Crashem wrote:I wasn't suggesting AMEX as his next card. I was saying assuming his Mom's AMEX shows no negative history and is a charge card, he should stay on it until he can get his own. The reason is that he will for sure get the AMEX member date benefit which will jack up his AAoA and really help his credit. He should also stay on all of his mom's cards where the card has no negative history and low/no balance.
As for which credit card he should apply for, we need to hear what his credit score and report looks like. Ideally, if he can get his mom to co-sign a card and she has good credit, he can skip the starter card phase which he will have to get rid of in the future.
Remember don't apply for any cards you don't think you have a good chance of qualifying for as it is a waste of an inquiry.
My history for the AMEX goes all the way back to 2000. The problem is that my mom has 6K on this card, and 10k on a Visa. I was an Authorized User on both of these cards so my revolving debt was 16k. I also have 7k of student loans. The reason I was denied on the Chase Freedom 5 months was because of too much outstanding debt, or something to that effect. I never looked at the denial closely so I cannot give you my exact credit score.
However, when I called the credit guy at AMEX he told me that I was removed as an Authorized User, but the AMEX listing would still be there labeled closed and with a 0 balance. I don't know if the VISA listing will still be there.
Unfortunately my Mom cannot cosign for me because it would create the same problem that the Authorized User was? I think?
I might be able to have my Grandma cosign. She is 86, but I don't think she has ever had a credit card so I don't know what that would do for me...
Crashem wrote:Also, if you have any military connection (parent/sibling/grandparent) that was in the military, I would highly encourage you to join the NFCU as soon as possible. They have some of the best credit cards and rates available. They are really good about raising limits on their credit cards once you prove yourself.
Also, if you go the secured credit card route, they have the best secured credit card out there that has no annual fee and rewards. Just as important, they are good about unsecuring it.
My Dad, who unfortunately passed away from Pancreatic Cancer 7 years ago, was a Sea Bee. Does that help me?
Josea wrote:I just got my first credit card and I have no job. Yes, I would apply for the Chase card that has the best rewards that suit your buying patterns. I made the mistake of getting the Chase Amazon Visa and only got $30 US off my first purchase. I am trying to get them to upgrade me to Freedom but not having much luck . (my score is in the same range you mentioned above).
I would really rather start off with a good card... I am someone who would not disappoint, but my lack of credit kills me...
I am probably going to try a Capitol One Platinum. Any good?