Hey, I've never had a credit card before and I'm thinking about getting one soon. I know I should have started at 18, but now I want to get a card to build my credit the fastest. I spend about 2k a month, mostly on rent, and the rest on food and stuff like my gym membership. I also don't have a car that im paying for. I've seen Brian Jung's videos recommending the Freedom Flex and Capital One SavorOne. I also own a business and have an LLC, so I'm wondering if I should get a business card first or both? Where should I start, last thing I want is opening up a card and regretting it having to close it.
19 years old making 5k a month with no credit card.
byu/inazaid inCreditCards
Posted by inazaid
4 Comments
> last thing I want is opening up a card and regretting it having to close it
With no credit history, your first card isn’t going to be great. Beggars can’t be choosers to start.
If you have no banking relationship with Chase, you won’t get approved for much, if anything, aside from their Freedom Rise starter card. The best bets are probably Capital One and Discover, and you should check the preapproval tools out for both first, to see where you stand.
Don’t be surprised if you need to start with secured cards, where an initial cash deposit is required to serve as part of your limit.
You might be thinking “I have a high income, so of course I’ll be approved for anything.” It doesn’t matter with no credit history, and you won’t be. Regardless of whether it’s a personal or business card, your personal credit will be pulled as guarantor, so you’ll generally need solid credit for any personal or business card worth having.
“to build my credit faster.” Do you have a credit score? If so, what is it and what credit products do you have?
You want a card for yourself before your business.
I’d recommend the Discover It over the Freedom Flex as a starter card. Savor is another good option. You can try preapproval, but again the answer of the best card really depends on if you have a credit score. If you have no credit score, it is very likely you will only be approved for the Discover It secured or the Quicksilver secured as your best options.
I would start with a local credit union.
Who do you bank with?