Advice on First Credit Card

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2 posts
Quaker
 
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Joined: Fri Jul 16, 2010 11:58 am
Location: Louisville, KY

Advice on First Credit Card

Postby Quaker » Fri Jul 16, 2010 12:28 pm

Hi all,

First, please excuse me if these questions have already been addressed elsewhere in the forums, and thanks in advance for your advice.

Background:
-I have no credit history (have only been an authorized user on parents accounts)
-I just graduated from college in May and will starting full-time work in the next month at a company I interned with before my senior year.
-I will need a credit card for (possibly significant, up to 5k/mo) work expenses, which will be reimbursed - this makes secured cards simply not viable

Status:
-Declined by my bank (PNC) for their basic Points Visa, as well as Southwest Visa (current card I've been using under my father's account) due to not having any history
-Applied for AmEx Zync, but was asked to fill out form 4506-T to verify income

Questions:
-Since I was in school last year and will be working full-time next year, should I fill out the 4506-T or just wait and re-apply for the Zync? (My income tax last year will reflect a significantly different income than I will have this coming year [13k vs. >100k, which was on my Zync application])
-My dad has offered to cosign on my first card since I'm being declined on my own. What cards could i apply for that allow this? Could I be added to make one of his existing cards a joint account?
-Finally, other than getting a department store card asap to start building history, what are my other options?

Thanks very much in advance for your advice. I've been getting stressed about the situation since I'll be starting work so soon.

-Quaker


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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Jul 21, 2010 6:20 pm

Is your SS# on the Southwest card under your dad's account? If not, have him add it.

-Since I was in school last year and will be working full-time next year, should I fill out the 4506-T or just wait and re-apply for the Zync? (My income tax last year will reflect a significantly different income than I will have this coming year [13k vs. >100k, which was on my Zync application])
You put 100k on your Zync app and it's currently 13k? That will be a problem.
-My dad has offered to cosign on my first card since I'm being declined on my own. What cards could i apply for that allow this? Could I be added to make one of his existing cards a joint account?
Start by doing it with the Southwest card.
-Finally, other than getting a department store card asap to start building history, what are my other options?
How long ago were you in school? Maybe apply for a credit card for college students (see homepage for list). The credit line won't be fabulous but at least it will be an account. Whatever you do, stay away from store credit cards.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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