FromTexas
This Space for Rent
BuddyLee said:I wonder if Best Buy will approve me for a credit card. Someone has to, eventually.
If you need to build credit, get a deposit backed credit card. You get one for $250-$500 limit that is backed by the same amount you have in a savings account with the issuing bank. Your interest rate on the card will be high. You won't make much on the savings. If you are late in a payment, you will probably pay a high fee. However, its the way you build your credit. You need credit first to get credit (catch-22). So, use a card like this for like $60 dollars in purchases every month and pay it off (works even better if you leave like $100 always on the card and make minimum payment or more while leaving some balance, but you will be paying a high interest rate). After about 12-18 months, you will be able to apply for a much lower interest rate card with no deposit backing.