Jun 01
I have no credit history, and I want a prepaid credit card. But which ones actually build credit and which ones are a waste of time? Is there a list of prepaids that all build credit?
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June 1st, 2010 at 7:17 am
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – credit-report-free.totalh.com
June 1st, 2010 at 7:17 am
None, only secured or unsecured credit cards build up a credit history.
Without any credit history, you may only be able to get a secured credit card to try to build up your credit history.
Before you go for a secured credit card, you may want to try for one of the cards in the following link. Check the "Limited History" box to see the cards that you may possibly be able to be approved for.
http://www.capitalone.com/creditcards/products/compare/?linkid=WWW_0608_CARD_TGUNS01_CCMAIN_H1_03_T_CCPCP
June 1st, 2010 at 7:17 am
None.
You build credit by showing you are able to pay back loans that you have taken.
It’s the same reason I’m not let into an operating room based on my skills at Operation.
June 1st, 2010 at 7:17 am
Secured cards can help to build credit history. They require you to put up a deposit, which is still yours, and then they open a credit card and allow you to use it just like any other credit card. For a good one, check out the Public Savings Bank secured card at http://www.creditgumbo.com. The site provides a description of the card, what we like about it and what to watch out for. We also provide write-ups on a couple of other cards and links to the sites where you can apply. Best of luck!
June 1st, 2010 at 7:17 am
It’s good that you have no credit history. It means you haven’t fallen for the dumb debt trap that the majority of the country has. My suggestion to you is avoid credit like the plague it is.
Rather, save up and pay cash for everything. It is a lifestyle that is possible. I do it, and so do many others. In fact, that’s how the rich got rich, by avoiding debt. They sure didn’t get their from airline miles and points!
The only thing worth borrowing for is a house, and that’s only because it’s better than paying rent. What you need for that is a company that will manually underwrite your mortgage, where they look at your actual ability to repay, not just some arbitrary number created by FICO.
Avoiding debt will help you have a secure and fun future, as your biggest wealth building tool, your income, remains available to you.