First time credit card?
Quadracer89
11-07-2007 18:25:24
Alright so basically, I'm living my life off my debit card. In a way its good, but in a way its not so good.
I'm looking to apply for my first ever credit card, mostly so I can build up my credit so I can finance a bike in a year or so 8)
I need some experts on this. I want to know what is the best one out their for me. Def not looking for one with annual fee's and such, just something that I can load a few bucks on, and pay it off quickly with no fee's. Bumping up my credit is important, and I don't want to f--- this up.
All help will be appreciated! +Karma people 8)
kidd2108
11-07-2007 18:59:40
lots of help here
http//forum.freeipodguide.com/about44133.html
Big War Bird
11-07-2007 19:06:13
Bose.v-bux has a couple different credit card offers that I can pay you to sign up for. D
Quadracer89
11-07-2007 19:26:21
Thanks alot kidd2108
+++ Karma your way ; )
Chris
11-07-2007 19:31:52
My first Credit Card was an American Express, nothing but great customer service!
wasabe
11-07-2007 20:05:45
Amex does two kinds of cards a charge card a credit credit. The charge cards have to be paid off in full at the end of the month while a credit card can carry a balance.
tylerc
11-07-2007 20:34:06
I have a Chase Rewards card that I really like, 5 points per dollar on gas/grocery/drug store purchases, 1 point per dollar on everything else.
check the finance boards on fatwallet
soo much info on there.
freaky1718
12-07-2007 08:28:11
ehhh American express isn't the way to go they have something thats called Financial review where you gotta send them in pay stubs and tax forms to release your account off hold and they may decrease your credit limit the easiest ones are store cards but have high aprs. so go with a student chase card but don't lie about your school info or else they will ask you to send in copy's of your school id card. um and most amex cards will require you to have a account open for at least 6 months and also most of their charge cards (which is like easy to get ) haves a annual fee of 45 to 450 dollars. but also try to get your mom or your father to add you on as authorized user so if they have the card for like 14 years you instantly get 14 years of history.
tjwor
12-07-2007 10:45:16
a very easy way to go is to make a bank account through "Bank Of America" you will get a credit card along with a debit card through your account, and you can pay off the credit card online by transfering money from your other accounts to it. I have my main bank account with another place, and then my BOA account with something like $100 in it, and i add money to pay my credit card every month.
Very easy way to go, and guaranteed tdo work!
manOFice
12-07-2007 10:59:43
I have a capital one card...first company to ever give me one, great card
tracemhunter
12-07-2007 11:12:57
I ended up going with Chase Rewards (the first card I ever applied for) and have liked it so far. Only has a $500 limit but I don't need that much.
gnznroses
12-07-2007 12:21:42
i applied for several cards and couldn't get squat. if you don't have credit history you basically can't get one. i tried getting one from paypal, amazon, chase, my bank, even a freakin walmart card, and got denied everywhere. my bank told me even if i had a million dollars in my acct they wouldn't give me one because it soley (sp?)depends on your credit history.
i'm paying car payments now so i'm hoping that'll get me some good credit. and since i bought my car i've gotten about 10 letters in the mail from loan companies telling me they had turned me down. hyundai eventually was the one to give me the loan.
so right now my credit is really bad i'm sure, cause every time you get turned down it hurts your credit.
manOFice
12-07-2007 13:47:05
[quotead516e0f2a="gnznroses"]i applied for several cards and couldn't get squat. if you don't have credit history you basically can't get one. i tried getting one from paypal, amazon, chase, my bank, even a freakin walmart card, and got denied everywhere. my bank told me even if i had a million dollars in my acct they wouldn't give me one because it soley (sp?)depends on your credit history.
i'm paying car payments now so i'm hoping that'll get me some good credit. and since i bought my car i've gotten about 10 letters in the mail from loan companies telling me they had turned me down. hyundai eventually was the one to give me the loan.
so right now my credit is really bad i'm sure, cause every time you get turned down it hurts your credit.[/quotead516e0f2a]
I feel ya pain, i tried for years and always got denied because I had no credit but after a year of paying my car loan on time i finally got accepted to capital one on a 300 dollar limit and now after paying that off every month in full they just increased me to 500 bucks.
Quadracer89
12-07-2007 14:58:00
Well I just applied for a visa card through my bank. Hopefully they'll accept me.
jdizzle314
12-07-2007 15:39:03
Student CC FTW = )
Quadracer89
12-07-2007 15:56:30
It was a student card i signed up for.
EatChex89
12-07-2007 16:16:34
i am trying to get one as well.
I love how they deny me because I have insufficient credit history. It's like, where do you start?!
Admin
12-07-2007 17:06:59
[quote29aa12e60d="EatChex89"]i am trying to get one as well.
I love how they deny me because I have insufficient credit history. It's like, where do you start?![/quote29aa12e60d]your bank may have a "student" credit card meant to jumpstart your credit. you can be more likely to get approved because you're a customer of the bank. a history with the bank helps. get one of those and just charge/pay off. with this strategy i have pretty darn good credit for my age and lack of big-ticket LOCs (like furniture or a car)
tylerc
12-07-2007 21:21:34
[quoted3ccd513e6="tracemhunter"]I ended up going with Chase Rewards (the first card I ever applied for) and have liked it so far. Only has a $500 limit but I don't need that much.[/quoted3ccd513e6]
That's what I have, but they gave me a $4,500 limit.
The only times I have gone over $500 are when I bought a bunch of concert tickets for friends and my HD-DVD player for my 360.
bballp6699
13-07-2007 07:50:37
I wouldn't go with Amex. A lot of companies don't accept them as they have high fees. Sorry if this was already said. I didn't feel like ready past the first 5 posts.
Oh, and my first card was coincendently a Citi Student card from an offer, many many moons ago. I never got the card in the mail, and then two years later they sent me the platnium upgrade with a $3,000 balance on it.
Whoopty woo.
benedict
16-07-2007 00:10:57
I highly suggest the mtvU card by citibank. a great starter card and is only for students only. after you graduate, you cant get the card anymore. but if you get the card, you get to keep it for life. it has a very nice 5% back on books, movies and restaurants.
kidd2108
16-07-2007 00:16:23
[quote9088886c7b="benedict"]I highly suggest the mtvU card by citibank. a great starter card and is only for students only. after you graduate, you cant get the card anymore. but if you get the card, you get to keep it for life. it has a very nice 5% back on books, movies and restaurants.[/quote9088886c7b]
My sis is getting that card. I dont know anything about it tough.
x323smostwantedx
16-07-2007 01:06:09
I got my first CC a couple of months ago, it was a Citi card. Most companies had rejected me (like 3). Citi accepted me and gave me a $500 credit line. I spent 400 on it and my first bill came and I gave $100. Hopefully this card will help me build some good credit.
why would u only pay 100 out of ur 400 dollar balance?
to pay 20 percent interest on the 300?
anyways capital one may be the first card to accept you but look for alternatives once u have the card for 6 months. they dont report ur credit limit to ur credit report and are stingy with their credit limits
tylerc
16-07-2007 09:40:47
I agree with Kidd. That's silly to only pay off 25% of your balance. If you want a good credit score (and want credit card companies to secretly hate you ;)) pay off your card every month.
kwesi1
16-07-2007 14:03:23
[quotebfe2d111a6="tjwor"]a very easy way to go is to make a bank account through "Bank Of America" you will get a credit card along with a debit card through your account, and you can pay off the credit card online by transfering money from your other accounts to it. I have my main bank account with another place, and then my BOA account with something like $100 in it, and i add money to pay my credit card every month.
Very easy way to go, and guaranteed tdo work![/quotebfe2d111a6]
I have a bank of america account as well. how would you rate the credit card? are there any hidden fees or other tricks boa has tried to use on you? do they hold payments until after the due date so they can charge you fees? I want to use mine,but i've heard some horror stories regarding boa.
manOFice
16-07-2007 14:08:57
Yep, I've had my capital one card for awhile now and pay off the full balance every month, hoping to gain good credit
x323smostwantedx
16-07-2007 14:17:45
Kidd and Tylerc, I thought it wasnt that good to pay off your CC in 1 payment, but I guess I was wrong? So what are some tips?
Use ur CC, pay it all off the first month??
Have only 1 CC?
tylerc
16-07-2007 14:31:32
Definitely pay it off every month, that gets you a higher credit score, plus no interest if you pay it off in full.
I only have one credit card, but you can have more, though applying for a lot in a short time period can look bad.
ok guys
pay off ur cc bill in full or u will be raped in interest.
cc companies love revolvers aka ppl who dont pay in full because they make so much money off you guys.
pay in full and buy only when u can afford it. use the cc alot because its convient.
remeber to keep cc utilization under 50 percent to have a good score.
so if ur cc limit is 500 u shouldnt technically be spending more than 250 a month on it.
tylerc
16-07-2007 22:03:04
It'll be hard for me to ever come close to 50% of my limit, but I didn't know that, +kma
x323smostwantedx
16-07-2007 22:03:59
Thanks for the tips, any more?
keep you utilization to the minimum
the rule of thumb usually is dont go over 50 percent.
my credit report tells me my utlization and what not.
my dad uses about 1 percent of his availible credit and his score is close to perfect i think its 842.
if u sign up for www.myfico.com they have a fico score simulator and what not.
good shit
benedict
17-07-2007 01:43:45
new cancel your oldest card....that's a good tip when you're older. if you cancel your old card, away goes your credit history with that card as well.
Gigante
17-07-2007 07:11:22
[quote9f0a6f5993="x323smostwantedx"]Kidd and Tylerc, I thought it wasnt that good to pay off your CC in 1 payment, but I guess I was wrong? So what are some tips?
Use ur CC, pay it all off the first month??
Have only 1 CC?[/quote9f0a6f5993]
Do everything online, it makes it easy.
When they email me that I have a statement, I just go pay it off. Just make sure you get the statement first before paying it off so that it will register as you having spent money and later paid it back, but not keeping a balance. Paying it before the statement will show an active card with $0 $0 $0 $0 all the way down.
Gigante
17-07-2007 07:12:19
[quotea1677b9eab="benedict"][ba1677b9eab]never[/ba1677b9eab] cancel your oldest card....that's a good tip when you're older. if you cancel your old card, away goes your credit history with that card as well.[/quotea1677b9eab]
fixed.
tylerc
17-07-2007 07:26:45
I got a collection notice against me because the credit card I used for an offer was declined for some reason, but I paid it off immediately.
Any idea how much this will affect my credit score?
the only way u will know is if u check your credit score.
also dont listen to benedict.
leave your oldest card forever. history is one of the biggest boosts to ur credit score. if ur parents have a perfect card that has been open for 20 years no lates or w/e ask them to be added as an authroized user (au) ur score will jump alot and u gain all the history good or bad of that card. rumor is that it wont be included in the new methodology of the fico equation within 6 months. if anything become a joint user.
benedict
19-07-2007 19:55:40
Sorry about that. I mistyped. I actually meant never..don't know how I typed in new...might be the bluetooth kb haha
you statement is still somewhat incorrect
EatChex89
19-07-2007 23:49:43
good news to all, I was accepted/approved for the Wells Fargo college credit card and the buy.com visa!
w00t
Gigante
20-07-2007 10:07:08
[quotec61fa6e178="tylerc"]I got a collection notice against me because the credit card I used for an offer was declined for some reason, but I paid it off immediately.
Any idea how much this will affect my credit score?[/quotec61fa6e178]
You probably got a letter threatening to be a collection agency if it is a small amount from an offer. Real collection agencies do not like to buy small $$ amounts because for example, they pay the company half and make their money when they get money out of you. They don't wanna pay $40 and spend lots of time to get back $80. Small ticket items aren't worth their time. They probably also threatened to put a mark on your credit report and such, but I doubt anything has happened, and some places that threaten to do so really can't, so they could just be pulling your leg. Since you paid them, I would bet money nothing will ever show.
x323smostwantedx
20-07-2007 10:29:03
Can offers give u a bad mark on ur credit withouth knowing ur social?
tylerc
20-07-2007 11:14:35
[quote94d9d028da="Gigante"][quote94d9d028da="tylerc"]I got a collection notice against me because the credit card I used for an offer was declined for some reason, but I paid it off immediately.
Any idea how much this will affect my credit score?[/quote94d9d028da]
You probably got a letter threatening to be a collection agency if it is a small amount from an offer. Real collection agencies do not like to buy small $$ amounts because for example, they pay the company half and make their money when they get money out of you. They don't wanna pay $40 and spend lots of time to get back $80. Small ticket items aren't worth their time. They probably also threatened to put a mark on your credit report and such, but I doubt anything has happened, and some places that threaten to do so really can't, so they could just be pulling your leg. Since you paid them, I would bet money nothing will ever show.[/quote94d9d028da]
Ok, cool, I figured it'd be better to pay the $20 or so instead of hassling with it affecting my credit score.
tylerc
24-07-2007 08:15:40
BUMP-
I got an offer with my RewardZone certificates from Best Buy that I could get $30 in RewardZone certificates if I applied for/made a purchase with the Best Buy RewardZone Mastercard. They offer the following
li Earn 4% on Best Buy purchases
li Earn 2% during special promotions throughout the year in popular categories, currently travel and dining.1
li Earn 1% everywhere MasterCard is accepted.
They said no annual fee with qualifying credit, but they don't say what that is. Does anyone know what "qualifying credit" generally means? I have one credit card (Chase Rewards) and pay it off, in full, every month, always on time, and have had it for about a year.
there asre always better offers to get u to sign up for credit cards 30 bucks is low. i got 250 for the chase freedom card.
if your in no rush wait a lil bit