Credit card question..

[XBoxLPU]

I am 19 and have no credit whatsoever. I have applied at two places online recently and was denied. I want to apply again at Compusa but I am pretty sure the same thing will happen. On their credit card application they have a "joint credit" opition. Can I get a credit card this way with the help of one of my parents?

Thanks

 

[vood0g]

if you are in college, then most likely there will be applications for college students there that shouldnt be too hard to qualify. and most likely you will get a free t-shirt, mug or whatever giveaways that the CC companies give to lure the college kids into applying for one.

 

[Drakkon]

you wont get store credit cards with no credit whatsoever
stick to student cards like amex blue for students : http://www66.americanexpress.com/cards/Fmacfservlet?csi=2/0/b/3
I had no credit established when i got mine at 19...
although the fact taht your applying and being denied will kill your chances at most CC's at this point...

 

[Cal166]

If you really want a credit card. Do what I did for my sister.

Ask you parents to "Add" you to your parents credit card. They will send you a credit card with YOUR name on it Under your parent's account of course. Bring that card to GAP, OLD NAVY, etc...any Department store and apply for one of their Store Credit Cards. Apply to around 2-3 Deparment Store cards. Within couple of months you'll have pre-approved credit card application in your mailbox every week.

EDIT: My sister got approved to an AMEX BLUE CASH card for $8k, way more than me.

 

[bernse]

Probably, but I am suprised you are being outright denied due to "no" credit history. You'd probably get one, just pay through the nose on interest rates and a low limit.

Are you sure your credit history is non-existant, or just very small and of what there is it's bad?

 

[Budmantom]

Yes but don't.

Keep on applying till you get a card, after that it starts snowballing and getting easier.


Tom

 

[XBoxLPU]

Originally posted by: Cal166
If you really want a credit card. Do what I did for my sister.

Ask you parents to "Add" you to your parents credit card. They will send you a credit card with YOUR name on it Under your parent's account of course. Bring that card to GAP, OLD NAVY, etc...any Department store and apply for one of their Store Credit Cards. Apply to around 2-3 Deparment Store cards. Within couple of months you'll have pre-approved credit card application in your mailbox every week.

EDIT: My sister got approved to an AMEX BLUE CASH card for $8k, way more than me.

So if I get added to my parents..... does that mean that I have instant "good" credit history?

Originally posted by: Budmantom
Yes but don't.

Keep on applying till you get a card, after that it starts snowballing and getting easier.


Tom

It seems the more I apply and the more I get denied the more I am just hurting myself

 

[Keyvan]

i think he meant that if you get a card with your name on it, you can take that card to a store and apply with that as your backup. for example, alot of stores do a really quick credit check by swiping a current major credit card, so if you present them with a Visa with your name, that mihgt work (although I'd doubt it)

yes, the more you apply, the worse it gets... in fact, after a certain number of applications within a month or something your credit report gets flagged.

if I were you, I'd get a copy of my credit report, take a look at it. if your credit score is way too low, then just wait it out.

 

[XBoxLPU]

Joint credit no good?

 

[Keyvan]

careful with joint credit... read the application and see if the other person is a co-signer or just a secondary person on the account. Basically, if they're a co-signor, they're liable for the account if you default on your payments. So naturally a co-signor would help your chances at getting approved.

Other places may not grant you credit with a joint application if only one person has good credit. This is the case in some store credit cards where a joint application is usually just for couples who apply, where the husband and wife each want their own card (but really have a single joint family income). Basically, at these places, they only consider the income of the main applicant. This basically means that the secondary person gets a card, but is also liable. So the secondary person can't just buy the store and leave the other person with the bill. I don't think this kind of application is common, but this is how it is where I work.

 

[Yo Ma Ma]

Originally posted by: XBoxLPU
Joint credit no good?

It's ok if your parents will go for it, not sure if it will help build your credit though.. have you tried for a gas card?

 

[phreakah]

if you have a job, apply for a citi dividends card. i applied for one of these when i was 18 and was accepted

 

[tami]

Originally posted by: Cal166
If you really want a credit card. Do what I did for my sister.

Ask you parents to "Add" you to your parents credit card. They will send you a credit card with YOUR name on it Under your parent's account of course. Bring that card to GAP, OLD NAVY, etc...any Department store and apply for one of their Store Credit Cards. Apply to around 2-3 Deparment Store cards. Within couple of months you'll have pre-approved credit card application in your mailbox every week.

EDIT: My sister got approved to an AMEX BLUE CASH card for $8k, way more than me.

this is a good suggestion. when i had my first car, my father gave me a credit card for gas and emergencies. i ultimately built up my credit that way and got approved soon afterwards for additional cards.

the joint option seems like something you're better off doing with your girlfriend or something, and that's what it's probably intended for. it seems weird to go joint with one of your folks.

 

[MrDudeMan]

Originally posted by: Cal166
If you really want a credit card. Do what I did for my sister.

Ask you parents to "Add" you to your parents credit card. They will send you a credit card with YOUR name on it Under your parent's account of course. Bring that card to GAP, OLD NAVY, etc...any Department store and apply for one of their Store Credit Cards. Apply to around 2-3 Deparment Store cards. Within couple of months you'll have pre-approved credit card application in your mailbox every week.

EDIT: My sister got approved to an AMEX BLUE CASH card for $8k, way more than me.

then she did something special to get credit, because having your name on a card that isnt your own account earns you 0 credit. that is straight out of my bankers mouth.

it has everything to do with time at residence, income, history with financial institutions, and length of time at your job. something else was going good for her. i guarantee you having a card from your moms account with her name on it made effectively no difference.

 

[MrDudeMan]

Originally posted by: XBoxLPU

Originally posted by: Cal166
If you really want a credit card. Do what I did for my sister.

Ask you parents to "Add" you to your parents credit card. They will send you a credit card with YOUR name on it Under your parent's account of course. Bring that card to GAP, OLD NAVY, etc...any Department store and apply for one of their Store Credit Cards. Apply to around 2-3 Deparment Store cards. Within couple of months you'll have pre-approved credit card application in your mailbox every week.

EDIT: My sister got approved to an AMEX BLUE CASH card for $8k, way more than me.

So if I get added to my parents..... does that mean that I have instant "good" credit history?

Originally posted by: Budmantom
Yes but don't.

Keep on applying till you get a card, after that it starts snowballing and getting easier.


Tom

It seems the more I apply and the more I get denied the more I am just hurting myself

adding yourself to your parents account will NOT help you. read my reply above.

stop applying so often. it is hurting your score and chances of getting a card. you need to go to your bank and get a secured card. give them 100 dollars and they give you a credit card with a low limit (ex. 500 dollars). after 6 months if you paid on time then will give you back the 100 dollars and give you an unsecured card. that will ALWAYS work and for ANYONE. if you dont make enough at your job or you havent been there long enough, this is one of the best ways to do it.

do not apply for store cards until you get a major card and have had it for a few months. also, having a cell phone payment in your name builds credit. that is the best way to do it by far if you have 0 credit and dont want to get a secured card. i researched this for a long time before i started to apply. i dont know what these other people are saying, but i can fully guarantee the validity of my post. if you have any other questions PM me.

 

[MrDudeMan]

Originally posted by: Yo_Ma-Ma

Originally posted by: XBoxLPU
Joint credit no good?

It's ok if your parents will go for it, not sure if it will help build your credit though.. have you tried for a gas card?

gas cards can be hard to get sometimes. BP is usually the hardest. exxon and shell will give very low limit cards, but you have a better chance to get one of these. i wouldnt really buy gas at many other places due to shady gas quality, so i cant vouche for their credit cards as i have not looked into it.

it is way easier to get a gas card after you have had a real CC for 3-6 months.

 

[XBoxLPU]

Thanks guys

I think I am gonna get a loan from my bank ( the minimal which is $2500 and probably will need a co-signer ), buy what I want from Compusa, and put the rest into a secure credit card.

 

[Injury]

One thing you can obtain easily to help build credit are gas credit cards. Use whenever you buy gas and pay off immediately and you won't be hit with their insane 20% rates.

Also, find a cellular place with a 1 year contract and get a phone. Drop down to the lowest plan if you really don't want the phone, but if you're willing to put up the $20 some a month, it'll help establish that you pay your bills in full and on time (if you do actually do this.)

To be honest, you probably don't want a CompUSA credit card anyway. What can you get there that isn't ridiculously overpriced? On top of that, there isn't much you can buy there that doesn't depreciate fast enough for it to be worth paying interest on those prices. I think a place like best buy would be better if you can get it (yeah yeah, BB sucks... etc.)... buy a couple DVDs or CDs or something from time to time and pay your bills properly and that will help.

If you have a parent would excellent credit, try and talk them into a joint application for a card. Buy a few things with it for a year or so, pay your bills, and then see if you can drop them from the card.

I'm no credit expert, but these are a few of the things my dad suggested to me as "reasonable" ways to build credit while I'm in college.



Keep a few things in mind no matter what you do:
-Pay the bills on time, everytime, AT LEAST minimum balance due. Adding more or paying in full is a better concept than paying the minimum.
-Just because you have the card, doesn't mean you NEED to use it. Yes, in order to gain credit recognition, you'll have to use it some, but don't buy just because you can.
-Start small and work your way up. Be careful of crappy interest rates and try not to keep balances on anything with bad interest rates.
-Read the small print.

Someone is more than welcome to correct me if I'm wrong on anything, and please don't take my advice without find out a bit more. Credit education is a WIP for me.