credit card offers for no credit history
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How much will a secured credit card improve a 550 credit score?
I’m a 24yr old male with no credit history, even though I have one delinquency that was reported in 2003. I am very good with saving money, I have saved a little over $50,000 in the last three years and I want to finally have a credit card to build my credit but I keep getting denied because the lack of credit history. I’m thinking of applying for a secured credit card offered by US BANK. If I make all my payments on time for lets say two years, how much will my credit score jump from 550?
BTW the delinquency case was all my fault for letting my sister set up a directv account under my name and she let me down when she was late on her payments.
thanks to all who are responding, I would like to know what is the avg credit score for someone with no credit? Where do they start you off?
I don’t think anybody can give you a “true” answer to this.
The secured credit card is a good idea. Just make sure that the payment history is reported to the credit bureaus.
Get one with a decent limit. (The more money you put up as collateral the higher the limit the card will have). Give them $1000 as collateral and you can expect to get a card with a $1000 limit.
The trick is not to use more than 10% of your credit limit in a billing cycle and then pay off immediately when the bill comes.
Do this for about 8 months to a year and then pull your credit report again to see where you are. FICO score will cost you extra.
But handling your secured card in this way will show the credit bureaus that you are extremely good at handling your credit limit.
And of course…. always pay your bill on time. That means if you use the U.S. mail you should be sending the payment at least 10 days before due date. Never… chance it and try to pay it in the last minute.
P.S. Stay away for “Orchard” – just to to your regular bank and get one of theirs.