What should i get as my first real credit card?

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xcrusher10101
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What should i get as my first real credit card?

Postby xcrusher10101 » Fri Feb 27, 2015 1:02 pm

Right now I have a Macy's store prepaid visa card because I work for them and an Amex Everyday under my dad's name. I want to apply for a card for myself but I'm not sure which one I should go with.

I want an AmEx card but probably won't get approved. I don't know what my credit is. I would like a card that gives cash back or has rewards. Will applying for multiple credit cards lower my credit rating?


thom02099
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Postby thom02099 » Fri Feb 27, 2015 5:58 pm

xcrusher10101 wrote:Right now I have a Macy's store prepaid visa card because I work for them and an Amex Everyday under my dad's name. I want to apply for a card for myself but I'm not sure which one I should go with.

I want an AmEx card but probably won't get approved. [color="red"]I don't know what my credit is[/color]. I would like a card that gives cash back or has rewards. Will applying for multiple credit cards lower my credit rating?


Without knowing what your credit is, I think it's premature for you to consider ANY card. You need a starting point and you don't have one. Also, any advice given here or any other forum will need to be based on what your credit profile looks like. You can't do that, since you don't know your credit picture, so we can't help you.

I don't mean to sound harsh, but this is a basic reality of Credit 101, to know where you are as far as your credit report. Check your scores and then post them. THEN we may be able to assist you.
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xcrusher10101
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Postby xcrusher10101 » Sun Mar 01, 2015 5:46 pm

thom02099 wrote:Without knowing what your credit is, I think it's premature for you to consider ANY card. You need a starting point and you don't have one. Also, any advice given here or any other forum will need to be based on what your credit profile looks like. You can't do that, since you don't know your credit picture, so we can't help you.

I don't mean to sound harsh, but this is a basic reality of Credit 101, to know where you are as far as your credit report. Check your scores and then post them. THEN we may be able to assist you.


I tried looking up my credit on annualcreditreport but it won't show up, they can't retrieve the information. I was just wondering because my brother applied for a discover it card and got approved and in the letter it said that his credit was 6xx and he didn't have any prior credit. I don't know if store cards or cards under other names will affect my card. What do you suggest I do then? Should I just go for the discover it card?

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Postby luvbullmarkets » Sun Mar 01, 2015 11:16 pm

At the very least you should get a creditkarma online profile. They now list both Trans union and Equifax FICO scores. If your store accounts are not showing then consider contacting the card issuers to make sure they are sending out monthly reports to credit bureaus.
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Postby takeshi » Mon Mar 02, 2015 8:52 am

xcrusher10101 wrote:I don't know what my credit is.

Well, then fix that. Pull your reports. If you want numbers to help you evaluate then get some FICO's.

xcrusher10101 wrote:Will applying for multiple credit cards lower my credit rating?

...and definitely read up on credit before you do anything. You incur hits from hard pulls when you apply. When a new account reports it drops your AAoA. Since you're just stating out you won't be able to add that many accounts.

xcrusher10101 wrote:I tried looking up my credit on annualcreditreport but it won't show up, they can't retrieve the information.

xcrusher10101 wrote:What do you suggest I do then? Should I just go for the discover it card?

Contact the CRA's individually and find out why you can't pull your reports. The prepaid card isn't relevant since it's not a credit card but the Everyday card should be reporting. How long have you been an authorized user on that account?

xcrusher10101
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Postby xcrusher10101 » Mon Mar 02, 2015 7:06 pm

takeshi wrote:
Contact the CRA's individually and find out why you can't pull your reports. The prepaid card isn't relevant since it's not a credit card but the Everyday card should be reporting. How long have you been an authorized user on that account?


I've been an authorized for like a year or something. At first I had a optima platinum or something and like 2 or 3 months ago they switched to amex everyday.

xcrusher10101
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Postby xcrusher10101 » Mon Mar 02, 2015 7:12 pm

luvbullmarkets wrote:At the very least you should get a creditkarma online profile. They now list both Trans union and Equifax FICO scores. If your store accounts are not showing then consider contacting the card issuers to make sure they are sending out monthly reports to credit bureaus.

Thank you for telling me about this site. I just checked and my transunion is 641 and my equifax 623. Is this decent for someone like me who doesn't have a lot of credit history?

xcrusher10101
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Postby xcrusher10101 » Mon Mar 02, 2015 7:15 pm

Sorry for the triple post but I can't edit my old posts until they're approved but does going over your credit limit lower my credit because the limit is shared between my parents. The limit is like 15k and they used it to play for my tuition this semester and all the other expenses it's at like 16.8k. It's also gone over the limit a bunch of times in the past.

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Postby CarefulBuilder14 » Mon Mar 02, 2015 8:04 pm

xcrusher10101 wrote:Sorry for the triple post but I can't edit my old posts until they're approved but does going over your credit limit lower my credit because the limit is shared between my parents. The limit is like 15k and they used it to play for my tuition this semester and all the other expenses it's at like 16.8k. It's also gone over the limit a bunch of times in the past.


TU 623 and EQ 641 CreditKarma scores are bad. The presence of that Amex card's history on your report hurts your score more than it helps. My history is about as long as yours, and my CK scores have been in the 700-750 area. One thing that may help you is that just as being an AU on a good account doesn't help someone new to credit as much as it used to, being an AU on a bad account may not hurt you as much as it might have before.

A short history can have high CreditKarma and FICO scores if you pay on time and don't have more than half a dozen or so inquiries....not a super-high 800+ score, but possibly 750. The catch is that some lenders won't be too impressed with a clean but short history, even if that history generates a high score.
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xcrusher10101
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Postby xcrusher10101 » Mon Mar 02, 2015 9:11 pm

So what would I suggest I do? All my amex payments have been time as shown on credit karma. I don't think i'll cancel it but is there a card I could get approved for that isn't secured and not discover because lots of small businesses don't take them.



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