Beginner Card (College Student)

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BoomSoonOU
 
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Beginner Card (College Student)

Postby BoomSoonOU » Mon Mar 23, 2015 11:48 am

Hello,

I am a current college student interested in getting my first credit card. I am 20 years old, doing this basically to build credit. I probably should have done this years ago, but I figure better now than never.

I tried to read some of the other threads, but was slightly confused by all the jargon used. I'm very new to this, so even basic terms and acronyms can be confusing. Basically, simple answers are appreciated!

A little about me, not sure how much you need.

As I said, I'm a college student
I will be graduating in May 2016
My major is rather high paying, I normally make about 20-25k a summer, and will make 90k+ upon graduating
I don't have a large amount of cash assets, maybe something like $5,000 (will go up soon with the summer)
I have been using a debit card for the past four or five years from a credit union
I have one student loan that is due when I graduate, the loan is $1,000
I will be paying the card off every month
I usually spend about $1,000 a month

Anything else just ask!

Thanks in advance.


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otter
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Postby otter » Mon Mar 23, 2015 7:38 pm

Welcome to the forum!

I would start with the credit union you have a membership in. Most credit unions have some sort of secured card you can start with. If you've been banking with them for a few years, you might be able to get an unsecured card. After six months, I would apply for some cards which will get you rewards- the Chase Freedom and Discover IT might be a good start. From there... you can branch out and get some cards with rewards which work for you. I recommend the Sallie Mae, but you might need a year's history to get that.

Here's a list of credit card jargon, so you can better understand some of the more confusing language: http://creditcardforum.com/general-credit-card-talk/6471-credit-card-jargon.html
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

popamode72
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Postby popamode72 » Mon Mar 23, 2015 8:02 pm

Have you looked into starting out with a Discover It student card? It's a great prime card to start out with because of the rewards that you can earn with it and you get a free TU FICO score with it too. I'd also look into seeing if BoA's Cash Rewards for students might be a good starting place for you. If that's not possible, take otter's advice.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

darkguy2
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Postby darkguy2 » Mon Mar 23, 2015 8:13 pm

I agree with popamode72. Go for the Discover IT student card. That was my first credit card when I was 20 as well and you can see what I have today in my signature. I always tell people that college is one of the best times to get a credit card. You can get your foot in the door with a prime card.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

BoomSoonOU
 
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Location: United States

Postby BoomSoonOU » Mon Mar 23, 2015 9:42 pm

darkguy2 wrote:I agree with popamode72. Go for the Discover IT student card. That was my first credit card when I was 20 as well and you can see what I have today in my signature. I always tell people that college is one of the best times to get a credit card. You can get your foot in the door with a prime card.


Got it. So option #1 for me would be the Discover IT Student Card or the BoA Student Card. If I don't get accepted for one of those, go with a credit card from my credit union.

Correct?

popamode72
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Location: Atlanta, GA

Postby popamode72 » Tue Mar 24, 2015 5:46 am

BoomSoonOU wrote:Got it. So option #1 for me would be the Discover IT Student Card or the BoA Student Card. If I don't get accepted for one of those, go with a credit card from my credit union.

Correct?


Yes. I didn't start out with Discover, but the Citi Forward card for students, which is now the Thank You Preferred for students. If you can prove that you're in college, you can also easily get that card as a starting point. I started out with $1k and look at my profile now.

If none of those work, there's also CapOne Journey which also isn't bad to start with (it's PCable to a Quicksilver after a few months) and if that doesn't work, secured cards are the way to go. BoA also offers one that can unsecure relatively quickly compared to others for example.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

JamesMS
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Location: Fort Worth, TX

Postby JamesMS » Tue Apr 14, 2015 6:46 pm

popamode72 wrote:Have you looked into starting out with a Discover It student card? It's a great prime card to start out with because of the rewards that you can earn with it and you get a free TU FICO score with it too. I'd also look into seeing if BoA's Cash Rewards for students might be a good starting place for you. If that's not possible, take otter's advice.


I completely agree with this statement. That would be a good place to start.
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



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