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Unsecured credit card for with no credit?

Author : David

Submitted : 2017-06-13 02:01:28    Popularity:     

Tags: Unsecured  credit  card  

I plan on making several large purchases from Best Buy in the coming months. My mom wants me to buy these things with a credit card to help establish my credit. I've researched it a lot and it seems the only credit cards I'm eligible for are secur

Answers:

You seem to have answered your own question: you say you are only eligible for secured credit cards, so no, you can't get an unsecured one. If you can't afford the secured card yet because you need to make these other purchases, then make the purchases with cash and get the secured card when you can afford to. Play the long game.

store credit cards are a good way to get your credit established, normally they do not require as close requirements as the major cards and if you are faithful in your payments this is a good start

Probably not.

Even if there were, the credit limits would be too low to use them for "making several large purchases".

If your mother had good credit, let her cosign for you for a higher limit. You won't have to put your money up. After a year of activity. you should be able to get your own unsecure credit card with a decent limit

No.

Credit is like anything else. You shop around for the cheapest deal and credit cards are never the cheapest deal.

"Down payment" is the wrong term. The money remains yours, but I understand about not putting cash in both places. How about borrowing $1,000 from your mom to use as the security deposit (in a 1 yr CD - at about %), and then you will be able to make those big purchases, and pay them off. But, to build credit, you need to keep buying stuff on credit and paying it off. Some day (2 or 3 years) when you get an unsecured card, you can return the $1,000 plus interest to your mother.



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