Applying for Credit card. Which one?

[Kelvrick]

Hey. As most of you know, I'm a college student at UCD. I turned 18 late august and I want a credit card. I'm thinking of the citbank platinum for students or Blue for students. Of course, I don't know what to do. I tried applying online for the citibank one and they rejected me because they coudln't pull a credit report on me? I have no previous credit, but I always thought they loved giving cards to college students. Anyway, when I'm applying online and they ask me for my house's yearly income, I just report what I make right? What if I haven't held a real job before? I only did some temp stuff for a few days and weeks in the summer. What do I put for my income? 0? Do I include any funds I receive from financial aid?

Thanks in advance, guys.

 

[fr]

If you have no credit history, then it's hard to get one of the better cards that offer cashback. You can try for a CapitalOne which you will probably get. A lot of people like Citibank's Platinum Dividend card. I have a Discover card which gives you 1% cashback if you charge more than $3000/year on it. Yes, you can count financial aid as your income.

 

[EHobaX]

Credit cards suck! Get like a student card that has a really low limit so you won't get yourself in serious debt.
Platinum cards are like crack to poor college kids. :|

 

[RossMAN]

Neither. Go to your local bank where you hold your checking/savings/CD accounts and apply for a secured credit card. It's the best way to start out with your credit because most people who apply are approved. However you do have to give them a $500 deposit which they keep in a savings account or CD (which earns interest for you), and your limit would be $500, after 6-12 months you have established credit and they'll give you the money back.

Or get a family member, friend or co-worker to co-sign for you on a credit card application. Otherwise your chances of being approved are nill. And everytime you apply for a credit card it shows as another inquiry on your credit bureau which is NOT good, and negatively impacts your "credit score".

Save up $500, apply for a secured credit card, easy as pie.

 

[dullard]

<< Or get a family member, friend or co-worker to co-sign for you on a credit card application. Otherwise your chances of being approved are nill. And everytime you apply for a credit card it shows as another inquiry on your credit bureau which is NOT good, and negatively impacts your "credit score". >>



I disagree with the co-sign part. If you are given a CC solely since someone co-signed, you aren't going to get your credit rating up much (it will go to the other person).

Apply for any student CC but go for the regular, not gold or platinum ones. Just make sure of these ten things:
1) Never get a CC if you don't plan on paying every cent every month. That is NEVER EVER pay the minimum.
2) Never get a CC with an annual fee.
3) Never get a CC if you don't plan on paying every cent every month.
4) Never get a CC with no grace period. A grace period is the time from when you get the bill to the time when the bill is due. Suppose your card bills you on the 15th of the month. You might recieve the bill in the mail on the 20th, and mail a check immediately. The check will reach the company around the 25th. Some cards will charge you interest for those 10 days. And trust me even if you got a great card with low interest you will pay a lot of money in interest waiting for the mail. Most cards however give you up to 1 month to pay the bill interest free from the day they mail it (this is called a grace period).
5) Never get a CC if you don't plan on paying every cent every month.
6) Never get a CC if you don't plan on paying every cent every month.
7) Never get a CC if you don't plan on paying every cent every month.
8) Never get a CC if you don't plan on paying every cent every month.
9) Never get a CC if you don't plan on paying every cent every month.
10) Never get a CC if you don't plan on paying every cent every month.

I think that should be enough info. The different brands are nearly all the same. If you can, get one that pays you money back (such as Discover). But don't worry too much about that yet. Wait until you build your credit and then get a great card.

 

[SuperGroove]

<< Hey. As most of you know, I'm a college student at UCD. I turned 18 late august and I want a credit card. I'm thinking of the citbank platinum for students or Blue for students. Of course, I don't know what to do. I tried applying online for the citibank one and they rejected me because they coudln't pull a credit report on me? I have no previous credit, but I always thought they loved giving cards to college students. Anyway, when I'm applying online and they ask me for my house's yearly income, I just report what I make right? What if I haven't held a real job before? I only did some temp stuff for a few days and weeks in the summer. What do I put for my income? 0? Do I include any funds I receive from financial aid?

Thanks in advance, guys. >>



I don't know who you are and what you do, but Well Fargo is offering a special student credit card that is free! Actually they charge you $19 the first month for some darned reason. Anyways, having a credit card at 18 is very bad...you have no idea how much of a compulsive spender I am.

 

[dullard]

<< Anyways, having a credit card at 18 is very bad...you have no idea how much of a compulsive spender I am. >>



Ah you must have broken rules 1,3, and 5-10. Getting a CC in college is very good if and only if you can follow those rules. By the time you graduate you should have a great credit rating. This will make it easier and cheaper to buy a house, buy vehicles, rent cars, etc. But I'll stress it again, do it only if you can follow those 10 rules.

 

[StageLeft]

Ah you must have broken rules 1,3, and 5-10.

ROFL!!!

Dullard is so right. Most people who get CCs at that age (myself included - and it took until only a year ago at the age of 22 to finally realize what I was doing...which is earlier than most people!) see it as free money.

Getting a CC is great at that age to build credit as long as you don't break any of dullard's rules. Do not rationalize or pretend they can be broken. They can't. They are set in stone. God-given rules! Pay the damn CC off EVERY month. If you can't buy something without the CC because you won't have the money next paycheck DON'T buy that item.

 

[Sir Fredrick]

You just have to be smart about it. I've had a CC since I was 18 (I'm 20 now), I've never had to carry a balance. If you can't spend responsibly, don't spend at all.

I've had the Citibank Platinum, and it's alright, nothing special. Now that I have a job and a bit of credit, I'd like to get something that gives cash back or something like that -- I don't spend all that much on my CC personally, but I pay for my tuition, books, and if my dad needs computer stuff for the business, I usually buy it with my CC and then he pays me back...all told by the end of the year I've spent over 5 thousand dollars, most of which was reimbursed. I wouldn't complain if I got 1% back. What do you guys suggest I look into?

Also, for household income, if you live at home or are counted as a dependent, most likely what you should give them is your family's income - that is, add up your income, your father's income and your mother's income.
You do have a checking account, right? Because if you don't then you might not have any credit history at all, no proof of former responsibility, and no means of paying your credit card bills, so you will also have no credit card.