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Applying Credit Card help?

D

DaWhim

Lifer
I think it is time for me to try to apply for a credit card as a high school senior.

anyone has any ideas that which card I should try to apply?😕
 
My first experience was with Capital One. They are a decent company to start with. They won't offer much of a credit line to begin with, probably only $500, but I hear they are one of the easier companies to get a CC with.

Also, if you are part of a Credit Union, you may wanna try your luck there, since they tend to offer the best rates and customer service.
 
Originally posted by: DrVos
My first experience was with Capital One. They are a decent company to start with. They won't offer much of a credit line to begin with, probably only $500, but I hear they are one of the easier companies to get a CC with.

Also, if you are part of a Credit Union, you may wanna try your luck there, since they tend to offer the best rates and customer service.
Click to expand...

True dat. I've had a credit card with my mom's credit union since I was 16...my mom cosigned with me, but it's a great way to establish credit.
 
I'd try Discover first, but be careful. The lure of credit can drown you in debt before you even get started in life.
 
My first credit card (still my only one) is a Capital One. Got an application in the mail from them and it looked good. Think I was 20 when I got it though, dunno if being in high school is a problem or not.

Started out with a $200 credit limit and 19.8% APR. Over time the limit has gone up automatically, first to $500 and recently to $2000. APR has gone down slowly and is currently at 10.64%. Mind you cash advances stays at 19.8%.

I've been happy with it for the 3 years I've had the card.
 
In my opinion, I would go for a credit card that gives you some perks, like points, airmiles, etc. At least it will make it your while to use the credit card to get points.
 
Originally posted by: Nohr
My first credit card (still my only one) is a Capital One. Got an application in the mail from them and it looked good. Think I was 20 when I got it though, dunno if being in high school is a problem or not.

Started out with a $200 credit limit and 19.8% APR. Over time the limit has gone up automatically, first to $500 and recently to $2000. APR has gone down slowly and is currently at 10.64%. Mind you cash advances stays at 19.8%.

I've been happy with it for the 3 years I've had the card.
Click to expand...


Realize that they don't report credit limits to the credit bureaus...can be a good thing or a bad thing depending on your situation.
 
Originally posted by: cougarls88
Originally posted by: Nohr
My first credit card (still my only one) is a Capital One. Got an application in the mail from them and it looked good. Think I was 20 when I got it though, dunno if being in high school is a problem or not.

Started out with a $200 credit limit and 19.8% APR. Over time the limit has gone up automatically, first to $500 and recently to $2000. APR has gone down slowly and is currently at 10.64%. Mind you cash advances stays at 19.8%.

I've been happy with it for the 3 years I've had the card.
Click to expand...


Realize that they don't report credit limits to the credit bureaus...can be a good thing or a bad thing depending on your situation.
Click to expand...

Yes they do. They have the limit of every single one of my cards listed on my credit report.
 
Be prepared for rejection, your best chances are either get your parents to co-sign (best idea) or apply for a Capital One ... I remember they used to have a high school cc with a low limit but it's a start.
 
Originally posted by: Millennium
Originally posted by: cougarls88
Originally posted by: Nohr
My first credit card (still my only one) is a Capital One. Got an application in the mail from them and it looked good. Think I was 20 when I got it though, dunno if being in high school is a problem or not.

Started out with a $200 credit limit and 19.8% APR. Over time the limit has gone up automatically, first to $500 and recently to $2000. APR has gone down slowly and is currently at 10.64%. Mind you cash advances stays at 19.8%.

I've been happy with it for the 3 years I've had the card.
Click to expand...


Realize that they don't report credit limits to the credit bureaus...can be a good thing or a bad thing depending on your situation.
Click to expand...

Yes they do. They have the limit of every single one of my cards listed on my credit report.
Click to expand...

You sure it's your credit limit and not the highest amount you've ever used since there's usually a difference? Capital One normally does NOT report limits as they feel it jeopardizes their marketing/business position (they don't want other credit companies offering their customers better rates/better cards/higher limits) meaning your "high credit" is assumed to be your credit limit when calculating FICO scores and/or total credit utilization (which again, can be good or bad depending on your situation).

Before someone says that I made this up, this is well known and you can check around to verify (do a search on Google or many of the credit/finanace message boards on the internet)

 
Something else that works well is to give the credit card company $500 cash. They will set you up with a credit card with a limit of $500. That way when you spend, you are spending your own money but you are building credit. There is no risk to the company so they are more inclined to do this for people with little, no or bad credit.

I can't remember what type of card this is.
 
Do a search for student credit cards. You'll find tons. Pick the one you like best or if unsure, pick one from a big name that you recognize. They will all be about the same. Just make sure there is no annual fees (which I'm sure there won't be). Find one with online account access...a big help for viewing your statement at any time and for paying your bill electronically. You'll probably get stuck with a high interest rate, but don't sweat that. You WILL pay off your balance every month, right???!!! <----rhetorical question because the answer is YES! You'll have to start with a low credit limit, probably ~$500. That will raise gradually over time. You probably won't even need that much of a limit (assuming you are a poor high schooler/college person).

I commend you for starting a credit card early!! Just use it responsibly and pay your bill, in full, every month! 😀
 
Originally posted by: cougarls88
Originally posted by: Millennium
Originally posted by: cougarls88
Originally posted by: Nohr
My first credit card (still my only one) is a Capital One. Got an application in the mail from them and it looked good. Think I was 20 when I got it though, dunno if being in high school is a problem or not.

Started out with a $200 credit limit and 19.8% APR. Over time the limit has gone up automatically, first to $500 and recently to $2000. APR has gone down slowly and is currently at 10.64%. Mind you cash advances stays at 19.8%.

I've been happy with it for the 3 years I've had the card.
Click to expand...


Realize that they don't report credit limits to the credit bureaus...can be a good thing or a bad thing depending on your situation.
Click to expand...

Yes they do. They have the limit of every single one of my cards listed on my credit report.
Click to expand...

You sure it's your credit limit and not the highest amount you've ever used since there's usually a difference? Capital One normally does NOT report limits as they feel it jeopardizes their marketing/business position (they don't want other credit companies offering their customers better rates/better cards/higher limits) meaning your "high credit" is assumed to be your credit limit when calculating FICO scores and/or total credit utilization (which again, can be good or bad depending on your situation).

Before someone says that I made this up, this is well known and you can check around to verify (do a search on Google or many of the credit/finanace message boards on the internet)
Click to expand...

Capital One reports my Limit as do my other cards. I guess it depends upon the situation. Is Capital One they only one that does it that way?
 
Originally posted by: Garet Jax
Something else that works well is to give the credit card company $500 cash. They will set you up with a credit card with a limit of $500. That way when you spend, you are spending your own money but you are building credit. There is no risk to the company so they are more inclined to do this for people with little, no or bad credit.

I can't remember what type of card this is.
Click to expand...

Secured Card.
 
Most student cards will want you to be in college..if your going to college, you will get bombared with credit card offers and all student cards are pretty much automatic acceptance.
 
Originally posted by: Millennium
Originally posted by: Garet Jax
Something else that works well is to give the credit card company $500 cash. They will set you up with a credit card with a limit of $500. That way when you spend, you are spending your own money but you are building credit. There is no risk to the company so they are more inclined to do this for people with little, no or bad credit.

I can't remember what type of card this is.
Click to expand...

Secured Card.
Click to expand...

Correct.

I would also look into applying for a secured credit card (which most banks, credit union's and credit card companies offer) because you're chances of being approved are 99.99% since there is zero risk to the lending institution).
 
Originally posted by: Millennium

Capital One reports my Limit as do my other cards. I guess it depends upon the situation. Is Capital One they only one that does it that way?
Click to expand...

Citibank sometimes doesn't report limits either (but usually a notation of "HIGH CREDIT = CREDIT LIMIT" will be shown in the credit report for them).

BTW, word for the wise if anyone does have a Cap1 card that doesn't report limits but figure that you can dispute it on your credit report, watch out...the credit bureau will usually delete the entire account (tradeline) as Cap1 won't respond to their request. Definitely not something you'd want to do with your oldest card or highest (real) limit.
 
Originally posted by: cougarls88
Originally posted by: Millennium

Capital One reports my Limit as do my other cards. I guess it depends upon the situation. Is Capital One they only one that does it that way?
Click to expand...

Citibank sometimes doesn't report limits either (but usually a notation of "HIGH CREDIT = CREDIT LIMIT" will be shown in the credit report for them).

BTW, word for the wise if anyone does have a Cap1 card that doesn't report limits but figure that you can dispute it on your credit report, watch out...the credit bureau will usually delete the entire account (tradeline) as Cap1 won't respond to their request. Definitely not something you'd want to do with your oldest card or highest (real) limit.
Click to expand...

I closed my Capital One after having the card for only a few months. Absolutely terrible service compared to my bank CC and MBNA card.
 
yes, I am going to college, so I guess my chance is uberhigh for being approved. I tried the AmericanExpress Blue for Student card. waiting.....
 
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