Debt is the devil
My parents were in debt for awhile and because of that always advised me against getting a credit card. I’m now working full time and need to start building a credit score, and realize that their advise was not great even though they had the right intentions.
Don’t really know where to look. Obviously need to get approved and I have no credit score so most solid options are not available to me. I work in IB so relatively high earning for my age group, but I still have no credit score.
What are some solid options?
There are many first time credit cards available; I've added a link below that point to a few. Additionally, you can try to apply for an Amex. Believe income is their largest factor, so you should be fine getting one. I recommend the gold if you spend a lot on food.
https://www.creditkarma.com/credit-cards/i/best-first-credit-card-for-y…
Apart from getting your first cards and building history, do you have any relatives that have really high scores, like 800+? If so you could ask them to add you as an authorized user to one of their oldest cards. This will skyrocket your score since you get access to their credit score and history.
Your parents are smart——young people are notorious for racking up debt because young people are more impulsive. Imagine instead of having no credit right now, you instead had thousands in debt. I’m also sure you didn’t have a job then, which means they didn’t want to be on the hook for your BS. I’m familiar with your parents thinking because my parents did the same to me, and I didn’t get my first credit card until age 27.
In building my credit, I went to a Wells Fargo branch, and put down $500 for a “secured” card. Did that for 6 months to establish my credit. This then allowed me to qualify for a “normal” capital one credit card. Did that for a year. Then at the cumulative 1.5 year mark, I applied for the Chase/Amex cards, etc. and was approved.
The whole reason for me getting credit was to buy a house. I can say that by the start of year 2 I was able to purchase my house with no issue. Much easier to build credit quickly when you have no past debt.
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