Building Credit

amicold

Platinum Member
Feb 7, 2005
2,656
1
81
Looking to get a credit card, I'm fairly young and have never had one before but now seems like a good time to start building a solid credit history. Anyone have any recommendations as to what to go with? Thanks.
 

xeemzor

Platinum Member
Mar 27, 2005
2,599
1
71
Originally posted by: amicold
Looking to get a credit card, I'm fairly young and have never had one before but now seems like a good time to start building a solid credit history. Anyone have any recommendations as to what to go with? Thanks.
My personal favorite, along with many others, is the Chase Freedom card. If you can't qualify for the card due to a low credit score, you should try some of the college/high school credit cards just to build credit until you can get a decent card.
 

Crono

Lifer
Aug 8, 2001
23,720
1,501
136
I was in the same situation as you 1 year ago. I went with Chase Freedom (got in on the $250 bonus). No matter what card you get, just make sure you only buy stuff you have the cash on hand (in the bank) to pay for.

EDIT: On a side note, it seems Chase is taking over the entire East Coast, specifically where I live/work (NYC and surrounding suburbs). They multiplied their number of locations by a ridiculous amount of the last couple of years.
 

amicold

Platinum Member
Feb 7, 2005
2,656
1
81
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
262
116
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
 

CaptainKahuna

Platinum Member
May 19, 2002
2,228
0
0
www.billda.com
Checkout the Citi Dividend Card for Students. I started with a $1000 limit 4 years ago and now have $20,000. It gives 3% rewards on gas, groceries, and utilities, and 1% on everything else.
 

bctbct

Diamond Member
Dec 22, 2005
4,868
1
0
If you can get your parents to add you as an authorized user(you dont need a card) on their account, that would help your score in a few months. I think this loophole still works.
 

compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
27,109
920
126
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Is there anything inherently wrong with getting a CapOne or HSBC card? My daughter got them when she had no credit, albeit low limits of 3-500.

 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
262
116
Originally posted by: compuwiz1
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Is there anything inherently wrong with getting a CapOne or HSBC card? My daughter got them when she had no credit, abeit low limits of 3-500.
Nope.
 

xeemzor

Platinum Member
Mar 27, 2005
2,599
1
71
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Shouldn't you only need a secured card if you have really bad credit, rather than no credit?
 

RossMAN

Grand Nagus
Feb 24, 2000
78,794
262
116
Originally posted by: xeemzor
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Shouldn't you only need a secured card if you have really bad credit, rather than no credit?
Both but I think it's more useful if you have no credit.
 

compuwiz1

Admin Emeritus Elite Member
Oct 9, 1999
27,109
920
126
Originally posted by: xeemzor
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Shouldn't you only need a secured card if you have really bad credit, rather than no credit?
That's what I always thought. There are unsecured cards for first timers, as long as they make enough money and have a job.

 

BZeto

Platinum Member
Apr 28, 2002
2,428
0
76
Since when is it hard to get a credit card? The card companies are usually targetting younger folks first.
 

SoulAssassin

Diamond Member
Feb 1, 2001
6,135
2
0
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Why would you get a secured card if you didn't need it? That's terrible advice. Most make you go through tons of hoops to try to get your money back. Odds are he would be approved for most cards with a 500-1000 limit anyways assuming he hasn't fucked up his credit on other things. The only reason to get a secured card is if you're being denied for credit outright. Also, you're telling him to eventually close the first credit account that he opens which is also terrible advice.

OP, find a card like the Chase Freedom with decent rewards and just apply for that. If you live with mommy and daddy be sure to include their income when asked for your household income. Include roommates if you live with other people. Oh and next time, check one of the other hundred threads on this topic.
 

SoulAssassin

Diamond Member
Feb 1, 2001
6,135
2
0
Originally posted by: bctbct
If you can get your parents to add you as an authorized user(you dont need a card) on their account, that would help your score in a few months. I think this loophole still works.
You need to be added as a co-applicant...there is a difference but this method worked very well for my younger sister. She had a 780 FICO before she even actually applied for her first card.
 

SoulAssassin

Diamond Member
Feb 1, 2001
6,135
2
0
Originally posted by: BZeto
Since when is it hard to get a credit card? The card companies are usually targetting younger folks first.
Exactly, walk through any college campus and they're handing out tshirts and credit cards to anyone with a pulse. If you haven't ran up your cards yet they're dying to get one in your hands so you do.
 

homercles337

Diamond Member
Dec 29, 2004
6,345
3
71
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
 

MegaVovaN

Diamond Member
May 20, 2005
4,131
0
0
Originally posted by: homercles337
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.

They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
?
 

Ns1

No Lifer
Jun 17, 2001
55,386
1,525
126
Originally posted by: homercles337
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
who gives a fvck what the CC companies like.

If you monitor your credit you should have no problem getting credit cards. FatWallet finance is a good place to start. you can check creditboards but their uh mentality is a bit different than FWF's
 

palswim

Golden Member
Nov 23, 2003
1,049
0
71
www.palswim.net
Originally posted by: homercles337
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
DO pay your balance every month. Otherwise, you waste your money - you can obtain the same high marks paying your balance in full every month.
 

nageov3t

Lifer
Feb 18, 2004
42,816
83
91
Originally posted by: compuwiz1
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
Is there anything inherently wrong with getting a CapOne or HSBC card? My daughter got them when she had no credit, albeit low limits of 3-500.
my parents got a CapitalOne card for me when I was 16. never had an issue with it, paid everything on time, and I had pretty great credit when I got my first "real" CC when I was 20.
 

Kalvin00

Lifer
Jan 11, 2003
12,705
4
81
Originally posted by: homercles337

They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
You're right, they don't. But you build credit exactly the same if you pay it 100% every month versus paying ridiculous finance charges.
 

LukFilm

Diamond Member
Oct 11, 1999
6,128
1
0
Originally posted by: homercles337
Originally posted by: RossMAN
Originally posted by: amicold
I understand, I was looking for something low limit so I could just put gas and maybe odds and ends on it to establish a good history until I can get a "real" card. Ha.
I would recommend saving up $300 - $500 and getting a secured credit card. When my sister turned 18 she had zero credit, applied for a secured cc and was approved. She used it for a year, making all her payments on time. 1 year later she applied for a "regular" rewards credit card, was approved and now routinely gets offers for $5k - $10k cc's.

Most local banks and credit unions offer secured credit cards. You'll get back your deposit + interest earned after you close your account.
They key is to keep a balance though. Dont pay off the balance every month. CC companies dont like people that pay off their balance.
Worst advice EVER. Please don't listen to this fool - pay off your balance in full every month.
 

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