Best credit card to build credit in the US?

[Amy_and_Victor 159]

A person can just use a bank/debit card to pay something off in full

Exactly, but it doesn't build your credit, that's the point. Debit cards usually don't come with good benefits/rewards package either. I think it's actually better to not spend more with credit cards than you can afford to pay back. If you're in a financial hardship and have to spend more than you can pay back before grace period ends, sometimes it's cheaper to get a short term small loan than deal with credit card late fees or interest. I've seen a lot of examples how people screwed themselves with spending more money with credit card than they can pay back, and they're ending with paying a lot more to the bank or dealing with collectors that ruins your credit score a lot. Especially if you're just starting to build your credit history, it's not a wise financial decision to consider credit card as a tool to easily spend more than you can afford now.

- Victor from Russia

[Operator 1,927]

No

You need to be a joint card holder on the account.

Banks and credit card companies typically send the activity of shared accounts to all cardholders' consumer credit reports.

[j&ana 363]

No, you don't need a credit score to buy a house. There are still mortgage companies that will underwrite the mortgage themselves provided you have enough of a down payment. I just want to OP to think about alternatives based on my experience. Many people make it just fine with and without credit cards. After what I have been through, I ended the need to have a credit card and choose not to use them again. My bank check card does everything the credit cards do and I don't have to worry about having a debt to pay off later. Life is a heck of a lot easier with no debt at all.

true there are other ways to build credit ,then getting a high interest credit card, just because a person wants a credit card to build credit

[j&ana 363]

Exactly, but it doesn't build your credit, that's the point. Debit cards usually don't come with good benefits/rewards package either. I think it's actually better to not spend more with credit cards than you can afford to pay back. If you're in a financial hardship and have to spend more than you can pay back before grace period ends, sometimes it's cheaper to get a short term small loan than deal with credit card late fees or interest. I've seen a lot of examples how people screwed themselves with spending more money with credit card than they can pay back, and they're ending with paying a lot more to the bank or dealing with collectors that ruins your credit score a lot. Especially if you're just starting to build your credit history, it's not a wise financial decision to consider credit card as a tool to easily spend more than you can afford now.

- Victor from Russia

A person with no credit is not very likely going to get a credit card with low interest, rewards, benefits. of course It is always better to not spend more then you have whether it cash or credit. However just to get any credit card because a person wants to start building credit is not smart.

[Amy_and_Victor 159]

However just to get any credit card because a person wants to start building credit is not smart.

What are the other options if you can't get a joint credit card with your spouse (for example, your spouse has bad credit sore)? You can get either small secured loan, either secured credit card. If you're going to use it for building credit score only there is not much difference between them. Secured loan will have some interest added, secured card most likely will have annual fee. Pay off everything timely and you will not be charged extra fees beyond that. From my personal experience credit card affects score faster than loan. I had secured loan, it was reporting to credit agencies every month, but in 4 months my score barely changed at all, like 2 or 3 points up. Credit card changed it way more after only 3 months. You don't have to keep this first credit card forever, once you get better credit - apply for better cards with benefits, no annual fee or whatever you want and once your credit score is very good you can close your first card. It will negatively affect credit score, but it will recover soon with smart use of new cards and first card will not be a burden anymore. You need it for 1-2 years maximum and some banks will offer to upgrade your card to better one after that so you will not even have to close account. Sometimes you simply have no choice. I applied for like 4 or 5 credit cards (mostly dept. stores that tend to approve people easier) and was declined everywhere until I applied for secured card from CapitalOne and was appoved. I might get rid of that secured card next year since a have a few good credit cards now and they will keep biulding my credit history.

- Victor from Russia

[pinayanne27 8]

Hello!

I have been here in the US for 8 months now. I only have my EAD as proof of identity as i am still waiting for my Green card to get approved. I would like to start to build my credit but i don't know which bank would allow me to have my own credit card.

Just few hours ago we went to Macy's and tried to apply for the macy's card. Unfortunately, it was denied. The lady said we can try to apply again after 6 months, try to build my credit first.

Most of you guys suggest Capital One. But there is no capital bank near us. Where else can i try to apply? Or what else should i do?

[Póg mo 1,749]

Hello!

I have been here in the US for 8 months now. I only have my EAD as proof of identity as i am still waiting for my Green card to get approved. I would like to start to build my credit but i don't know which bank would allow me to have my own credit card.

Just few hours ago we went to Macy's and tried to apply for the macy's card. Unfortunately, it was denied. The lady said we can try to apply again after 6 months, try to build my credit first.

Most of you guys suggest Capital One. But there is no capital bank near us. Where else can i try to apply? Or what else should i do?

Capital one is online, but if I were you, I would first get your name on a lease. A lease won't build credit, but it will help establish you as a person in the eyes of a credit bureau. A regular job would also help, even if it is only part time Walmart gig. After a couple of months, you could apply to capital one for an entry level card. If Capital one accepts you. Use the card regularly, never more than 30% at a time and pay it off completely at the end of each month. Register online for a credit karma account, so you can monitor your credit and send you credit card offers. Don't apply for credit cards that carry annual fees, because if you later close them, it will hurt your credit history age.

[pinayanne27 8]

Capital one is online, but if I were you, I would first get your name on a lease. A lease won't build credit, but it will help establish you as a person in the eyes of a credit bureau. A regular job would also help, even if it is only part time Walmart gig. After a couple of months, you could apply to capital one for an entry level card. If Capital one accepts you. Use the card regularly, never more than 30% at a time and pay it off completely at the end of each month. Register online for a credit karma account, so you can monitor your credit and send you credit card offers. Don't apply for credit cards that carry annual fees, because if you later close them, it will hurt your credit history age.

I'm just worried that there is no capital one in our area. If i apply online, what documents do they require? I'm employed ever since i got my EAD. Is there a possibility that they will deny my application?

Edited September 26, 2015 by pinayanne27

[Póg mo 1,749]

I'm just worried that there is no capital one in our area. If i apply online, what documents do they require? I'm employed ever since i got my EAD. Is there a possibility that they will deny my application?

Capital one doesn't have branches. Unless it doesn't have a license to operate where you live, your state you live in, you should be able to apply from anywhere in the united States. Don't worry about getting rejected. One or two credit card rejections, won't hurt you in the grand scheme of things. If you already have a bank account, you should not require any id, other than your social security number, driving license number, verifiable work place etc. Check credit karma to get an idea of your credit score, and likelihood of getting a credit card with capital one. Edited September 28, 2015 by Póg mo

[ekim 10]

You can join local credit unions and apply for their credit cards. Making loan (car, house, etc) will also build your credit history.

I started with amex when I first arrived here in the US (working visa). Now, I will only apply if there is a signing bonus like $300 and up reward if you spend $1-3K in the first 3 months or 50K+ airline mileage bonus. I don't worry about interest since I always pay the statement balance at the end of the cycle.

My wife arrived last year. her first few applications were denied until I added her in one of my amex card as an extension or authorized user. Few months after, shed got her own Credit cards and store charge card.