Help me find a credit card...

[Jester]

Background (bear with me):

So a week or so ago, I got an interesting mailing from a local car dealership, the same one that sold me my current Jestermobile, in which they said there were specifically looking for 2000 Blazers (i.e., the aforementioned Jestermobile) and were offering great trade-ins on such. Having had a great experience when I bought the 2000 and traded in the '89 Blazer at this place, and knowing that the 2000 was in great shape but was aging, I figured I'd take a look at what they had.

I got there, told the guy what I was looking for (a mid-sized SUV on a truck platform that was durable, efficient, and maneuverable; in other words, a newer version of what I already have). He showed me a couple things, and one in particular stood out. We test drove it, I liked it, and we crunched some numbers. The numbers were not to my liking at all, though; they were offering me less for my 2000 as a trade-in than they had 7 years ago for my '89, and the 2000 is in better shape with less miles on it than the '89 was! We dillied back and forth, but in the end, I left in my 2000, and at least had a better idea of what was out there than I had beforehand.

You didn't need all this background for what I'm going to be asking about, but I wanted to give you an idea of how it all went down, to be honest. And the background brings me to the crux of everything: while they were crunching numbers, an interesting thing came out: I have no credit score.

Not a bad credit score: NO credit score. While to some people this would be a bad thing, to me that is awesome, as for years my credit sucked, due to being really, really stupid when I was younger. Somehow my bad credit has become no credit, which means I can no start building good credit.

To do that, I need a credit card. Now, I technically have two of them already, but they are tied to my two bank accounts, so any time I use them, the money is directly deducted from the respective account. This is great for online shopping and renting cars and such, but apparently has been doing nothing for me to build credit.

So I'd like to get a "real" credit card, one with which I can make a larger purchase than I can afford, and pay it down. Not that I WILL be doing that (I learned my lesson when I was younger!), but it would be nice to be able to do that, and to be able to build credit, and to have a way to pay for something if an emergency comes along.

So, does anyone have any suggestions for a good place to go about getting a Visa or Mastercard, with favorable rates, that a 42 year old single guy with no credit might get approved? Note: I do not want a "secured" credit card, as that is basically what I have already with my bank cards. Second note: due to my idiocy when I was younger, Capital One is not an option.

So, CSers, help a guy out, and help me find a credit card to put in my wallet. The winner gets a free cocktail at my bar! Or at least something along those lines...

[Fudgethatkay]

I don't have a credit card either, but also looking around. (I'm 21 however, and I was afraid I wouldn't be responsible)

Since I'm a traveler, I'm looking into ones from airlines or banks that have good deals with airlines.


Look into Chase Freedom?

I use them for my checking now, but they seem to be pretty decent.


http://www.forbes.com/sites/jasoncol...ith-no-credit/


this may be slightly helpful, but I think its geared more to an audience similar towards mine

[csquared]

Start at Credit Card Connection. See if you qualify with one of the credit unions that offers a credit card with

No annual fee
No penalty APRs
No balance transfer fees (not like you need it)
Low interest rates
Low late fees

Now, finding a Credit Union that you qualify for can be rather difficult.

As for Capital One, you probably did yourself a favor.

Good luck.

[Kheldarson]

You could try USAA as well.

Although, you may have to do a secured card. That was the only way I was able to start building credit for myself.

[TheSHAD0W]

First off, don't start applying all over the place. Multiple applications will *lower* your credit score.

Second, you don't have a checking account? Checking accounts do count in credit history.

Third, contact your bank. They're the most likely to be able to give you a non-secured card with no credit score.

[Jester]

First off, don't start applying all over the place. Multiple applications will *lower* your credit score.

Second, you don't have a checking account? Checking accounts do count in credit history.

Third, contact your bank. They're the most likely to be able to give you a non-secured card with no credit score.

First, I haven't been applying all over the place, but I have put in an application here and there when traveling, when they were doing signups at airports. (One resulted in a rejection, the other one didn't accept or reject, but merely said they'd need a copy of my tax returns for further consideration; I never got back to them.)

Second, I have two checking accounts, both tied to the bank credit cards (Visas) I mentioned in the OP. I have no idea if they count towards credit history, but according to the car dealership, I have no credit score. Why that would be, I don't know.

Third, good idea. Not sure if it'll work, but it never hurts to ask, right?

[protege]

You could try USAA as well.

I was going to mention USAA as well. They're awesome. Of course, I have their insurance (home and car) and have invested some cash into some of their funds. Hard to believe that I've been a member since 1992!

[DGoddessChardonnay]

Capital One offers credit cards for people who are building or rebuilding credit as well. Some offer rewards points, others you get cash back on.

It's pretty easy with them to find a card that fits your particular needs and the online application is easy and gives you an answer in just a few seconds.

Not to mention the option for online statements, online payment, etc. I just recently got a MC from them and not only will I get a credit increase in another 4 months (after making at least 1 charge per monthly cycle and making all payments on or before the due date) I'm now eligible for cash back rewards when I shop at participating retailers.

So far I'm very pleased with them.

[BookstoreEscapee]

I mostly use my Discover card (because I get cash back and most credit card perks aren't really things that'll do me much good). So I pretty much use it on everything (I cringed a bit when I saw my latest bill...but it's December so I was expecting that. Also, part of what I spent technically was coming out of the check I got from my mortgage company's audit of my escrow account, so instead of getting cash from the ATM I'm just taking it out of the envelope I stashed away.) I also have a Mastercard that I got through my college (was my first credit card and despite not using it for literally several years, the limit has only gone up, when other cards I had and didn't use got canceled (mostly store cards that I got for the instant discount...I don't bother with those anymore)). I have an Old Navy card, though I don't find much worth buying there these days, and I have been considering a Target credit card because from what I understand you get 5% off when you use it, and I shop there a lot. Most things go on my Discover card, though. Occasionally I'll run across a place that doesn't take it but that's rare.

I am considering an experiment, though. Because when my mortgage guy looked at my credit, he suggested I use the Mastercard once in a while to make sure it doesn't get cancelled, and my work cafeteria doesn't take Discover, I'm thinking of using the Mastercard only there and seeing how much I spend in a given period of time.

Edit: and I realize I went off on a tangent but I was also going to suggest starting with your bank. They might be able to steer you towards other options, as well. A big-name store that you shop at regularly and has its own card might be an idea, too.

[Kheldarson]

My understanding with check cards is that having the check card and associated checking account is a positive...when you have the credit history. They mostly go towards helping establish your starting limits.

The check cards themselves, while they run like credit cards, have no bearing on your credit history at all since they are not borrowed money.

[PepperElf]

another option - get a bank loan for something small and make payments on it.

or talk to a financial advisor on how to re-establish credit

[Andara Bledin]

Not a bad credit score: NO credit score. While to some people this would be a bad thing, to me that is awesome, as for years my credit sucked, due to being really, really stupid when I was younger. Somehow my bad credit has become no credit, which means I can no start building good credit.

First, credit recovers.

Second, no credit is far, far worse than bad credit. Two years ago, Nekojin had no credit and zero chance of getting a car loan. I had horrible credit with a judgement against me, but me they were willing to trust with the loan.

Finally, Capital One should never be an option. >_< I don't know what my old boss' issue with them was, but he wouldn't even open their envelopes. My issue was that their record-keeping skills left a whole hell of a lot to be desired, and they actually sold off my debt to them more than once. >_<

I would suggest talking to your bank about getting a full line of credit card through them. They should have some sort of points/reward card that you can earn cash back or other benefits from as you use it. I've got one that does that from my bank (which makes it easy to pay), but that also has an annual fee (negligible, in the grand scheme of things) of $35. And, no, bank cards do nothing to build credit; only true revolving accounts (where you carry and pay off a balance) are worth anything on that front.

Don't bother with any sort of card that doesn't offer some sort of reward for using it - they're so prevalent, that plain cards are pretty much pointless unless you get some absurdly low interest rate, and that only matters if you carry a balance worth even caring about.

[edit to add]
Don't apply everywhere. Every time you apply, you get a hard check to your credit score, which has a negative impact on your rating. Too many of those and you get another negative hit to your score in addition to the ones for each of the checks.

One of the absolute best things you can do to build credit (beyond having a revolving account) is to buy something at a rent-to-own place. You'll end up paying maybe 20% more overall, but if you pay it off before the interest kicks in, you get something in your history that creditors want to see, and you get something for it.

^-.-^

[Jester]

Capital One offers credit cards ....

As I said in the OP, Capital One is NOT an option for me, due to the fact that I have a history with them, and that history is one they would not look fondly on.

A big-name store that you shop at regularly and has its own card might be an idea, too.

Not too many big name stores down here in Key West, and one of the few that is here, Sears, has turned me down each time I have applied there, which I am guessing is about 2 or 3 times over the last several years.

another option - get a bank loan for something small and make payments on it.

That's how I got my account with my current bank, which is a local credit union; it financed my car loan when I acquired the current Jestermobile.

[Sapphire Silk]

Someone mentioned talking to a financial advisor, and that is probably where you should start.

Odds are, you can eventually find some place that will give you a credit card. However, most of those places will charge interest rates that are, quite frankly, usurious. I would steer clear of cards that give you a fixed, small amount of credit (say $300), then take a large annual fee (often half of the credit limit), with interest rates than can range anywhere from 24% to 36%. This is what I got offered a couple of years ago from HSBC when I decided to bite the bullet and get a credit card because, even though I was faithfully making my house payments on time every month, and my student loan payments, my credit score was frozen solid. I wanted it to go up to get better rates, and access to credit if I really needed it.

What I eventually ended up getting was a card with a 36% interest rate, but no annual fee. It charged high fees for cash advances (which was fine, I never used this). I used it to pay for some work on my house, knowing I had some inheritance money coming from Grandma. When I got it, I paid off the balance. I tried to negotiate a lower rate, but it was no go, so I just sat on the card for a year until they canceled it because I wasn't using it (which I'm sure hurt my FICO score).

However, I got a credit card from my credit union with a great rate (7%), no annual fee, and reasonable fees for things like cash advances. I've been carrying a small balance, and pay it off every month. I'm hoping in a year or so it will start to unfreeze my credit score and I can get it moving upwards again.

So the bottom line: check with the credit unions (be willing to start a small account, $25 is usually enough).

Be prepared to accept a card with a bad deal. Keep the balance low and pay it off every month to avoid the usurious interest they will likely charge you.

However, for a credit card to have much affect on your credit score, you'll probably have to wait at least a year. If you really want to replace the Jestermobile, you may have to find a co-signer. Would your parents be open to this?

[Victory Sabre]

If you use Amazon.com, they do issue their own CC. Also I know Pay Pal has one, as well.