Credit score

[jmcoreymv]

I was thinking about trying to apply for the AMEX Blue Cash card since the benefits of it look pretty good. However is there anyway to find out ahead of time if I even have a chance of getting one without actually applying and getting denied (since I heard that hurts your score)? My friend just got one and hes 19, however I think the fact that he took out a 25k loan and payed it off really helped him.

 

[RossMAN]

Nope.

However to improve your chances dramatically, get a co-signer (anyone who is 18 or over with good credit, good income and low debts).

 

[alm99]

got equifax.com and order your credit report and score for $12.95

 

[RossMAN]

Originally posted by: alm99
got equifax.com and order your credit report and score for $12.95

Link

 

[Angrymarshmello]

What other credit cards do you have? How old are you? How long have you held down a job? I got one a year and a half ago (I was 20 at the time, had been working at Office Max for 2-3 years, one credit card for about a year and a half I believe)

 

[jmcoreymv]

Ive just turned 18. I had my last job for a good two years, however I just recently switched to a payed internship though, which I havent been with for a very long time. Im not worried about going into debt with a credit card, since I have saved up over 40k in the past two years (and I dont plan to spend it either). Im pretty sure my parents would cosign with me if that would help. If they cosigned would it negate any positive affects on my credit score?

 

[RossMAN]

Originally posted by: jmcoreymv
Im pretty sure my parents would cosign with me if that would help. If they cosigned would it negate any positive affects on my credit score?

Yes it would help if your parents co-signed with you.

If they co-sign and you're approved it would HELP (not HURT) your credit history assuming you use your credit card and make timely payments.

After 1 year, re-apply with just yourself you should be approved. If you are then close your co-signed credit card and you're off to a good start.

OR you can do it by yourself by applying for a secured credit card, there is a 99.99% chance you would be approved by yourself. Of course the catch is do you have $500 sitting around you could stick into a savings account or CD for 1 year? After 1 year you get your $500 back plus interest earned.

 

[jmcoreymv]

Im pretty sure I could get the AMEX Blue for Students, but the cashback thing looked pretty good so I wanted to try for that. I wonder if the online form has a place for a cosigner.

 

[RossMAN]

Originally posted by: jmcoreymv
Im pretty sure I could get the AMEX Blue for Students, but the cashback thing looked pretty good so I wanted to try for that. I wonder if the online form has a place for a cosigner.

You should still get your parents to co-sign your application.