bad credit credit cards capital one
Capital One Student Credit?
Can I build my credit with a capital one student credit card when im 17? If it doesn’t build my credit then theres no point in me getting it.
please no answers along the line of “credit cards are bad! dont get one!!”
just answer my question please, thank you!
If you are a minor, you have to have your parents cosign on the application. If your parents have bad credit, it would not be a good idea to go in with them on a credit card, they could ruin your credit before you’ve even begun. If they have good credit however, then this would be a good idea. Another option would be to have them add you as an authorized user onto one of their existing accounts. You will gain good credit from their account.
Secondly, Capital One is a terrible place to try to build credit. They are a predatory lender that caters to people with bad credit. They will not report your available credit which is part of the calculation for your FICO score. (balance of debt to available credit). I have been told that no amount of arguing will make them report it, which some people think is a violation of the law, but that’s another topic.
If you want a credit card I suggest you get one through your bank or credit union. Start off with a secured one if they won’t allow you to have an unsecured one. It requires a deposit into an account of $500 or whatever amount you want. Make a small purchase each month and pay it off in full, otherwise you’re just paying interest on something you could have bought with cash and wasting your money.
And lastly, why do you need to build credit when you’re only 17? You do not need credit except to make major purchases like a house or a car, and after you’re finished with college and employed full time. Credit cards are not required to build credit. You can save up a down payment on a car, and get a loan from your bank for a car, make on-time payments, and that will give you good credit too. I say this because I got myself into a ton of trouble when I was young with credit cards. Wouldn’t wish it on my worst enemy.
