YACCT! Credit Cards! Yay!

[Pathogen03]

Heya,


im an 18 year old student looking for a first credit card.


ive been to www.BetterCreditCard.com but I dont know what is a realistic expectation for someone with no credit.

All I have had is a debit card, with an average of $400 on it, if that means anything. Well this card was working great, except the only two branches near me just closed. Im now looking at getting a credit card to replace it. I am the kind of person who would have one, at most two credit cards, and use it for everything, as im kind of sick of using cash for everything.

Looking at cards, I was leaning on either

Citi Dividend Platinum Select Card for College Students

http://www.ncbuy.com/credit/cardoffers_196.html


or

American Express Blue Cash
http://www.ncbuy.com/credit/cardoffers_92.html



think about Blue Cash, is I may have to take their student version, I honestly dont know if its any different.


Im thinking of applying for both, then taking whichever I am accepted for.. Both seem like they would be equal for purchases...

They suggest http://www.ncbuy.com/credit/cardoffers_197.html (Citi Driver's Edge Card for College Students) for students, but it appears to have lower cash back %'s?

Am I missing something? Im basically asking for advice. Yes, I know, on ATOT.

 

[BlackAdam]

You sir are in the same boat as me. Amex is gonna be hard to qualify for as an 18 year-old with absoloutely no credit history. I went through quite a few applications (3) with different student cards from AmEx, Discover, and Citi until I figured I'd try for Bank of America speaking that I have a savings account with quite a bunch of money as well as a really good standing debit account under their name. I was accepted for their Student Platinum card with a $700 limit.

Basically... you're choices are cards from 1stFinancial... the one's that send pre-approved apps to every 18 year-old in America for a card with a 30% APR.

 

[BigJ]

Apply for a credit card with your bank.
Get Declined.
Apply for the Citi Dividend Plat Sel. for Col. Students
Get Approved

That's what happened to me, at least.

 

[dullard]

Seems like you are on the right track.

The debit card is meaningless. It has no impact on your credit history at all. All those transactions are treated just as if you paid cash. Why? Since you never borrowed money, a debit card does not prove that you are likely to pay back borrowed money.

Good job in moving away from the debit card to credit cards. As a young student, this is the perfect time to get started. Use the CC properly and by the time you graduate, you'll have a great credit score and will qualify for the best deals on loans (car or mortgage) that you'll want with your new job.

Don't fret over having more than 2 credit cards. I'd say try to get 3 before you graduate. But only use 1 or 2 of them. Always leave one credit card with no balance. And never cancel a credit card.

You'll probably be better off with the Dividend over the American Express since the rewards are a bit higher. But if you are accepted for both, take them both. Use them both. Just use the Dividend for most purchases.

Just remember these simple rules:
1) Never buy anything if you don't have the cash in the bank to pay for it.
2) Pay off the credit card in full, each and every month. And pay it at least a week before it is due to avoid any possible complications.
3) Repeat steps 1, 2, and 3.

 

[AgaBoogaBoo]

Ask your parents to add your SSN to their credit cards, that should help you build credit, never done it so if anyone has comments on this that would be appreciated.

 

[homestarmy]

Walk around on ANY, yes ANY college campus and there will be people trying to get you to sign up for cards. The fact that you are a college student will make them approve you, even if you have no credit history.

Hell, in some cases, they will even approve you if you put down the wrong information. I just got around to cancelling a card that I signed up for PURPOSELY with the wrong info 3 years ago to get a free pizza!

 

[markgm]

Discover and MBNA were my first cards in college. There were then others, but they were the only ones I wound up keeping. As time went on they dropped the interest rate and raised my credit limit.

 

[Skunkwourk]

wells fargo will give you one.

 

[homestarmy]

Originally posted by: markgm
Discover and MBNA were my first cards in college. There were then others, but they were the only ones I wound up keeping. As time went on they dropped the interest rate and raised my credit limit.

Same here. They are the one I have stuck with. I now have an interest rate of 9% fixed.

 

[Pathogen03]

Originally posted by: dullard
Seems like you are on the right track.

The debit card is meaningless. It has no impact on your credit history at all. All those transactions are treated just as if you paid cash. Why? Since you never borrowed money, a debit card does not prove that you are likely to pay back borrowed money.

Good job in moving away from the debit card to credit cards. As a young student, this is the perfect time to get started. Use the CC properly and by the time you graduate, you'll have a great credit score and will qualify for the best deals on loans (car or mortgage) that you'll want with your new job.

Don't fret over having more than 2 credit cards. I'd say try to get 3 before you graduate. But only use 1 or 2 of them. Always leave one credit card with no balance. And never cancel a credit card.

You'll probably be better off with the Discover over the American Express since the rewards are a bit higher. But if you are accepted for both, take them both. Use them both. Just use the Discover for most purchases and use the American Express when you are at a store that doesn't accept Discover. Although, honestly you'd be better off with a Visa or MasterCard backup since those are accepted just about everywhere (Discover and American Express are less likely to be accepted).

Just remember these simple rules:
1) Never buy anything if you don't have the cash in the bank to pay for it.
2) Pay off the credit card in full, each and every month. And pay it at least a week before it is due to avoid any possible complications.
3) Repeat steps 1, 2, and 3.

*cough* which one is the discover? both of the Citi ones I assume?

 

[dullard]

Originally posted by: Pathogen03
*cough* which one is the discover? both of the Citi ones I assume?

Crap. I read your post too fast. Citi Dividend I mean. I saw the Capital letter D and the rewards were the same as Discover so I just typed away. Oops. 😱

Use the Citi Dividend one most if you get both.

 

[Pathogen03]

what is the Citi Dividend one anyway?


Visa? Mastercard? Amex? I couldnt find any description heh


Edit:

I see that have it in both, im assuming I should go Visa?

 

[Gibson486]

stay awya from MBNA. They keep locking my account and my card keeps getting denied and i have not even utilized 50% of my credit.

 

[Attrox]

Originally posted by: homestarmy

Originally posted by: markgm
Discover and MBNA were my first cards in college. There were then others, but they were the only ones I wound up keeping. As time went on they dropped the interest rate and raised my credit limit.

Same here. They are the one I have stuck with. I now have an interest rate of 9% fixed.

1 trick I learned from a Washington Mutual banker is to call the CC company and tell them that you received an approval from <insert another CC company name here> with a better limit and lower APR. Tell them that you might eventually not use your current CC and wind up cancelling them because of it. They will try to lower your current CC's rate and increase the limit if possible.

 

[markgm]

Originally posted by: Gibson486
stay awya from MBNA. They keep locking my account and my card keeps getting denied and i have not even utilized 50% of my credit.

I'll vouch for them, they've been pretty good to me over the years. One time I used it on allofmp3.com, it was denied, 2 seconds later my phone rang, it was MBNA, I said it was me, they told me to hit submit again, and it went through. Otherwise they are generious with credit limits and usually offer 0% balance transfers for a rather long time. If you call them up to lower your APR they'll usually do it too. When I got the card eons ago they didn't get a payment on time and charged me a late fee. I called them to ask what happened and they took the charge off. Anymore it's all done online so stuff like that can't happen.

 

[Trikat]

I personally use the Citi Dividend Platinum Select card.
There probably are better cards out there, but this one had good benefits with gas purchases.
I think you can pick Visa or Mastercard, but I chose Mastercard.
I received two citi cards where one was a platinum select and one wasn't. I called citi to see if I could merge the two and still keep the platinum select benefits. They let me do that by raising the platinum select's limit from 2000 to 3000 and cancelling the other card. 🙂

 

[Pathogen03]

if I have a choice, mastercard or visa? This is the Citi® Dividend Platinum Select® Card for College Students im looking at.


thinking visa.. ?

 

[Gibson486]

Originally posted by: markgm

Originally posted by: Gibson486
stay awya from MBNA. They keep locking my account and my card keeps getting denied and i have not even utilized 50% of my credit.

I'll vouch for them, they've been pretty good to me over the years. One time I used it on allofmp3.com, it was denied, 2 seconds later my phone rang, it was MBNA, I said it was me, they told me to hit submit again, and it went through. Otherwise they are generious with credit limits and usually offer 0% balance transfers for a rather long time. If you call them up to lower your APR they'll usually do it too. When I got the card eons ago they didn't get a payment on time and charged me a late fee. I called them to ask what happened and they took the charge off. Anymore it's all done online so stuff like that can't happen.

I have been having the same porblem with them since the beginning. They keep saying it is because of iffy transactions, but it happens in months when i do not even use it at all....

 

[mugs]

Apply for the Citi Dividend Platinum Select for Students. It's not listed (diectly) at BetterCreditCard.com, but it's just a version of the Citi Divident Platinum Select that's... wait for it... for students. I think student cards are easier to get.

 

[dullard]

Originally posted by: Pathogen03
if I have a choice, mastercard or visa?

There is no real difference. Sure if you split hairs they are very slightly different. But for all practical purposes you probably won't ever notice any difference. Think of them as one and the same. About the only difference that has ever impacted me is that many foreign small stores don't realize that they can accept Visa, but they do understand what a Master Card is.

 

[Mayfriday0529]

Originally posted by: markgm
Discover and MBNA were my first cards in college. There were then others, but they were the only ones I wound up keeping. As time went on they dropped the interest rate and raised my credit limit.

Same here, got a MBNA card with my school name on it with $1000 limit. I still have it.

 

[markgm]

Originally posted by: Pathogen03
if I have a choice, mastercard or visa? This is the Citi® Dividend Platinum Select® Card for College Students im looking at.


thinking visa.. ?

I don't know of any practical difference between the two.

 

[gwlam12]

Originally posted by: Trikat
I personally use the Citi Dividend Platinum Select card.
There probably are better cards out there, but this one had good benefits with gas purchases.
I think you can pick Visa or Mastercard, but I chose Mastercard.
I received two citi cards where one was a platinum select and one wasn't. I called citi to see if I could merge the two and still keep the platinum select benefits. They let me do that by raising the platinum select's limit from 2000 to 3000 and cancelling the other card. 🙂

How does that affect your credit score?