Good Credit Cards for the Creditless...

[Banditgberg]

I am currently fresh out of college with ZERO credit as cellphone, rent and other payments all have been done on my debit/cheking card.

I am having trouble getting a credit card, already denied from my own bank and from CitiBank (american airlines miles one)...

I have money in the bank, but would like to build credit by putting my car payments on a credit card, so interest hopefully will not be a problem as I will be paying off my credit cards on time.

Thanks!

[gull]

Don't go for the cards with the best rewards. They require the highest credit, I think.

[Wake up CALL]

Capital One was invented for people just like you, well also for recently BK's.

[Banditgberg]

Capital One...any good reward programs tied in?

[moondogg]

[ QUOTE ]
Capital One...any good reward programs tied in?

[/ QUOTE ]

Probably not if you have no credit. Right out of college, the only card I could get was a "secured" card: I fronted $300 for a card with a $300 limit, and they paid me back when I cancelled the card; not really a credit card, but looks like one on your credit report.

From my experience, if you really have no credit, it's going to take you at least a year or two of secured and low-limit cards before you're going to get any reward cards. Luckily, a year or two is a neglibile amount of time overall.

[Banditgberg]

Thanks MoonDogg, i was scared that i would be floating in low limit land for a while...partial brag and beat that my car payment is more than $300 so would have to get a "better" card.

[jumbojacks]

You can still apply for Citi's college cards and qualify even 6 months after graduation. You'll probably get better offers over any other secured cards. I recommend mtvU for their rewards and you could probably also pick up their (College) Dividend card (same card as their regular Dividend except just lower underwriting requirements).

[Banditgberg]

citi didn't allow me to go for the college one as i have to be registred currently in classes...

[Mike Jett]

[ QUOTE ]
Thanks MoonDogg, i was scared that i would be floating in low limit land for a while...partial brag and beat that my car payment is more than $300 so would have to get a "better" card.

[/ QUOTE ]

There's no set price. You can give them $1000 and have a $1000 limit.

This will also help you, when the time comes, have a higher credit limit on a normal card.

[hlacheen]

I got a $500 credit limit card without depositing anything, and I'm 18 years old with no declared income. From Bank of America.