So, a little background on me first: I'm 23 years old, graduated college 7 months ago, already have an awesome well-paying job, still living at home with my mother. I have almost no debt and not many bills to pay. I have ZERO credit history. I've never had a credit card and I've never taken out a loan before. I know, I should've started building a credit history a long time ago. It's a little late for that; lesson learned. Anyway, I'm trying to build credit so I can eventually buy a house and such. Every time I apply for a credit card I get rejected because I have a "limited credit history." Well DUUUHHHH!!! Why do they think I'm applying for the card in the first place?? I'm in a total Catch 22 here. How do they expect me to build a credit history when they won't give me a card to build it with?
Help on getting a credit card
- Thread starter exranger06
- Start date
- Status
Sounds like me back in the day.
Only paid for what I could afford, and had a debit card.
When I started out, I took out a car loan for a second hand car that I could have paid for outright, and paid 1-1/2 payments to get it done ASAP.
When I went for a mortgage, the bank lady looked favourably on that single thing.
Only paid for what I could afford, and had a debit card.
When I started out, I took out a car loan for a second hand car that I could have paid for outright, and paid 1-1/2 payments to get it done ASAP.
When I went for a mortgage, the bank lady looked favourably on that single thing.
avoid credit cards, they do anything in their power to get fees from you and ruin your credit, capital one pulled some very shady stuff with me and it has taken me years to regain my credit.
Last edited:
Try creditcards.com, there are cards with higher interest rates that are designed to build credit. Another option which im in favor of is a secured card. Just make sure they report to all 3 major credit agencies. This is a must to help with your financial future. These days cash just doesn't cut it. Everyone needs good credit.
Besides is so fun to go to the car dealer and know you can qualify for anything you want
Edit, to add on Moparmonkeys post that is why im a fan of secured cards in his situation. you only spending what you have, when you qualify for an unsecured card you get your deposit back and move on to a GOOD unsecured card.
PLEASE don't spend because you have the card. use it once a month and for emergencies ONLY. Payoff the small amount you purchased. Having a card and not using it does nothing for your credit except show an open account on it.
Besides is so fun to go to the car dealer and know you can qualify for anything you want
Edit, to add on Moparmonkeys post that is why im a fan of secured cards in his situation. you only spending what you have, when you qualify for an unsecured card you get your deposit back and move on to a GOOD unsecured card.
PLEASE don't spend because you have the card. use it once a month and for emergencies ONLY. Payoff the small amount you purchased. Having a card and not using it does nothing for your credit except show an open account on it.
Last edited:
Originally Posted By: mopar_monkey
avoid credit cards, they do anything in their power to get fees from you and ruin your credit, capital one pulled some very shady stuff with me and it has taken me years to regain my credit.
The idea here is not to build up a balance, it's to use the credit card as a "debit" card which helps your credit score.
I use my credit card for everything. Every month when the bill comes in, I pay it off. There's no "fees" or any other risk in doing this, unless you have no self control and spend more than you have. Otherwise, it's only a benefit. Plus, many offer cash back which is free money if you don't run a debt.
To the OP: I was in your position when I was in college and wanted to get a "start" on building credit. I used MBNA which gave me a credit card (and later got bought out by BoA) but this was before all the financial meltdown junk so not sure how easy it is to get one now. I know Chase is pretty good if you have student loans you are paying off. Might try giving them a call.
avoid credit cards, they do anything in their power to get fees from you and ruin your credit, capital one pulled some very shady stuff with me and it has taken me years to regain my credit.
The idea here is not to build up a balance, it's to use the credit card as a "debit" card which helps your credit score.
I use my credit card for everything. Every month when the bill comes in, I pay it off. There's no "fees" or any other risk in doing this, unless you have no self control and spend more than you have. Otherwise, it's only a benefit. Plus, many offer cash back which is free money if you don't run a debt.
To the OP: I was in your position when I was in college and wanted to get a "start" on building credit. I used MBNA which gave me a credit card (and later got bought out by BoA) but this was before all the financial meltdown junk so not sure how easy it is to get one now. I know Chase is pretty good if you have student loans you are paying off. Might try giving them a call.
Self Control is the key phrase. Most people starting out don't usually have that.
It may be a little easier to get a credit card from the same bank that you have checking/savings with. Also, try student credit cards or alumni credit cards if the school you graduated from has one, even though you aren't a student anymore. The APR might start out high and your limit will be low as heck like $500 or $1000 but soon enough you will start getting tons of offers for better cards. If you haven't tried discover or american express, try those, they are not as mainstream as visa or mastercard so it may be a little easier to get. My first credit card was from capitalone and it had a limit of $500 with like 18% apr...but it's a start since I was a student, had no job, etc..
- Joined
- Mar 3, 2010
- Messages
- 2,450
Get your mother to sign on your bank account, her credit will become yours and you will start getting 5 letters a week like the rest of us...
I was 15 and getting CC offers at least once a week with my mom as a co signer on my first bank account.
I didn't get one until last year, at 18, I just use it like it is my debit card and pay it off in full at the end of every month, do that for a while and you will be set. The key is to not spend money you don't have.
I was 15 and getting CC offers at least once a week with my mom as a co signer on my first bank account.
I didn't get one until last year, at 18, I just use it like it is my debit card and pay it off in full at the end of every month, do that for a while and you will be set. The key is to not spend money you don't have.
Last edited by a moderator:
I believe that folks that pay their full amount each month are called 'deadbeats" by the credit card companies.
Originally Posted By: Papa Bear
I believe that folks that pay their full amount each month are called 'deadbeats" by the credit card companies.
They don't make as much from people who pay in full each month but they still make money each time you use the card, and they actually consider this group of people the safe bets. It's people that max the card and then declare bankruptcy that are considered the deadbeats because that's when they lose money.
I believe that folks that pay their full amount each month are called 'deadbeats" by the credit card companies.
They don't make as much from people who pay in full each month but they still make money each time you use the card, and they actually consider this group of people the safe bets. It's people that max the card and then declare bankruptcy that are considered the deadbeats because that's when they lose money.
Last edited:
Go to your local state farm agent. They do student credit cards that are fairly low interest and limit, and easy to get.
Building relationships with your bank or credit union is always a good thing also.
Using your mom as a signer would be my last resort. There's liability on her part if you tumble. Your bank should have all offers that have been spoken about. Student, secured and unsecured cards.
Once you get one you will get tons of offers. Keep whatever card you do get for 1 year and keep it in good standing. Don't just fill out offers because everytime they pull your credit it counts against you. So if you wait a year then upgrade get 1 card with a good size limit not 4 cards with 500.00 limits. Then every year review your credit and decide to upgrade. transfer the balance of the old card and close the account. Get a letter stating the account is closed and in good standing.
I started getting credit when I was 18, bought my 1st house at 20. Today i can qualify for anything I want and have a CC with no limit. It took about 10 years to get to this point. I wouldn't give up good credit for anything
Using your mom as a signer would be my last resort. There's liability on her part if you tumble. Your bank should have all offers that have been spoken about. Student, secured and unsecured cards.
Once you get one you will get tons of offers. Keep whatever card you do get for 1 year and keep it in good standing. Don't just fill out offers because everytime they pull your credit it counts against you. So if you wait a year then upgrade get 1 card with a good size limit not 4 cards with 500.00 limits. Then every year review your credit and decide to upgrade. transfer the balance of the old card and close the account. Get a letter stating the account is closed and in good standing.
I started getting credit when I was 18, bought my 1st house at 20. Today i can qualify for anything I want and have a CC with no limit. It took about 10 years to get to this point. I wouldn't give up good credit for anything
Last edited:
Get a JC Penny card or other store card. They usually will give you one. Buy some stuff there for awhile then try to get a real card. Thats what I did when I was 18. Now I got AMEX sending me gold card pre approved offers.
Maybe what you consider "well paying" the lenders you applied at do not. Fudge a little on the applications. I used to add an extra $50,000 a year to my income...
Funny how when you want credit you can't get it, then once you have it you don't want it.
Maybe what you consider "well paying" the lenders you applied at do not. Fudge a little on the applications. I used to add an extra $50,000 a year to my income...
Funny how when you want credit you can't get it, then once you have it you don't want it.
I got my first credit card this year at age 23 from my bank. It's a "student card," though they offered it to me after I had graduated. At first I didn't use it much except to keep it active, but when they announced debit card fees, I decided to get in the habit of using the credit card and cash only. I use the card for gas, food, groceries, everything. I just don't buy more than I can afford. The bank makes it easy because you can see all of your accounts online and pay off the credit card. I usually pay off the credit card weekly, so when the actual monthly balance comes it's small (sometimes $0).
Just be careful because the bank will try to push you to have to pay some interest. For example, when you view the online statement, the minimum payment is prominently shown while the actual full balance is in much smaller text. The bank loves to emphasize that you just have to pay that little amount. I always pay the whole thing.
Just be careful because the bank will try to push you to have to pay some interest. For example, when you view the online statement, the minimum payment is prominently shown while the actual full balance is in much smaller text. The bank loves to emphasize that you just have to pay that little amount. I always pay the whole thing.
Originally Posted By: Smokefan1977
Today i can qualify for anything I want and have a CC with no limit. It took about 10 years to get to this point. I wouldn't give up good credit for anything
I assume you are speaking of American Express..they have no limits but when you reach an unspecified limit (based on your reported income..to them) in a given month they will give you a jingle and tell you they will not allow further charges in that month.
I like the suggestion about State Farm
Today i can qualify for anything I want and have a CC with no limit. It took about 10 years to get to this point. I wouldn't give up good credit for anything
I assume you are speaking of American Express..they have no limits but when you reach an unspecified limit (based on your reported income..to them) in a given month they will give you a jingle and tell you they will not allow further charges in that month.
I like the suggestion about State Farm
Last edited:
Originally Posted By: cchase
The idea here is not to build up a balance, it's to use the credit card as a "debit" card which helps your credit score.
I use my credit card for everything. Every month when the bill comes in, I pay it off. There's no "fees" or any other risk in doing this, unless you have no self control and spend more than you have. Otherwise, it's only a benefit. Plus, many offer cash back which is free money if you don't run a debt.
^^That's exactly my plan. Currently I'm using my debit card to pay for everything. I check my account balance every day and am very careful with my spending. I don't plan on spending more and buying stuff just because I have a credit card. I'm actually very good with money. I mostly only buy stuff I need like gas and helping my mom with bills. The rest goes toward paying off college. I paid off $13k in the past 8 months doing this.
The idea here is not to build up a balance, it's to use the credit card as a "debit" card which helps your credit score.
I use my credit card for everything. Every month when the bill comes in, I pay it off. There's no "fees" or any other risk in doing this, unless you have no self control and spend more than you have. Otherwise, it's only a benefit. Plus, many offer cash back which is free money if you don't run a debt.
^^That's exactly my plan. Currently I'm using my debit card to pay for everything. I check my account balance every day and am very careful with my spending. I don't plan on spending more and buying stuff just because I have a credit card. I'm actually very good with money. I mostly only buy stuff I need like gas and helping my mom with bills. The rest goes toward paying off college. I paid off $13k in the past 8 months doing this.
Originally Posted By: Jeepster_nut
Get a JC Penny card or other store card. They usually will give you one. Buy some stuff there for awhile then try to get a real card. Thats what I did when I was 18. Now I got AMEX sending me gold card pre approved offers.
Sears was the first one to reject me...
Get a JC Penny card or other store card. They usually will give you one. Buy some stuff there for awhile then try to get a real card. Thats what I did when I was 18. Now I got AMEX sending me gold card pre approved offers.
Sears was the first one to reject me...
My income is high and have never had that issue. I actually have 2 that are no limit. Personal and Business. I spent over 100K in a month on my business card. The most I spent on my personal is just over 15k. I try to use cash or debit for everything. Both are AMEX.
Im the type just because I have them doesn't mean I have to use them. I run most of my business through vendors that provide 5% net 30 which give me an additional 5% off if I pay in full within 30 days
Im the type just because I have them doesn't mean I have to use them. I run most of my business through vendors that provide 5% net 30 which give me an additional 5% off if I pay in full within 30 days
- Status
