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Subject:  Re: No Credit History / My First Card Date:  8/30/2004  5:06 PM
Author:  TMF2Aruba Number:  189134 of 312189

I too am 22 and with very little credit history. However I just got approved for my first CC about a week ago - A student Visa through my bank (Bank of America).

However, not being a student anymore, that route isnt' really an option for you anymore. I would suggest looking into getting a secured card.

You can get a secured visa for like $250. The one I had been looking at was $250 + $29.99 annual fee. You don't get the fees back, but they do credit the $250 back into your account after 1 year and convert it into a regular unsecured visa, so long as you've been on-time with your payments. That too was through BoA.

Not being a student, a secured visa might be a good idea. Good luck.

Well, I guess this would be an option, but it's not the way I'd go, at least not at this point.

Kyle wrote that he wants to avoid the credit mistakes his parents made, and he just wants to begin to establish credit, as he's virtually got no history at this pint. Good for Kyle! He's learned well by seeing his parents struggle and he doesn't want to get into that pattern.

I really don't believe that Kyle should begin with a card that will cost him big bucks just for the luxury of having it. I think there are other avenues to investigate.

Kyle wrote that he can't get a clothing store card, but I'd bet that he could find one from either another store (there are tons of stores out there offering credit cards), or a gas card. I'd try stopping at a Getty, Shell, Exxon, etc., and fill out a few applications. Macy's or J.C. Penny's is another to try.

Other avenues, which would be less costly would be to get a secured loan from a bank. If Kyle can keep some money in a savings account, and then take a loan using that account as collateral, it would be a good beginning to establishing credit.

Finally, Kyle shouldn't feel it to be an emergency situation where he needs to establish credit right off the bat. He might be well suited for now not having any credit cards as he wouldn't be in a position to build up debt. Things will also get easier when he's maintained an employment history. That's another factor towards building credit as it shows stability.

Hang in there, Kyle, and make all of your moves carefully with an eye towards meeting your goals without those goals costing you lots of bucks. :-)

...but I still am...

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