I guess this is kind of a request thread, if you will.

So I'm a credit card newbie. My mom's been bugging me to get one ever since I've turned 18 (she wants me to build good credit? I don't even know what this means...) so I've finally gotten around to it. I've been trying to research online but the possibilities are john teshing endless.

I know some credit cards function on what you do most with it? I don't know if that makes sense. I'm a college student, I drive a lot (use a lot of gas), I shop a lot, play sports, don't know what else might be important.

What do I look at? What's a good first card? What's a good card for college students? If you like yours, please explain. (:

Basically anything that might help find a good card for me, please share!

hi. If you have family in the US Military, you can easily apply for a Visa card from Navy Federal. Its probably the most recession proof Credit Card company out there, well because, its the US military thats why haha.

If you dont, I highly recommend Capitolone to start building good credit. If you have no credit history or starting out, then consider Capitolone as your building block. They most likely wont throw you a big initial credit limit of anything over $1,000 if you are just a college student bumming off loans and your parents, but its a good thing to have a limited card to start off with so you dont go spending like an irresponsible brat. Capitolone was my first card right out of highschool and my initial limit was $800. I am now 21 and my limit has been increased to $5,000 since I have a job and entering the military.

You can refer to my creditcard thread to get some insight from other soompiers who use plastic gold to get around.

http://www.soompi.com/forums/index.php?showtopic=285932

goodluck!

I got a question. i recently made a credit card but my mom also has her "name" on it. Do i still get a credit score because of this?

if it's connected to her's then it's her credit and not yours

I was wondering... I have a couple credit cards that I have not used in years. One was a care credit to help pay vet bills, but I haven't used it in 5 years or so. The other one is when I worked at Bloomingdale's, opening a credit account was one of the choices for the employee discount. I haven't used that in 3 years since I stopped working there.

If I cancel these cards, which I never plan to use again, will it drop my score?

If I don't cancel these cards and there's no activity will it hurt my score?

Should I cancel or keep them open?

I happy with my other 2 credit cards: Chase & Paypal

Never cancel your first card. Your credit score depends on how long you've had credit.

i heard some credit cards can get you points and points = prizes and money. but i learned not to use the credit card unless needed, because often machines will subtract more than you paid for, and by that time the bill comes, its too late. i also learned that if you use credit cards on vacation, the bank will take a low currency exchange rate, its so ripped off.

Get a credit card with a person with established credit if you can -- such as your parents. You'll be an authorized user. The credit benefit you get from that will be discounted, but better than none at all. In the meantime, shop for your own credit card, and avoid ones with annual fees if you can. Interest rates don't matter as long as you plan to pay off the balances every statement, which you should.

I have the Chase Freedom and when I use it, I get like a very small percentage of my purchases.

I also have 2 other credit cards (Citi mTVu & Bank of America Rewards Platinum) which my mom pays for.. like if I buy something that she's paying for, but all of my credit cards are the rewards kind where I get points/cash for using it : ). For my sister's first credit card, I got her the Bank of America Visa Signature which is also an awards card.

The kind I recommend are the rewards kind with no annual fees or anything like that, simple and easy. You get rewards for using your card and you build credit!!

What I try to do is use only 7% of my credit limit each month and I always pay off the entire balance so that I will not get charged interest.

from personal experience.. i recommend getting your first card with your bank.. esp. if youre just a student.. they dont hack on tons of interest and usually set you up with something you can work with.. after i did that i got another card with capitol one but that one sucked butt.. therefore i canceled it.. my credit is still good =] but idk.. i guess it depends what bank you have too.. but either way.. gluck =]

I honestly don't think you should get a credit card, if you're fiscally irresponsible. You may end up buying so many things and cannot pay it all off. Remember, minimum payments will never get you out of debt.

^ Nowadays everything you do in the future will be based off credit. Buying a car, house, etc. In order to get good credit you need a credit card so telling her not to get one ever seems like bad advice. (Though I could be wrong. Is there another way to build up credit?)

In any case the easiest, and safest, way I've found to build up credit is to use your credit card for one thing one: gas. Swipe it every time you gas your card and pay it ALL off when your bill is due. This way you don't have to worry about 'overspending' since gas is something you normally pay for anyway. Just be sure to exercise self control. Tell yourself that your card is only for gas so you don't end up swiping for things you don't need.

I got a Capital one last year. It's good in my opinion for a starting credit card. Just keep in mind that a credit card, no matter how much limit you got, it all depends on your self discipline whether you use it wisely or not. Keep everything precise and strict; don't just say oh, I can just pay the min and pay off the rest next pay check. The moment you do that, you'll get into a habit and it'll go downhill from there. Responsibility is the key.

You should consider get a reliable card without rewards or frills. It'll be good for establishing discipline. Getting cash back or bonuses will only encourage you to spend more.

i applied for a credit card but i got rejected.
they said there isn't enough credit history.
i'm so confused why that happened.
ugh.

i need a credit card

yeah same here. I applied at my bank and I got rejected because I have no credit

^but how can you get credit? you need a credit card to start making credit ._.

^

I had a friend who went through the same thing. She applied at her bank and got rejected because she had no credit to begin with. I think in the end she actually went to the bank to make an appointment to speak to someone about the issue and now she has one.

For me, I started off have a credit card that was linked to my mom's credit but it had my name on it. I had that for a few years to help. I found that it also helped me limit my spending because my mom was the one getting the bill, not me.

I got my own card from my bank a few years ago and my mom is always telling me to use it more to build up credit haha.

As someone else said, I think going to your bank is good. If you do online banking, it might be easier to pay your bills as well if you're card is from the same bank lol.

^ I have the same thing right now. My credit card is linked to my mom's credit. We still get credit for that right?

Maybe you can try an amazon card?

If your card is linked to your mom's card as in that you are an authorized user, it will build your credit. You can also have your name on the card as the primary owner, and that should build your credit faster.

I have been an authorized user for most of my credit history. My FICO score is 800+.

My best advice is, if you're anything like me - a shopaholic, impulsive-buyer, then don't get one.

Otherwise, you're safe. =]

Often if you don't have credit but want a card, just make an appointment with someone at the bank and explain the situation. When I first got one, my bank had a credit card for college students in that situation ($500/mo limit)

Most important thing: treat your credit card like a debit card/cash. If you can't afford something now, don't buy it!! 15% interest hurts a LOT.

For a first credit card I'd go with a student based one. Every major bank/creditor has a student version, as they will be easier for younger people to get.

I know someone at 24 when she got her frist credit card. Her bank told her to just get a secured credit card until she's banked with them a little more or built up enough credit...so you can always go that route. But that doesn't necessarily have to be the be-all end-all answer.

I've had a student credit card (Student Photoexpressions Platinum Visa) with Bank of America for two years now and it's awesome. There's no annual fee for as long as you're a student, it's easy to qualify for, and my picture is on it for free so I rarely ever had to take out my ID anymore when I use it. The interest rate is high, but it shouldn't be a problem if you pay off your balance every month, which I do. I currently have a credit limit of $1500, which should be more than enough for a student



This is definitely good advice. I recently read an article somewhere that said 60% of college students graduate with at least $3000 of credit card debt! That's a lot of debt to start with fresh out of college, so don't let yourself fall into the trap of spending money you don't have. It's easy to swipe your card and get tons of stuff but when the bill comes at the end of the month, you won't be smiling anymore.

Best way to build your credit score is at first only to use it on daily necessities, or small things. Like someone said before, spend it only on gas. After you can manage your money better, use it for things like the coffee you buy in the mornings, grocery shopping, etc. Most importantly, make sure you pay your bills off on time! Building a good credit score is important if you want to take out a loan for anything, like a car, home, or capital for a business. Your score is basically how much lenders will trust you with their money. Things like debt, canceled cards, late payments, bounced checks, overdrafts, bankruptcies, etc, count against your credit score, so be careful.

On a side note, Stay away from those "free credit report" offers. You are entitled to one free annual credit report under the Fair Credit Reporting Act, through this one site that's federally mandated, and approved by the Federal Trade Commission. I only found it by digging through the ftc.gov site looking up this info when I wanted to improve my credit.

Hope this helped.

First rule of thumb:

Never buy anything on your credit card that you don't have the cash in your checking account AT THAT MOMENT to pay off.

Also credit cards fall into two main categories, secured and unsecured. Most students and people without credit will get denied an unsecured CC unless it's one specifically for students (which there are some). You can however get a SECURED credit card. Basically it works like Starbucks card. You "load" cash on it from your checking account and then you can pay for purchases with it. The advantage is that it IS a real credit card and you earn regular credit from it like you would with any other credit card.

Most banks and credit companies view students the same as unemployed. You are high risk and most don't view you as a good business decision. Any student that proudly waves their plastic in front of you has a small limit like $500 and a high interest rate of at least 18%.

Keeping credit cards and not using it does not help you. The reason is because these credit cards still count towards your overall "DEBT" and will show up as such on your credit report making it difficult to get a car loan, or house down the road. Better to just cancel them, use your one credit card and increase the limit on that card.

I'm not 100% sure how the credit card system works in the US but seems alot of people here know a bit more..
From my experience I got one as well after my mum bugged me to get one coz my uni cost were sky rocketing in first yr needing to buy so much..and i didn't want to bring around $600 with me to buy text books...

Its really handy for those things..also buying things online and tickets as well as everyday thing..less cash to carry Also depending on the company you can earn reward points. Like with mine everyone dollar I spend I get a point and some places I get double points coz they have a deal with the bank

My credit card is with my bank which makes it easier with payments etc..as all I have to do in an internal transfer to pay it off.

Also because your a student banks usually give discounts...well in Australia they do like as I'm a full time student I don't need to pay bank fees. So maybe there is something like that.

Pretty sure you do, like some other people said I was on my parents' CC for a while before I got my own in college, so the first card I got started with a $2000 limit

I just got a Citi card because my friend had that one...didn't really look around or into it, which is kinda stupid, I guess. I think I get 2% back on most things (so they send you a check every time you hit $50 in cash back) and I don't think there are any fees or anything.


But then you won't ever build your credit up What will you do if you ever need a loan?