Best credit card to build credit in the US?

[mrszorak44 7]

And do that the people that are not paying back money they used. Nothing wrong with that, pay what you owe and do not spend money you don't have.

I use credit card only because they're safer than debit, never carry any balance as this would mean I spent money that I didn't have.

OP - if your spouse has a decent credit, get a normal co-signed credit card. It will be a card you can actually use - will have decent limit, not a $100 or $300 one which is pretty much useless. Any card will work in this case. My first card was a Visa from our credit union co-signed by my wife. Had $3k limit right away.

Thank you for your suggestion. I'm the beneficiary and my husband is the petitioner. I'll talk to him about co-signed credit card. We only use a debit card but it doesn't give me credit history from using it.

[Hypnos 6,576]

I applied to Capital One and a couple of others for their basic card when I was starting out, but was rejected. I had to obtain a secured credit card (in my case from Merrick Bank), and after about six months of that I started to receive pre-approvals in the mail, ironically one of them being from Capital One who then turned around and gave me a Platinum card without any hassle.

[ggsacks 82]

I got a Capital One secured MasterCard at around the 3 month mark, $250 credit limit based on a $49 deposit.

As soon I was able to generate a FICO score (which is 6 months after your first card first reports) I applied for a JetBlue AmEx and was approved instantly for $1k unsecured. A couple weeks later I randomly noticed that Capital One had doubled my credit line to $500.

About a month after I received the AmEx, my cat had to have an expensive operation so I applied for Care Credit and was instantly approved for $3.5k.

Say what you will about Capital One, but without that initial secured MasterCard I wouldn't be sitting here with $5k in credit just 10 months after moving here.

It pays to read up on the best ways to manage your credit score. For example: always pay your balance in full, and keep your utilization below 30%. I put almost everything on my AmEx but I make sure to pay it down to below $300 before the statement date, so that they don't report high utilization.

Edited December 16, 2014 by GiuseppeG

[ggsacks 82]

I applied to Capital One and a couple of others for their basic card when I was starting out, but was rejected. I had to obtain a secured credit card (in my case from Merrick Bank), and after about six months of that I started to receive pre-approvals in the mail, ironically one of them being from Capital One who then turned around and gave me a Platinum card without any hassle.

I discovered that platinum doesn't mean here what it does elsewhere. My secured $500 (was $250 when I got it) Cap One card is a "Platinum" too. It seems it's just a name, rather than any sort of status.

Edited December 16, 2014 by GiuseppeG

[Hypnos 6,576]

Yeah, "Platinum" seems to basically mean the exact opposite; it's almost everyone's entry-level card, if they have no other name for it.

[ggsacks 82]

Yeah, "Platinum" seems to basically mean the exact opposite; it's almost everyone's entry-level card, if they have no other name for it.

I'm guessing the UK is similar to NZ in this regard. Back home, platinum denotes a premium card with higher status than gold!

[raven52 233]

Good answer LORIE and PHIL, as doing business with a local Credit Union, that is FDIC insured, meaning it is secure is a very good idea.

If you want to build good credit, fast, secure a good standing with them, checking, small savings acct., then get a "secured loan" say $300. dollars, and pay more than the minimum payment each month, and watch your credit score zoom!

You secure the loan with your checking account the first time, then do it again, and double up to $600. and IT will probably not be "secured".,.,.and make more than the min. payment, and just watch the credit score zoom!

As for credit cards, most all major credit cards are fine, some better than others if in the Eastern US.,.,.BB and T is a great mid size bank to do business with. Otherwise, I would say "Chase" would be my pick. Just my opinion.

[Hypnos 6,576]

Credit unions are not insured through the FDIC, but the NCUA (National Credit Union Administration). Banks are insured through the FDIC, including banks which issue credit cards.

Edited December 16, 2014 by Hypnos

[Ian H. 207]

Any credit card is good for building credit because as long as you pay it on time and don't keep your balances too high, you will build your credit in no time. Don't go applying for a bunch of cards all at the same time since that hurts your credit as well.

You can apply for 3 cards for now, I suggest Kohl's, Macy's, and Capital One. My cousin's husband has 9 months here and he applied for Macy's and Kohl's and was approved for Kohl's only with a $300 credit limit.

It's a great start because you can spend with it, pay it in full every month, and you will build your credit in no time. That's how I built my credit when I was only 16 years old. I also started out as an authorized user in a bunch of accounts, that really helped.

If someone with a good credit history trusts you well enough to add you to their account, this is an excellent way to build credit because all of their good payments transfer to you. Although I don't know if they're still doing that though, but when I was added to my mom's credit cards her years of payment history transferred over to my credit file so it was as if I had all of those years paying. My credit files even have a warning stating that my credit may have been established before turning 18 lol of course that's just in case my identity were stolen.

I remember I was able to get all sorts of department store cards (Nordstrom, Macy's, JCP, Kohl's) and Bank Cards (Visa and MC) to name a few. As long as you don't over extend yourself, you will be able to build your credit in no time. Also having things like bank accounts and utility, cable, or cell phone bills in your name also help your credit as well.

EDIT: Apply for JCP or another dept. store card instead of Macy's, I forgot that they ask for a third party credit card in order to apply.

Edited December 16, 2014 by Ian H.

[LORIEandPHIL 123]

your car loan is what helping you build your credit up more then your credit card. credit to debt ratio

Of course it is. but I only got a good rate on a car loan because my credit rating had gone up thanks to the credit card. That is why its called CREDIT BUILDING. You start with the card you seem so against, then you improve your rating and open other lines of credit. And also that is complete ####### about only getting offers for cards at high rates of interest simply because your first card has a high rate. I am now getting offers for cards with very good rates, and of course like everything else you can shop around.

[Glyn and Kathy 288]

I got a Capital One secured card back in April. Yes, I am the USC, but a past bankruptcy (exhubby was terrible with money) and being back and forth living out of the country left me with very spotty credit. Back in Sept, I was approved for a Kohls card...and just approved for a regular Capital One Card (unsecured). Keep your balances low....and pay your bills on time. Those are the BEST tips I know of. Also, every time someone does a hard inquiry on your credit (when you apply for credit) you lose points on your score...so be careful applying. I use credit karma to keep track of things...its free, and although it doesn't give you all your scores from the different agencies, it does give you an idea of how you are going in building your credit.

[Hypnos 6,576]

Hard credit inquiries can only be initiated by you.

[twin810s 23]

What makes you say that? Just curious, because I have been using Capital One for over a year now without any problems.

Same here. I've been using Capital One for about at least 10 years with no problems.

Also, Capital One has a free credit tracker, it's very handy.

Edited December 16, 2014 by twin810s

[Bjorn&lyne 20]

This is tricky since in order to get credit cards you need a credit history, and the only way to build credit history is trough credit cards. A Catch-22. If you marry an American with a solid credit history, you might be able to get a credit card through his bank with a very low credit limit as the American and their account can serve as "security". Also, like others suggested already, stores might more easily issue you store-specific credit cards, but if you go that route make sure it is a store that you really would use anyways for regular purchases, like WalMart. That way you buy things you use and also build credit history so you can get a general VISA or Master Card. Here is a link to some tips how to build a credit history for newcomers.

http://www.creditcards.com/credit-card-news/erica-sandberg-easy-step-build-us-credit-history-1377.php

[Ortolan 381]

Get a 'secured loan' at your bank for $300 to $500, and pay that off in increments over one year. The bank explained that was a good way to begin to build a good credit report and history. After that point, you can get another charge card, again through the bank. Always pay any cards off at the end of the month.