Student New to Credit

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3 posts
gmichael
 
Posts: 1
Joined: Tue Apr 07, 2015 10:40 pm
Location: Saint Louis, Missouri

Student New to Credit

Postby gmichael » Tue Apr 07, 2015 10:47 pm

Hi. First post here.

I am a freshman in college. I have had a BankAmericard - Cash Rewards for about 10 months. In an effort to increase my number of accounts I have recently applied and been approved for an American Express Gold Card.

I have been very responsible with by BOA Card. Paying off the balances in full each month. I intend to charge just a bit each month to my Gold card, and pay it off promptly. I mainly just want to increase the depth of my credit history.

Any tips or ticks for me? I am concerned how Amex reports balance/limits because it is a charge card.

Thanks!


babybear9925
Gold Member
Gold Member
 
Posts: 45
Joined: Sun Aug 31, 2014 11:43 am
Location: Warner Robins

Postby babybear9925 » Wed Apr 08, 2015 3:05 pm

if its a charge card the report what you charge like the gold card they do not report a credit line because you pay it off in full every month that's reason why they don't report if you had a Amex Everyday Card you would see credit limit and what you charge

daniel2304
Centurion Member
Centurion Member
 
Posts: 198
Joined: Tue Dec 03, 2013 1:53 pm
Location: Dallas

Postby daniel2304 » Wed Apr 08, 2015 3:32 pm

I would not recommend charge cards when you're a student. To off-set the annual fee, you must spend a lot. If you're rich, then never mind. I would recommend to apply some no-annual-fee credit cards with good reward/ cash back program such as Chase Freedom, Discover It. Why? Because you need more credit lines to lower your utilization. The utilization ratio plays second most important factor on your credit report.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.



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