Credit card options

Lounge
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I am curious if any of you guys have credit cards that you use. I’m looking to get one.

My problem is that I have no credit history and I am also low income. Are there any options for me?

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You could probably find a low limit, high interest card if you are just starting out. Shop around a bit.

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I had to start out on a capital one card after ruining my credit from psychosis.

Make sure you pay it off every month.

Also, you may want to check creditkarma.com

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Some of these cards are secured. A secured credit card is a real credit card, but you’re borrowing, and paying back as agreed, your own money:

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I started out with a store credit card. I got a Kohl’s Department store card and that started my credit. But yeah, Capital One is a good start they’ll give you like a $300 line of credit.

I went the whole route when I started getting credit. I got as many cards as I could. I had about 6 or 7 credit cards and I kept running them all up and then paying them off and then running them up again. I did this several times and owed more than $6000 several times. Finally, the last time I ran the balance up to over $7000 just 4 years ago. My sister volunteered to help me with my finances and the first thing we did was cancel cards I didn’t need or didn’t use. I kept just four cards. And I gave those to my sister to keep at her house so I didn’t have access to them. Then I paid down the $7000. I paid it off in just 2 1/2 years and now my other sister has my credit cards and I discovered that I don’t really need them. I haven’t used a credit card in about 1 1/2 years. I just don’t need them but they’re good to have in case of an emergency.

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I have 2 chequing accounts at 2 different banks. I also have 2 credit cards, one each from each bank. I have a Visa and a MasterCard.

Having no credit history shouldn’t be a problem. Credit card companies are looking for your income and if you can payoff the debt accumulated on the Credit Card they provide you. As a low income citizen you should still qualify for a credit card.

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Thanks for the tips guys, I was able to get a credit card through Capital One with no annual fee <3

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I have a credit card. I started out with a $100 limit, but if you use it and pay it back on time your credit will improve and they will offer to increase the limit.

For people that have gone bankrupt and have poor credit I think there are credit cards where you pay a certain amount upfront, like $500, and they set your limit to $500. Then you just use the card as normal, but that way if you don’t pay off your credit card each month they don’t lose out. Perhaps you can start with something like that and build your credit that way.

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Congrats!

15151515

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I went with a “Credit builder” card originally where the APR was 39.9% lol, but after racking it up and paying it off - i got a high enough credit score to get a more mainstream one where the APR is 26.3% . Credit limit of £4400 - where i owe £1500.

Its only used these days in the event the computer blows up or i need a new cooker or freezer or something.

My interest last month was only £26.40. And i always pay more than the minumum payment - that shows your not relying on it too much.

You should never borrow more than 50% of your line of credit either - than it wont affect your score too much.

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