[DEMETTRESS]

Where can I get a credit card with no credit?

[Mary]

Your best bet would probably be to get a secured credit card, where you deposit money and the amount you deposit is your credit limit. From what I understand, after a certain period of time (6 months, a year, whatever) the company will give you back the money and you will have an unsecured card if you have been making the payments on time and have not gone over your limit. Many banks offer these cards. You may want to check in to this. I am not an expert, but this is what I would do.

[4u.bryan]

Yes, you have explained it very well Mary

I just want to add few more points here. If you are a student, consider getting one student credit card. Many legitimate credit card companies offer cards for students which does not require a good or long credit history.

If you are a member of any credit union, perhaps you can get a card with less qualifying criteria.

However, you should be aware of bad businesses as well. Scams are everywhere; do not get trapped with lucrative offers. See what FTC is saying:

http://www.ftc.gov/bcp/conline/pubs/credit/secured.htm

It's always advisable to do some research before you have the deal.

[Mary]

Just be VERY sure to read the fine print of anything that you plan on applying for...there are quite a few cards out there. You may get "pre-qualified" letters for a card, but they might only give you a $300 limit, and by the time they tack on a setup fee, an account access fee, an activation fee, and any other fees they might feel like making up for the day, you will only have a few dollars to spend on the credit card that you just got, and you will be even more in debt. Be very careful!

~Mary

[imkimssister]

I just want to add few more points here. If you are a student, consider getting one student credit card. Many legitimate credit card companies offer cards for students which does not require a good or long credit history

Hi Bryan, I just wanted to say that I agree with you.
DEMETTRESS has another thread going on this and I responded to it. I was stating that my daughter--18--at the time, got a capital one card and she had no credit and no job but was/is a college student. We thought it would be good for her to take up the offer for 'emergency purposes only' and would also help her get some credit built up. So far she is doing really well with it. Shes almost 20 and they have upped her from $200 to $500.

I have taught her---I know---ME teaching someone else...LMAO!! But I have learned alot from my past mistakes and have taught her to pay her card off every month. Whatever she charges on it through out the month, when the statement comes, pay the whole thing off at once. And shes done this for almost 2 years now and has done really well with it. It doesn't become a problem this way and it helps her establish credit. Shirley

[Mary]

Shirley,

You are the BEST person to teach your daughter the value of credit and keeping up on things! She needs somebody who knows that it can get bad...I wish I would have had somebody who could have helped me understand both sides of credit, not just the fun, whip out the card attitude, but the benefits of managing your finances appropriately! I plan on teaching my kids the value of taking care of their credit, early!

~Mary

[stanley]

Student credit card debt is perhaps the most important issue with debt in our country. Young generation likes it like anything. But often fails to manage it efficiently. So when a student graduates, found him to be in huge debt.

There should be practical classes in schools on credit card usage. This is important, I must say. Otherwise how the kids will understand what are the aftermaths of using plastic money without proper planning? The responsibility goes to parents as well and I feel so happy to see that you are already doing this Shirley. Best of luck

[imkimssister]

Thanks Mary and Stan for the encouragement and kind words. (((hugs))) Shirley