I mean your very first credit card? What need's to be done? What do you need to do to get one?
Thanks for any input
Thanks for any input
What do you need to do to get a first time credit card?
- Thread starter SweetTooth
- Start date
credit card companyies are giving them away left and right
Just apply for one and it's hard to NOT get accepted
Just apply for one and it's hard to NOT get accepted
blurredvision
Lifer
- Oct 19, 2000
- 17,860
- 4
- 81
It took me two years to get my first credit card, and I have perfect credit!! I guess they just have it out for some people. Would you not give a credit card to a young man who has made every payment on his car on time for the first year??
By the time your 18 and in college your auto approved for cars you havent even heard of. Before then dont rush you really dont need one.
RossMAN
Grand Nagus
- Feb 24, 2000
- 79,037
- 444
- 136
* Be a U.S. citizen at least 18 years or older.
* Be employed with the same company for at least 1 year and able to prove your income (paystub, W2 or tax returns)
* Live at the same address for at least 2 years.
* Previous credit history is helpful but if you are BRAND NEW to credit then get ready for rejection.
* You'll need to have a low DSR (debt-to-service ratio) take all of your credit obligations (credit cards, car payment, house payment, department store cards, student loans - ANYTHING that appears on your credit report). Do not count things which do not appear on your credit report such as car insurance, healthcare premiums, etc.
Take your total monthly payments divided by your gross monthly income, so if your monthly payments are $450 and you make $2500 per month then 450/2500 = 0.18 = 18% of your total income is used to satisfy debts on your credit report.
Here's some ideas on how to improve your chances of getting lucky (with credit that is )
* If you have a parent, friend or co-worker who has great credit and makes lots of money ... BEG BEG BEG them to co-sign but only if you are a reliable person and will always make the monthly payment, otherwise you can fsck up their credit and yours for years and years.
* If you are in the position to quit your current job try and delay it so you show steady employment, quit AFTER you get approved for your credit card.
* If you belong to a credit union try them first, since they tend to be locally or member owned they are more leniant when it comes to credit decisions.
* If you have a car that you fully own (have no liens or loans against it) then consider using that as collateral that has several advantages. Actually scratch that, you could only use your car as collateral for an installment one time loan, not a credit card.
* If you have a savings, checking, stocks or CD at your bank consider using that as collateral. They will FREEZE and put a hold on your funds while your credit card is open. This exposes them to virtually zero risk at losing any money because if you default on your credit card they'll just take the money from your account. This is how my sister got her first credit card, she had a $500 savings account which the bank froze for one year and gave her a credit card for $500. One year later she re-applied and they gave her a $2,500 unsecured credit card and released the hold on her $500 savings account.
* If you are a student, several banks and credit card companies have products which cater to students on a budget who don't make sh*t loads of money. There are of course catches, you need to prove that you are a student, sometimes maintain a C or better GPA, there may be annual fees, the interest rate is HIGHER (but if you pay it off in full every month - this does not matter), and they don't tend to give student credit cards a high limit.
If you have any questions please feel free to ask them here or e-mail me at rossmanspam@yahoo.com
Best of luck!
* Be employed with the same company for at least 1 year and able to prove your income (paystub, W2 or tax returns)
* Live at the same address for at least 2 years.
* Previous credit history is helpful but if you are BRAND NEW to credit then get ready for rejection.
* You'll need to have a low DSR (debt-to-service ratio) take all of your credit obligations (credit cards, car payment, house payment, department store cards, student loans - ANYTHING that appears on your credit report). Do not count things which do not appear on your credit report such as car insurance, healthcare premiums, etc.
Take your total monthly payments divided by your gross monthly income, so if your monthly payments are $450 and you make $2500 per month then 450/2500 = 0.18 = 18% of your total income is used to satisfy debts on your credit report.
Here's some ideas on how to improve your chances of getting lucky (with credit that is
)* If you have a parent, friend or co-worker who has great credit and makes lots of money ... BEG BEG BEG them to co-sign but only if you are a reliable person and will always make the monthly payment, otherwise you can fsck up their credit and yours for years and years.
* If you are in the position to quit your current job try and delay it so you show steady employment, quit AFTER you get approved for your credit card.
* If you belong to a credit union try them first, since they tend to be locally or member owned they are more leniant when it comes to credit decisions.
* If you have a car that you fully own (have no liens or loans against it) then consider using that as collateral that has several advantages. Actually scratch that, you could only use your car as collateral for an installment one time loan, not a credit card.
* If you have a savings, checking, stocks or CD at your bank consider using that as collateral. They will FREEZE and put a hold on your funds while your credit card is open. This exposes them to virtually zero risk at losing any money because if you default on your credit card they'll just take the money from your account. This is how my sister got her first credit card, she had a $500 savings account which the bank froze for one year and gave her a credit card for $500. One year later she re-applied and they gave her a $2,500 unsecured credit card and released the hold on her $500 savings account.
* If you are a student, several banks and credit card companies have products which cater to students on a budget who don't make sh*t loads of money. There are of course catches, you need to prove that you are a student, sometimes maintain a C or better GPA, there may be annual fees, the interest rate is HIGHER (but if you pay it off in full every month - this does not matter), and they don't tend to give student credit cards a high limit.
If you have any questions please feel free to ask them here or e-mail me at rossmanspam@yahoo.com
Best of luck!
I got rejected from Amex, and I'm in college paying my own room & board... with 5 figures in the bank.
Bleah.
Bleah.
I'm a university student since Sept 1998 in Victoria BC.
I have never had a job in my life, no car, no credit history at all that I'm aware of.
I moved to calgary for an 8 months co-op term, 3 weeks after I got here I applied for a $1000 Visa and got it. 3 weeks of work, I'd lived at my current address for 3 weeks, and I have no credit history.
It's really not that hard.
I have never had a job in my life, no car, no credit history at all that I'm aware of.
I moved to calgary for an 8 months co-op term, 3 weeks after I got here I applied for a $1000 Visa and got it. 3 weeks of work, I'd lived at my current address for 3 weeks, and I have no credit history.
It's really not that hard.
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