1st time credit card? what? where? how?

[chin311]

I just turned 18 last month and am looking for any credit card to start building some credit. Im just gonna use it for gas, etc, and pay it all off at the end of the month, so i could careless how high the limit is. I have a visa check card from my bank, but want a CREDIT card. any tips? thx.

 

[fonzinator]

Google for a student credit card. You'll find quite a few to choose from. Look for one with no annual fees, the lowest APR you can find (which won't matter because you'll pay it off each month), and online account access. The online account access is a huge perk, IMO. You can pay your bill online as well as get daily info regarding your account. Don't worry about how high the credit limit is. It will probably be $500 on every single one.

Good job for wanting to build GOOD credit early in life!

 

[chin311]

Originally posted by: fonzinator
Google for a student credit card. You'll find quite a few to choose from. Look for one with no annual fees, the lowest APR you can find (which won't matter because you'll pay it off each month), and online account access. The online account access is a huge perk, IMO. You can pay your bill online as well as get daily info regarding your account. Don't worry about how high the credit limit is. It will probably be $500 on every single one.

Good job for wanting to build GOOD credit early in life!

thk ya, anyway, does it matter if im not actually a 'student', im not in college at the moment, and done with high school...or does 'student' just more refer to age?

 

[fonzinator]

Originally posted by: chin311

Originally posted by: fonzinator
Google for a student credit card. You'll find quite a few to choose from. Look for one with no annual fees, the lowest APR you can find (which won't matter because you'll pay it off each month), and online account access. The online account access is a huge perk, IMO. You can pay your bill online as well as get daily info regarding your account. Don't worry about how high the credit limit is. It will probably be $500 on every single one.

Good job for wanting to build GOOD credit early in life!

thk ya, anyway, does it matter if im not actually a 'student', im not in college at the moment, and done with high school...or does 'student' just more refer to age?

Good question...I'm not sure?? You'd have to check the app and see if they ask for info on your school situation. If you're headed to college soon, you could just tell them where you intend to go. Are you going to college? Where?

 

[StageLeft]

so i could careless how high the limit is

Seems to me you COULDN'T care less. Not "could care less". Thanks for playing!

love Grammer Nazi

You are not a student since you're not in school - but frankly I'd just lie on the application to get you rolling. They'll not find out anyway

 

[chin311]

Originally posted by: Skoorb

so i could careless how high the limit is

Seems to me you COULDN'T care less. Not "could care less". Thanks for playing!

love Grammer Nazi

You are not a student since you're not in school - but frankly I'd just lie on the application to get you rolling. They'll not find out anyway

yeah, thats for teh english less0ns << , guess i could use some more school, or just less internet. lol

so yeah, i guess i could say, but a lot of the apps im lookin @ require a "membership number" or something. blah. my bro. got one thru capital one, but he has a monthly fee of like 2$ dollars, but he got accepted thru some junk mail they sent him....hmmm....

 

[chin311]

what does "secured visa card" mean???

 

[LuckyTaxi]

i thuink it's where u gotta pay in order to obtain one. i think.

i remember when i had my first card i coughed up $75!!!! so horrible.

 

[chin311]

BAH!!! annual fee is 18$ dollars, ....so that can't be what it means.. hmmm, theres loads of student cards, but they ask for university info, etc...and i dont have any :|

 

[Rkonster]

Originally posted by: chin311
what does "secured visa card" mean???

Yeah, that means you get to pay some amount to "secure" your card. If you are not a student, that may be your best bet, unless you make enough money. The student cards usually ask for your school name and stuff.

 

[XZeroII]

I would seriously stay away from a CC at that age. If you decide to go to college, that card becomes too useful and you will start rationalizing $5-$10 purchases as small, but they add up really quick. Don't get a CC. Wait a while. Even if you are responsible w/money right now, that CC will corrupt you. Good luck, but remember my advice.

 

[chin311]

just read what it means on the site, says you have to pay "collateral" in deposits of $100, which they hold for your credit account, blah, thats like prepaid credit, MAN!!1 why cant i find a normal one? all student ones require a "two/four year program from an accredited college", cant lie about that. /shrug

 

[MoJoichiban]

My understanding of a secured credit card was the amount that is in a checking account is your limit for the CC. At least that's the way it was done for me with BoA. (have a checking and CC with the bank) So essentially, you can't over withdrawl the amount that you actually have in the bank. As for me now, I've using AMEX Blue to and BoA to build me credit over the years. These cards have not given me any problems. But yeah, the good search and CC rating sites would be your best bet. Online promotions pop up all over the place, just be sure to read the fine print.

 

[RossMAN]

Get a parent, brother, sister, friend, co-worker, bum to co-sign for a cc with you ... after 1 year of using the cc and making on time payments you can get your own.

Or get a secured credit card which is a REAL CREDIT CARD which you can be approved for all by yourself. After 1 year you get your deposit back plus the interest it earned.

 

[MoJoichiban]

um...yeah...just ignore my errors. Lack of sleep will do wonders to the mind...

 

[StageLeft]

My understanding of a secured credit card was the amount that is in a checking account is your limit for the CC. At least that's the way it was done for me with BoA. (have a checking and CC with the bank)

No, that's a debit card (it may say visa or whatever but it pulls right from your checking account). A secured credit card truly earns you credit (debit card does not) and you pre-pay the amount - say $500 - and then you have up to a $500 credit.

 

[chin311]

Originally posted by: Skoorb

My understanding of a secured credit card was the amount that is in a checking account is your limit for the CC. At least that's the way it was done for me with BoA. (have a checking and CC with the bank)

No, that's a debit card (it may say visa or whatever but it pulls right from your checking account). A secured credit card truly earns you credit (debit card does not) and you pre-pay the amount - say $500 - and then you have up to a $500 credit.

yea, from what i got out of it, its that you deposit however much you want your limit to be, and they hold that for a year. something similar to that, thats not for me, i'll just try my luck with normal ones :\

 

[MoJoichiban]

I stand corrected...

 

[RossMAN]

Originally posted by: chin311

Originally posted by: Skoorb

My understanding of a secured credit card was the amount that is in a checking account is your limit for the CC. At least that's the way it was done for me with BoA. (have a checking and CC with the bank)

No, that's a debit card (it may say visa or whatever but it pulls right from your checking account). A secured credit card truly earns you credit (debit card does not) and you pre-pay the amount - say $500 - and then you have up to a $500 credit.

yea, from what i got out of it, its that you deposit however much you want your limit to be, and they hold that for a year. something similar to that, thats not for me, i'll just try my luck with normal ones :\

Then either 1) Get a co-signer or 2) Apply for a high risk cc which has interest rates of 19-33%.

 

[amnesiac]

Originally posted by: Skoorb

so i could careless how high the limit is

Seems to me you COULDN'T care less. Not "could care less". Thanks for playing!

love Grammer Nazi

It's "grammar."

Yours Truly,

Spelling Nazi.

 

[Ranger X]

Get a credit card that has some form of a reward, like cashback.

Citibank Dividend might be a good fit.

 

[LOLyourFace]

Do what I did:

1. got my first credit card @ 18 from Capital One with $500 limit and 25% rape me APR.
2. never really used the card except intentional small purchases ($10-20) monthly and paid them off on time to build my credit.
3. about an year after, got an Discover Platinum with $1500 limit. Then shut down my Capital One and avoided it like a plague.
4. Shut down Discover when I got American Express Blue with 0% APR Intro/$3000 limit
5. That Amex has $8000 credit limit and my credit rating OWNZ (780+), I'm oh so young @ 21...

Tips:
1. never EVER be late on payment, they'll RAPE YOU SO HARDCORE ON YOUR CREDIT HISTORY!
2. keep your credit card limited to one. Two at the MOST!
3. always shut down accouts when you get a better CC. It helps cleaning up your credit history.

 

[DAM]

I have been with Wells Fargo for a long time, would it be wise to get a card from them?


dam()

 

[Savarak]

don't go with a Citibank funded credit card... just my opinion... their online payment thing screws with you in a way that I think that they MAKE your payment late, with and/or without an online and/or paper statement

 

[nuonce]

If you go on to college, then you'll be chopping up offers daily.
If not, then get a co-sign deal like our grand nagus mentioned, then get your own (which is what i did at 18/19).