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JeremyOfWars

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Thin file/no credit
I have a thin file. Which means no credit. I want to build my credit but I don't know which credit card to use. I just want a card that I can use for like little things. Like gas or groceries. I don't know if paying off the card quick will mess my "no" credit up. I need advice on which card is the best for me.

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look for a Secured Credit Card with a low yearly fee. Your Credit Limit will only be the security deposit that you make.   I have a secured credit card from Capital One with a 400 dollar credit limit.  I just have my netflix or Hulu account charged to it once a month. and then when the statement comes in it is paid in full.  have had this card for 4 years now and will have it another 4 before I drop it allowing my other accounts to age so I won't take a big hit when I close it.  

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I have two secured cards that I started rebuilding my credit with.

First Progress Platinum Secured card: This was my first card once I started rebuilding. They do not extend or increase your limit without an additional deposit and even then it can take up to 60 days to increase. 

PROS: For me, the fact that paying on the First Progress site takes about 10 days to actually reflect in your available credit helped initially. This makes it really easy not to use the card until after they report to the credit bureaus. 

I.E. My bill is due on the 19th, I pay the amount down to 1% ($3) on the 15th when I get paid and that money is not available until the 25th, a few days after they have reported to the bureaus so my Utilization for this card is always 1%.

CONS: No increases in limit means this card will not grow with you as you improve your credit worthiness. Their website, while functional, is not super helpful. 

Capital One Platinum Secured Card: I deposited $99 for this card and received a $300 limit. My TU score at the time I received this card was about 560. After a period of on time payment history, they will increase your limit without deposit and you can increase your limit after one billing cycle with an additional deposit. IMHO, this card, and Capital One is much more user friendly than First Progress. You can set your own due date, Their website has an interactive chat with Capital One associates and the card can grow with you. I was so happy with this card that my first unsecured card was with Capital One as well.

This is just my opinion of the two options that Credit Karma most frequently advertises. I am sure others have different opinions but I believe either, or both, will serve the purpose you are looking for. There are probably other options out there I am not familiar with. 

Best of luck to you and I hope this helps.

Dan

Top Contributor
110 Contributions
98 People Helped

I have two secured cards that I started rebuilding my credit with.

First Progress Platinum Secured card: This was my first card once I started rebuilding. They do not extend or increase your limit without an additional deposit and even then it can take up to 60 days to increase. 

PROS: For me, the fact that paying on the First Progress site takes about 10 days to actually reflect in your available credit helped initially. This makes it really easy not to use the card until after they report to the credit bureaus. 

I.E. My bill is due on the 19th, I pay the amount down to 1% ($3) on the 15th when I get paid and that money is not available until the 25th, a few days after they have reported to the bureaus so my Utilization for this card is always 1%.

CONS: No increases in limit means this card will not grow with you as you improve your credit worthiness. Their website, while functional, is not super helpful. 

Capital One Platinum Secured Card: I deposited $99 for this card and received a $300 limit. My TU score at the time I received this card was about 560. After a period of on time payment history, they will increase your limit without deposit and you can increase your limit after one billing cycle with an additional deposit. IMHO, this card, and Capital One is much more user friendly than First Progress. You can set your own due date, Their website has an interactive chat with Capital One associates and the card can grow with you. I was so happy with this card that my first unsecured card was with Capital One as well.

This is just my opinion of the two options that Credit Karma most frequently advertises. I am sure others have different opinions but I believe either, or both, will serve the purpose you are looking for. There are probably other options out there I am not familiar with. 

Best of luck to you and I hope this helps.

Dan

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0 People Helped

Thin Credit

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I have credit, have been at 800, and now it shows thin credit??? whats going on here, i have several card, home mortgages, car notes, you name it....

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