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toddyt

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How do I get a new credit card
I have no recent credit history and I can't get accepted by any card offers

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Secured Credit cards

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If you are a student there are several offers for new student credit cards.   However, if you are not in school and wish to begin your credit journey, you can obtain a secured credit card.  However, not all cards are created equal.

1.  Do not get a secured card with an annual fee, the fee will never go away

2   Ensure the card reports to all 3 credit bureaus

3.  The best secured cards and rates are from your local credit union

4.   Find out when the card will go from secured to unsecured (note closing an account is not good for your credit)

How do you obtain a secured card?  Open an account at a local bank or credit Union(recommended) and make a deposit into a savings account.  Apply for a secured credit card using the funds from your account.  (funds may equal or 110% of your credit limit).  Then:

1. Set up to view account online

2 Pay your account in full or 90% BEFORE closing Date  (not due date)

3 never pay late

4 never go over limit

5 ask to go unsecured in 12 months with good credit history

Follow these simple steps and you are on your way to good credit history. 

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Visit www.creditcards.org or www.bankrate.com for comparison of all cards available, along with fees, rates, etc.  

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