How to establish credit without the secured credit card?
Oct 11th 2013, 5:22 pm
#16
Forum Regular
Joined: Mar 2010
Location: Norwalk, Connecticut
Posts: 173
Re: How to establish credit without the secured credit card?
I started with a card from applied bank with $200 collateral down. I used it to buy gas with every week, and paid it off every week in full so 0% interest. The bank has a lot of bad reviews but if you make sure you keep on top of the payments you'll be fine.
Easy and it worked - then got an Amazon account set up 6 months later, again pay in full every week/month.
After 2 years we were able to get a mortgage and buy a house.
Its a pain building credit. Just be patient!
Easy and it worked - then got an Amazon account set up 6 months later, again pay in full every week/month.
After 2 years we were able to get a mortgage and buy a house.
Its a pain building credit. Just be patient!
Oct 11th 2013, 6:08 pm
#17
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: How to establish credit without the secured credit card?
Have just opened a secured card with Capital One for $49 deposit ($200 limit). I know the interest rate sucks, but by most accounts I'll be able to get an unsecured card at a lower rate in about 11 months using it at about 15-20%.
I don't mind living with the interest rate for a year.
I don't mind living with the interest rate for a year.
Last edited by civilservant; Oct 11th 2013 at 6:11 pm.
Oct 11th 2013, 7:01 pm
#18
Septic Sprout
Joined: Aug 2004
Location: Shanghai
Posts: 7,993
Re: How to establish credit without the secured credit card?
Have just opened a secured card with Capital One for $49 deposit ($200 limit). I know the interest rate sucks, but by most accounts I'll be able to get an unsecured card at a lower rate in about 11 months using it at about 15-20%.
I don't mind living with the interest rate for a year.
I don't mind living with the interest rate for a year.
Oct 11th 2013, 7:02 pm
#19
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: How to establish credit without the secured credit card?
Good point... dense moment there 
Oct 13th 2013, 1:08 am
#20
Forum Regular
Joined: Feb 2012
Location: Scottsdale, AZ
Posts: 101
Re: How to establish credit without the secured credit card?
Got my credit card today. I applied through my bank, BOA. I got $2000.00 credit. I applied for it the day after my credit card arrived.
Good luck, so talk with your bank.
Good luck, so talk with your bank.
Oct 13th 2013, 10:18 pm
#21
BE Forum Addict
Thread Starter
Joined: Dec 2007
Location: Kansas, USA
Posts: 2,620
Re: How to establish credit without the secured credit card?
Does you husband have a credit card? If he does, you can become an authorized user on his credit card and his credit history will become part of your account with the credit bureaus even if you don't have possession of the credit card.
http://www.creditcards.com/credit-ca...-user-1377.php
Make sure your husband doesn't remove you as an authorized user until you have established you own credit (got other credit cards) since your credit score will drop and I believe the history will be removed from the credit bureaus.
After a few months, you can use this site to get free credit reports from each of the three credit bureaus once per year to check if his history is showing on your account. Use only one credit bureau at a time since you only have three free reports per year.
https://www.annualcreditreport.com/cra/index.jsp
http://www.creditcards.com/credit-ca...-user-1377.php
Make sure your husband doesn't remove you as an authorized user until you have established you own credit (got other credit cards) since your credit score will drop and I believe the history will be removed from the credit bureaus.
After a few months, you can use this site to get free credit reports from each of the three credit bureaus once per year to check if his history is showing on your account. Use only one credit bureau at a time since you only have three free reports per year.
https://www.annualcreditreport.com/cra/index.jsp
Oct 14th 2013, 2:53 pm
#22
Just Joined
Joined: Oct 2013
Location: Maplewood NJ
Posts: 20
Re: How to establish credit without the secured credit card?
Getting the secured credit cards and paying them off in full each month will slowly build your credit history.
