I hope Everyone is Getting DACA Approved :D

Re: Establish credit
 

There are other threads on credit. Most people have said secure credit card is the way to go.

Re: Establish credit
 

Secure credit cards are always an option. You can get them with any banks or credit union.

Re: Establish credit
 

Secured credits and search for credit

Re: Establish credit
 

Secured credit cards is best way... At US bank and bank of America the minimum is only $300... I just applied for one at US bank! Start with those ..Good luck !

Re: Establish credit
 

How exactly do they work? I saw some youtube videos about them but since you got one it's better to ask a dreamer himself/herself. The $300 you put down is there as a deposit and remains untouched?

Re: Establish credit
 

I recently got a capital one secured card. i applied online for a secured card and waited for their response. they called me once or twice to tell me that i need a SSN but i told them i don't have one yet, but i'd like to use my itin. the total wait time from applying for the card to actually getting it was like 2 months or so. the security deposit you put down remains in your account until you close your account, at which point they either use it to pay off your balance (if you have one) or they send you a check. they decide what your credit limit is, (lowest is $2o0) and they also decide how much your security deposit will be ($49 - $99 i think). they give you up to 3 months to put down your security deposit and once it's all in they send you the card. you can increase your limit at any time by adding more $$ 'into' your security deposit.
so far my experiences with them have been pretty good. i keep a low balance (~10% of my limit) so as to avoid interest.

i'm not sure if other banks report the card as secured to the credit bureaus, but one of the reasons why i chose cap one is because when they report your credit it's not reported as a secured card. not entirely sure if this is a huge deal or not when it comes to future credit though; i just wanted the report to look as 'normal' as possible.

Re: Establish credit
 

Well I don't know yet I applied for it on november 19th 2012... So I still need to get a response from them... However I gave $300 to start... My banker at US bank helpt me out... As soon as I get a response I'll let you know ok!

Re: Establish credit
 

You will likely get around $500 line of credit including the secure deposit... Will us know.

Re: Establish credit
 

Secure credit card is a good way to start if you have some money to put in. Another way is to ask someone who already have a credit card to give you a secondary card, it will help you a little bit when you finally apply for credit card on your own if the primary issuer is at the same address as you are. I got approved for 3 credit cards the first time I applied using my new SSN because of the help of secondary credit card that I've had for a while. Don't apply for a lot of credit cards at the same time, it will lower your chance to obtain one, try 2 or 3 at most. Start with Capital One and Citibank also provide secure credit card that last for 1.5 year, and they will give unsecured one after that period.