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Here is my problem: I have a fair amount of money, but so far as I know, no credit. I want to get... |
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Date:
March 1, 2007, 10:47 pm |
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Here is my problem: I have a fair amount of money, but so far as I know, no credit. I want to get a credit card so as to build credit. I want a card with a minimal of fees and some sort of online fraud protection. I intend to pay it off at every billing period, so high intrest on unpaid credit is not a concern, I dont need airline gimmicks or anything like that, I just want a card I can basically use like a checkbook, if any such card exits. I would go with debit, but have been told that one cannot build credit with those. What would be a good card to get? Thank you very much for any help you can offer, because I am out of the loop on credit cards and dont understand them at all. P.S. I hope i didnt send this twice, but the last time I tried, it said I entered the wrong number. thanks. |
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Answer:
Basically there are three variants to build credit. It seems to me, that the best way in your situation will be filing a secured credit card application. But first you should open a saving or checking account, which will serve as collateral for a secured credit card. Your installment can vary from $500 up to a thousand or two, and therefore, you will be able to use the credit limit of the same amount. Some banks (for example, First PREMIER ) offer unsecured credit cards for starting credit building. These cards don't require a beforehand account but charge rather high fees and rates, and as far as I understood, this is less attractive for you. Co-signer credit cards can also be your choice. If your friend or relative with good credit agrees to be your co-signer, he should apply for a good credit card and, when approved, sign you up as a co-borrower. You'll be given different credit cards with different numbers, but you'll both have access to the same amount and will be both responsible for paying the credit off. We advise you to look through terms and conditions of various cards first and only then make a decision. For a detailed information on how to establish credit and how to manage no credit history, see our articles about no credit history. |
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