What is the best credit card I can apply for with low interest to build my credit up? I am only 20 and do not?
have any credit right now. I want to do some things that will build up my credit but am not sure what to do. Any suggestions? …I have tried to apply for one credit card and I didnt qualify just because I had zero credit! I mean, how do you get credit if someplace doesn’t let you start? Help!!!
You can try Capital One or 1st Financial Bank.
You can get a secured credit card.
Here’s how it works:
You send them money..any amount you want.
They will put that money into a CD account for you, and pay you interest on it
They will give you a credit card in the same amount as you sent.
If you always pay your bill on time. They will give you your money from the CD after 1 year, and you will still have the credit card.
Most credit card companies offer secured cards. I think mine was from citibank
The interest rate doesn’t matter if you resolve to (a) not use it often and (b) pay the bill in full each month. Young people usually ***** up one or both of those steps.
As long as you show a payment history that has regular payments on time, you will build up a good credit rating.
Try Citibank.com they will start you out with a low credit limit. They actually have cards for students and young people like yourself. Try not to have an adult on as a cosigner it will not benefit your credit rating because the cosigner with established credit is guaranteeing your debt
try orchardbank.com, they might be able to help. a lot of business tend to push you towards a secured card which makes you have to put a security deposit down to reassure your payments. i believe they could help, give it a try and look at their website. also, crosscountrybank.com, and firstpremierbank.com. hope this will help!
First let me start by giving you VERY valuable advise … STAY AWAY FROM DISCOVER CARD!! ……
Do you have a checking.savings account with a local bank? If not that should be one of your first steps. Just make sure you always have extra cash in your checking account so you do not mistakenly overdrawn your account. Once you have established yourself with a local bank you can apply for a credit card with them. This is where you are likely to get the lowest interest rate. If you do not have the time to establish yourself with a bank or your local bank has already turned you down, try a department store like Walmart. The interest rates are awful but if you read the fine print you can pay off your balance every month and not pay the interest. Once you get the card just buy your normal purchases with the credit card and pay the balance off every month. This is sometimes easier said than done so you really need to be committed to building your credit to do this. Set aside the money in cash every time you make a purchase so when the bill comes in the mail you have the cash to make the payment the next day. Once you have had that card for 6 months try your local bank again, then cancel the first card.
shop around for the best interest rate, try your local bank or credit union. in the beginning credit is easy to get but can ruin your life if you are not careful. be responsible. my son is 21 and he has no credit cards, he is a college student and only working part-time. he can began to work on his credit after graduation, when he has a real job making real money.