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I want a credit card, but have no credit history, but I have high income

bcodemz 12 10 January 23, 2016 at 06:04 PM
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Hi,

I want a credit card, but I have no credit history since I'm only been in the US for 4 months and have been using a debit Visa card from Wells Fargo this whole time. I would like to apply for a credit card, but I have been rejected by 2 already for having no credit history.

I have a 6 figure salary, so income is not a problem. My rent is also very low (well under $1000/month). I don't mind putting up a few thousand for a deposit for my credit limit, but I don't want a card with an annual fee. What is the best cash back rewards credit card I can get in my current scenario?

Thanks

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#2
yoyr best bet is a secrued card..you set the limit and after about a year..you should qualify for better cards without. a deposit.
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#3
Quote from bcodemz View Post :
I don't mind putting up a few thousand for a deposit for my credit limit, but I don't want a card with an annual fee. What is the best cash back rewards credit card I can get in my current scenario?

Thanks
Just because most people tell you to build the credit history and worship the credit system, it does not mean it is the best way of life.
https://www.youtube.com/watch?v=88bCYyLAx3A

One thing nice about being new to the American culture after you become an adult is you have enough wisdom to make your own decision. Don't let broke / normal people and peer pressure take that away from you.

High income is nice but your savings also depend on the expense rate and your ability to save/invest. Income is only a part of the equation (and not a guarantee one).
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Last edited by teetee1 January 23, 2016 at 07:55 PM
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#4
Quote from bcodemz View Post :
Hi,

I want a credit card, but I have no credit history since I'm only been in the US for 4 months and have been using a debit Visa card from Wells Fargo this whole time. I would like to apply for a credit card, but I have been rejected by 2 already for having no credit history.

I have a 6 figure salary, so income is not a problem. My rent is also very low (well under $1000/month). I don't mind putting up a few thousand for a deposit for my credit limit, but I don't want a card with an annual fee. What is the best cash back rewards credit card I can get in my current scenario?

Thanks
You can't get a Visa, not Debit, from Wells Fargo? With six figures salary you would have a high balance in the bank except you prefer cash or send the money you've made back to home. With high balance I would thing it's easy to get a real Visa from your bank.

If not possible it's easier to get a department store credit card to build your credit. BTW, you're alone here in the US with no relatives who can co-sign for one?
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#5
Have you tried Capital One? They're a predatory lender so they generally approve virtually anyone.
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As the username says ...
#6
What country are you from? Did you have a Citi or Amex credit card? Sometimes you can get them to pull your credit from your home country for your first card. I've also heard that some credit unions affiliated with your employer can help.
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#7
I would recommend Discover, Great company. I was in a similar issue as you of having no credit history and I applied for a student card but got counter offered to apply for a secure. Maybe you can try applying directly for a secured card, they got decent cash back and after a year they graduate you into a unsecured account for your deposit amount.
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#8
Assuming you truly do make 100k+ / year and are paying very little rent you should have a few grand minimum in a bank account currently. That bank should have no qualms giving you some sort of card... even if it was a low limit.

I'd also call discover like was suggested and ask them for advice on your situation and what you could apply for.

Someone will be willing to give you a very low limit card with a terrible rate. Probably not much in the way of rewards... but right now your goal is building credit history, not getting 1% back I'd think since you should be making way more money than you "need" right now and building credit history will be more helpful than 1% returns.
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#9
Thanks for all the responses.

I am originally from Canada and had a credit card for 3 years. I don't really care about a crappy rate, because I will never pay a bill late.

I will try Discover and my bank, and some of the other banks. I have a good amount of money in the bank, so hopefully that'll help me out.

If there's any other bank I should look at, or other options, please let me know. Thanks
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#10
Quote from bcodemz View Post :
Thanks for all the responses.

I am originally from Canada and had a credit card for 3 years. I don't really care about a crappy rate, because I will never pay a bill late.

I will try Discover and my bank, and some of the other banks. I have a good amount of money in the bank, so hopefully that'll help me out.

If there's any other bank I should look at, or other options, please let me know. Thanks
DCU - Guaranteed, you get a cc
Discover - Semi-Guaranteed, you get a card.

Anything other, I wouldn't prefer as you will waste a HP.

P.S: I came out of same situation 2 years back. So, these are from my experiences.
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#11
Quote from bcodemz View Post :
Thanks for all the responses.

I am originally from Canada and had a credit card for 3 years. I don't really care about a crappy rate, because I will never pay a bill late.

I will try Discover and my bank, and some of the other banks. I have a good amount of money in the bank, so hopefully that'll help me out.

If there's any other bank I should look at, or other options, please let me know. Thanks
BC,

Try First Tech Credit union, www.firsttechfed.com. They have programs for Foreign Nationals and can help you get your US Credit going.
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#12
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#13
Quote from teetee1 View Post :
Just because most people tell you to build the credit history and worship the credit system, it does not mean it is the best way of life.
https://www.youtube.com/watch?v=88bCYyLAx3A

One thing nice about being new to the American culture after you become an adult is you have enough wisdom to make your own decision. Don't let broke / normal people and peer pressure take that away from you.

High income is nice but your savings also depend on the expense rate and your ability to save/invest. Income is only a part of the equation (and not a guarantee one).
That's a nice video and all but Credit Cards, used appropriately, can be used to your advantage. If you don't have rewards cards and you pay everything with cash then you're not being as smart as you think you are.

I pay every little expense with my credit card. However, I never (ever) carry a balance from month to month. With this strategy I have received many free hotel nights, gift cards, flights, etc.

Yes, foolishly building up debt is a very bad thing. But just owning and using a credit card does not mean you're going to fall into a hole.

As is always the case.... moderation is key!
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#14
Quote from ManUpOrShutUp View Post :
Have you tried Capital One? They're a predatory lender so they generally approve virtually anyone.
I agree
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#15
As others have said, get a secured card(glorified prepaid CC) to start building a credit history. After about a year you can move on to other cards.
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