Facebook Rss Twitter Youtube MSN

Getting Credit with No History

Jun 06, 2005 | | Comments Comments Off

Q: My wife and I, who are in our early 60s, have always prided ourselves on paying as we go and never using credit. After the column in which you wrote about thin credit, however, we decided that we might build up our credit. When my wife applied for a credit card though, her application was rejected because of “inactive or insufficient recent credit history.” How do people like us with no debt and no recent credit history get a credit card?

 

 

A: You may need to start by getting a secured credit card that offers you a line of credit equal to the deposit you make at an issuing bank. Look for a card that doesn’t charge steep upfront fees and that converts to a regular credit card after 12 to 18 months of on-time payments. .

Related Posts

  • Getting Credit with No History
    Q: My wife and I, who are in our early 60s, have always prided ourselves on paying as we go and never using credit. After the column in which you wr...
  • Card breach shouldn’t affect your scores
    Dear Liz: My credit card issuer just told me that I am being issued a new card with a new account number because of a database breach. Will that have...
  • Don’t let disputes go to collections
    Dear Liz: Our FICO score is above 900. When we retired and moved to Oregon, our previous landlord in California imposed false charges against our sec...
  • Dealing with Mom’s big debt
    Dear Liz: My 74-year-old mother was laid off from her full-time job in May. My siblings and I were horrified to learn that she owes $41,000 on 12 c...

Categories : Credit Cards, Q&A, The Basics