Question by AviTech: First Credit Card?
I have never had a Credit Card before. My credit score is 0. Who would offer me a credit card and at what rate? What would be the best choice of card? I am currently employed in a part time job and I'm going to college full time. I just need to card to help me build some credit score.
Also in the States we use "FICO" I believe that's what it's called. If someone moved to say Canada or the UK does their credit score follow them? Does every country use the same system? How exactly does it work?
Best answer:
Answer by john t
open a checking account wait 3 months and then ask your bank for one use it regulary and pay half the amount you spend all the time it will increase your credit rating
What do you think? Answer below!
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what is term "mid fico score"?
go to a bank and or credit union and ask about a debit card.
Try Capital One. That was my first credit card and I still have it. I’m not sure about your other question though, sorry!
i’m a full-time student and i opened a checking account with bank of america and they gave me a student credit card
not sure what other countries use, but the best first credit card is to get one at the bank you use, if you dont have a checking account, then open one,,,, a small one, then get a secured credit card from that bank, with that,, you deposit an amount into a savings,, say $200 or up,,,then your credit limit is that amount, they hold the money till you build up your credit record,,,,, then you can either get the savings money back, or have your credit amount increased or both,,,, you will get a low interest rate on the card, and the money in the savings will earn interest,,,,,
I’m pretty sure your credit does not follow you to different countries. I work at a bank and have clients from other countries who have no credit here. I’m not certain about the specific countries you mentioned. Also I agree with the others. If you are a student, you should qualify for a student credit card. If not, apply at the bank you have your checking account with. If they can’t help, then get a secured card. Not all banks do this, but Capitol One, Bank of America, Citibank and Wells Fargo, among others, all offer a secured card. Try http://www.creditcards.com to find the one that’s right for you.
First you need to open a bank account to get some kind of background. Once you have a bank account for a couple of months, I would seek out Capital One. That was my first ever credit card….my limit was $200 and my monthly fee was only $2 a month. Thats not bad for a first credit card. Some annual fees for first credit cards can reach upwards of $100. I had this card for about a year and I used it just for gas so that I would never go over the limit (gas was cheaper back then!!). After a year they increased the limit to $1000 and then I got plenty of good offers in the mail for cards with no annual fees. So I then opened up two other credit cards. If the fees associated with your first card are not too high, keep it open for as long as you can while you get a couple of other credit cards under your belt. If you decide to close out that first card, then you will be closing out the majority of your credit history which will cause your score to go down. Start small and think big!
PIGGYBACKING: Despite its’ virtually
unlimited potential, piggybacking is
not used by nearly as many consumers as
it should be. It’s easy, effective,
and extremely fast. Unfortunately,
it’s mostly used among parents and
siblings while those who can really
benefit stay in the dark.
How it works. Almost every credit
card or credit account will allow the
primary account holder to add on (at a
later date) what’s known as an
“Authorized User” or “Secondary Account
Holder”. In most cases, when this is
done, the entire account history
(retroactively) gets posted to the
authorized users credit report
regardless of their current age or
credit history!
For example. If it’s a credit card
with a $10,000 limit which has been
paid as agreed for the last 10 years,
then that complete history will be
posted to the authorized users’ credit
report. I once saw a clients’ credit
report who used this technique with his
mother. He was only 24 at the time and
he had a $15,000 Gold credit card on
his report with history going back 11
years! I laughed as I thought to
myself that this kid would have had to
be approved when he was 13 years old
for this account to be his!
As you can see, this strategy is
usually only used by parents and their
children and in most cases with no
regard to the benefits the children are
reaping credit wise! In fact, in
recent years, due to its’
effectiveness, this technique has led
individuals with excellent credit
scores to “rent out” authorized user
accounts on one or even multiple credit
cards in return for a fee! I once
recall seeing an ad in USA TODAY for
just such an opportunity. Like most
good credit loopholes, I’m sure this
methods’ days are numbered much like
what may be the case with…
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