What company will give you a credit card when you have no credit?

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What company will give you a credit card when you have no credit?

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I am 19 years old with little to no credit history. I was able to get a credit card through a department store but was declined for a credit card through the bank (where i work none the less!) and for another one through a store. I am not desparate for money.

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My reasoning is to build my credit score. I would perfer not to take out a loan to build credit until i actually have something i need a loan for. So... Does anyone know of a credit card company that will give someone like me credit card? I dont want to keep applying if I am just going to get rejected everytime. Thanks!!

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The Answer : Capital One One currently reports the current balance as the credit limit giving the appearance that the account is at the limit, which isn't good for a credit score. This has been also made public, and Capital One will not start reporting correct credit lines until later this year or the beginning of next year. I understand in your question that you applied for a credit card through your bank and was declined.

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You may want to check with your bank again to see if a secured credit card is offered. Secured credit cards are easy for people with little credit to get approved for mainly because they require a deposit usually tied to a savings account as collateral to establish a line of credit. The deposit isn't used to pay for the balance on the account unless it's severely delinquent and/or it's charged off.

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2 major benefits of secured cards is the minimal chance of getting declined and also the ability to control the credit line by adding to the deposit. In a sense, you could very well "customize" a credit card by adding to the deposit to increase the limit, which looks good on a report. If you're saving for a major purchase let's say like a down payment on a car or a house, a secured card not only helps you save that money, but you can also build credit at the same time.

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Another benefit of a secured card is that the deposit gains interest just as a savings account would while you're building credit. A good practice in using the card would be to make a small purchase ($20/month) that can be paid off on time every month while adding to the deposit to increase the credit line.

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Usually after a year of doing this, the card either will convert to a regular card or a better card will be offered. and more importantly, the deposit is no longer needed and is given back. Now not only you would have a high limit credit card, you'd also have a nest-egg saved up as well. Something to think about. Hopefully this answer will help

Good Luck!