Hi everyone,
I’m in a pretty specific situation and could use your advice/opinions.
I’m looking for a first true credit card.
I grew up in Europe, moved in for college and been using debit only for about 8years now with bofa or cash.
My ex did help me by putting me on some credit cards years back so I have 660 score but no real history.
I’m in my late 20s now, make about $110k and my credit score is starting to limit me – I’d like to apply for mortgage one day and even renting now is an issue even though I was never late on rent and never in debt.
With that, my goals are mostly credit score building, some benefits would be nice but more of a bonus.
I never plan to go over any limits so apr is not that important. I do travel but not as much internationally/on plane anymore.
Highest spending is on rent, car+van ownership, groceries, dogs, outdoor activities/sports + equipment. Rarely eat out.
Not sure if I’m missing something, anyway really appreciate anyone who read this far and would be willing to point me to the right direction. I’m a total noob and honestly thought I’ll be able to just use debit/cash/checks for the rest of my life.
Could really use your help with first credit card
byu/Character_Fig_518 inCreditCards
Posted by Character_Fig_518
3 Comments
Man I feel you on the Europe thing, took me forever to figure out how credit works here compared to back home. Your situation actually not too bad with that 660 score as starting point, many people start from zero
For first card I’d probably go with something simple like a basic rewards card from your current bank since you already have relationship with them. They usually more likely to approve you and you can manage everything in same app. Don’t overthink it too much on this first one – main goal is just showing consistent payment history for like 6-8 months then you can get something better
The mortgage thing is real issue though, I had similar problems when I was looking at places few years back. Landlords here get weird about foreign credit history even when your income is solid like yours. But once you get that first card and keep utilization low (like under 10%) your score should jump pretty quick
Just set up autopay for full balance and treat it exactly like debit card, you’ll be fine. The whole credit game here is weird but you adapt to it eventually
If I’m reading this correctly, that 660 score you mention comes from some cards belonging to your ex on which you are an authorized user. Is that correct ? Are there any other tradelines on your credit reports ?
If you haven’t already done so, you should get your credit reports from all three credit bureaus. They are all available for free at [annualcreditreport.com](http://annualcreditreport.com) . That 660 score suggests that there are some (minor ?) problems with your credit history. There may be some missed payments, or high utilization, on those old AU accounts.
Your best strategy right now is to get some basic credit cards in your own name. Start at your current bank and see what they are able to offer you. You may not be able to get a card with rewards yet. You can also try the pre-approval tools at Capital One and Discover.
Once you have a credit card in your own name, use it regularly, and pay the full statement balance before the due date every month without fail. After six months of satisfactory usage, you should be able to apply for better cards, but take your time and space out your applications.
You should also plan to remove yourself from those old AU cards as soon as you can, but wait until you have six months of history on your own card(s) before doing so.
For more information, hop over to r/CRedit and read the FAQs and other material available in the *Community Highlights* and the sidebar.
I’d look at the Discover It! card. It’s commonly one of the easiest to get with low credit and actually has good rewards. If for some reason you get denied, you’re going to have to get with a “secured” card. A secured card requires a refundable deposit.