How to Establish a Credit History
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Posted: Thu Jan 13, 2005 2:00 pm
Post subject: How to Establish a Credit History
cardless
Date: 6/23/2000 11:47 am CDT
What is the best (cheapest) option for someone without a credit history - as opposed to a bad one?
Considering my only 'vice' is not getting into debt, I'd hate to have to pay for the privilege of getting a secured card, or even a regular one. I don't care if the credit limit starts at $100! I just need to start somewhere.
Let's say I obtained a card with a co-applicant with a good credit history, and this would show up on my credit report after a while.
1) Would this be judged any differently than having a card all by myself?
2) If so, would it still increase my chances of getting a card on my own?
3) After a certain period, might the credit card company be willing to 'remove' the co-applicant from the account?
Thanks for any and all replies!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Jan 13, 2005 2:01 pm
Post subject: How to Establish a Credit History
Board Monitor
Date: 6/23/2000 4:14 pm CDT
Dear Cardless,
Generally speaking, most issuers will extend an unsecured card to individuals that are lacking a credit history, though don't expect a large credit line. Also, don't expect to obtain a favorable interest rate. You are definitely in a better situation, though, than someone who has a poor credit history. If you happen to be a student, check out our "Student Credit" section. If you don't have any luck getting an unsecured card, a secured card is not a bad alternative. Secured cards don't actually cost any more than
an unsecured card because your deposit is refundable and you can even earn interest on your deposit. Morevoer, many secured cards will allow you to obtain an unsecured card after 6 months to one year of responsible card usage. For our ratings of secured
cards, please see our "Poor Credit" page.
The co-applicant idea is not a bad one...especially if you would like to obtain a higher credit line/more favorable card terms. This
would also help you "build your credit history/rating".
Hope this helps!
Regards,
Jackie Hughes
Baord Monitor
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jan 13, 2005 2:00 pm
Post subject: How to Establish a Credit History
cardless
Date: 6/23/2000 11:47 am CDT
What is the best (cheapest) option for someone without a credit history - as opposed to a bad one?
Considering my only 'vice' is not getting into debt, I'd hate to have to pay for the privilege of getting a secured card, or even a regular one. I don't care if the credit limit starts at $100! I just need to start somewhere.
Let's say I obtained a card with a co-applicant with a good credit history, and this would show up on my credit report after a while.
1) Would this be judged any differently than having a card all by myself?
2) If so, would it still increase my chances of getting a card on my own?
3) After a certain period, might the credit card company be willing to 'remove' the co-applicant from the account?
Thanks for any and all replies!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Jan 13, 2005 2:01 pm
Post subject: How to Establish a Credit History
Board Monitor
Date: 6/23/2000 4:14 pm CDT
Dear Cardless,
Generally speaking, most issuers will extend an unsecured card to individuals that are lacking a credit history, though don't expect a large credit line. Also, don't expect to obtain a favorable interest rate. You are definitely in a better situation, though, than someone who has a poor credit history. If you happen to be a student, check out our "Student Credit" section. If you don't have any luck getting an unsecured card, a secured card is not a bad alternative. Secured cards don't actually cost any more than
an unsecured card because your deposit is refundable and you can even earn interest on your deposit. Morevoer, many secured cards will allow you to obtain an unsecured card after 6 months to one year of responsible card usage. For our ratings of secured
cards, please see our "Poor Credit" page.
The co-applicant idea is not a bad one...especially if you would like to obtain a higher credit line/more favorable card terms. This
would also help you "build your credit history/rating".
Hope this helps!
Regards,
Jackie Hughes
Baord Monitor
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:52 PM
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