I just got a bank and checking account from Bank of America?

Question

I want to establish credit, as I have no credit history. I can't afford their secured card yet, as I am a poor college student just starting out. I am just planning on establishing credit by buying something very small...like a few dollars..with the card each month and paying it off immediately, nothing major until I get on track. Will they approve me a student credit card? I got rejected before when I tried applying because I have no credit history, but that was BEFORE I got a bank and checking account with them. Thanks! :D

Answer 1

Your plan is sound.

Answer 2

Why, as a poor college student, do you want to establish credit.  Guess what?  The money has to be paid back.  No exceptions.  This means if you charge something and cannot pay when the bill is due, you're gonna ruin your credit.  I agree with the person who says to save your money, but don't get a cc and use a cd as collateral.  PAY CASH FOR WHATEVER YOU NEED.  If you don't have the cash (and it's not a life/death situation) don't buy it.  If you pay with cash, you won't have to think about a bill later.  At this time in your life, you should be worried about your studies not establishing credit.  You'll have enough time, after graduation, to worry about bills and student loans.  By the way, don't be surprised if Bank of America disappoints you with their banking practices.  That's all I'm saying about that...

Answer 3

it's worth a shot...

a secured card is just a sure thing as far as approvals go.

how much were they wanting for a security deposit? you can search secure credit cards online and there are ones that allow you to get the card and they just charge you like 200 towards your balance automatically, you don't have to come up with but about 25 dollars up front. you keep it for about 12 months until you are able to get a non secured loan at a lesser rate. then you pay off that card but keep it open.. an open card with zero balance is way better on your credit than a closed account.

i know a couple of cards that work to build credit are tribute and first premier, their rates suck but it is a start.

good luck and take care of your credit

Answer 4

If you have no credit history then what I would do is save up my money.Then you can put it into a certificate of deposit at your bank.You can then apply for a secured loan using your C.D. as collateral.You can do this with a very low interest rate,because it is a secured loan,and the interest earned on your C.D. will offset it also,further lowering the interst you are paying.And when the note is payed off you still have your money in the bank.I feel this is the easiest and safest way to get your credit started.It's what I did.Just be SURE to NEVER be late on a payment.