Lorin: How can I build my credit, if I won’t even be approved for a credit card with a small limit?
I’ve applied for a “no-credit history” credit card, and was denied due to no credit history. I am over 30 years old, and have a job. I am a permanent resident in the US, but only recently came over from England. How can I build my credit, if I won’t even be approved for a credit card with a small limit?
Answers and Views:
Answer by JD
my hubby had the same problem so what he had to do was actually get a secured credit card which means that you pay to have the credit card in advance of receiving it and if you prove that you can manage it appropriately you’ll get your ‘deposit’ back and get to keep the card 🙂
His credit history build up in no time, just make sure to be responsible with it.
(depending on the financial institution it could be considered secured – where they’ll keep your money for you until you’ve proved yourself – for a minimum of a year).
Oh! and for the bank he went through they actually put his deposit into an interest acruing account so in the end he got back slightly more than what he had put in to have the card.
Someone suggested Citi, based on my own personal experience, stay away from that bank. They are awful to deal with.
And another point: you’ll be really lucky if you get a card with $ 500, my hubby had to get one for $ 1000 minimum.
Go to your bank and ask for a secured card.
You will deposit about $ 500 and you will get a card to use this balance.
Replace the funds you use each month.
Orchard bank and Citi offer the best secured cards.
But most banks are very similar – annual fee about $ 35.
This card with good usage may turn into a credit card in as little as one year.
Remember, once you get the card to pay in full each month – no games.
Carrying balances and paying interest on credit cards not only can ruin credit
It can easily devaste lives.
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I did a web search and found this site that has many sources for you to choose from – maybe it can help. Good Luck!!
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