Credit card with at least a $2,000 limit for first timer?

For just about anything you want to get off your chest about credit cards.
Crashem
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Postby Crashem » Wed Mar 28, 2012 2:02 am

Money card wrote:Kreeker I'm right. Crashem this person is 22 years old with a part time job. Forget about suggesting American Express. Their credit report is probably empty except for maybe a student card or student loans, there mom's American Express and that Visa.

When suggesting somebody to get a credit card, you have to know the situation. For a 22 year old with a part-time job, American Express is not the answer. Gap, Sears, Sunoco, Keybank, cards from these types of places would be a step in the right direction.


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.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k


Crashem
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Postby Crashem » Wed Mar 28, 2012 2:14 am

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.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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Josea
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Chase Card applications

Postby Josea » Wed Mar 28, 2012 4:57 am

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).

Kreeker
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Postby Kreeker » Wed Mar 28, 2012 4:19 pm

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?

Crashem
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Postby Crashem » Wed Mar 28, 2012 4:34 pm

Kreeker,

Stop applying for random cards until you know your credit situation. Every time you apply you are dinging your credit. You need to make sure the stuff you want off your credit report is off. Also, go get a FICO or FAKO or whatever so we can better judge. Go to myfico and buy the equifax score for the most FICO accurate. If you don't want to spend the money (or even if you do). Go to creditkarma.com (TU Based) and creditseasame.com (EX based I think). It won't give you your report but it looks at it and gives you a FAKO. Once we have more info, I will be able to give you better advice.

As for NFCU, if you dad was in the navy (and i think seebee counts) and honorably discharged, you qualify for NFCU. You will probably need to get his service number OR SSN and DoB. You should definitely join NFCU as they are a great alternative to a bank and give some of the best credit cards on the planet. Call them up and explain your situation and they can probably make some recommendations. They have the best secured card on the planet and aggressive with changing from secured to unsecured with good use.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Kreeker
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Postby Kreeker » Wed Mar 28, 2012 4:44 pm

Crashem wrote:Kreeker,

Stop applying for random cards until you know your credit situation. Every time you apply you are dinging your credit. You need to make sure the stuff you want off your credit report is off. Also, go get a FICO or FAKO or whatever so we can better judge. Go to myfico and buy the equifax score for the most FICO accurate. If you don't want to spend the money (or even if you do). Go to creditkarma.com (TU Based) and creditseasame.com (EX based I think). It won't give you your report but it looks at it and gives you a FAKO. Once we have more info, I will be able to give you better advice.

As for NFCU, if you dad was in the navy (and i think seebee counts) and honorably discharged, you qualify for NFCU. You will probably need to get his service number OR SSN and DoB. You should definitely join NFCU as they are a great alternative to a bank and give some of the best credit cards on the planet. Call them up and explain your situation and they can probably make some recommendations. They have the best secured card on the planet and aggressive with changing from secured to unsecured with good use.


Thanks for the response. The guy at AMEX said my credit report would be updated within 72 hours, but the woman from Chase said up to 15 days for the Visa. Should I just wait 15 days until I run any scores?

Also, do myfico, creditkarma or creditseasame ding your real score?

I am definitely going to look into NFCU.

Crashem
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Postby Crashem » Wed Mar 28, 2012 7:31 pm

None of them ding your credit report. myfico costs money, but I would sign into creditkarma and creditseasme today. Those last two basically do the same thing. The difference is that they use info from different credit bureaus and creditkarma allows you to pulll your credit report every day. I would do it ASAP so you can see if the FAKOs they give go up or down when you get taken off as authorized user. Remember creditseasame only pulls once a month so you can't see any daily changes while creditkarma will do daily pulls if you log in everyday and ask for update. Those two don't show you your credit report but analyze your credit report and give you different scores and recommendations.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Kreeker
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Postby Kreeker » Wed Mar 28, 2012 8:50 pm

Just signed up for both Credit Sesame and Credit Karma.

Credit Sesame is saying 696, and is only is only showing one of the cards ($6k).

Credit Karma is saying 666, and is showing both of the cards ($16k).

logan|20
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Postby logan|20 » Wed Mar 28, 2012 11:48 pm

You should definitely check out the MyFico Forums, here: Credit Cards - myFICO® Forums To get some more information about cards, and approval rates. I have found they have a mush more diverse user base, as well as a larger forum.
American Express Zync | NPSL
BofA Cash Rewards | CL: $1K
Barclay Finance Card | CL: $1.7k
Amazon Store Card | CL: $1.5k
Credit Union Visa | CL: $1K
Capital One: Sony PlayStation | CL: $500

Kreeker
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Postby Kreeker » Thu Mar 29, 2012 12:06 am

Yeah I was checking at myFico the other day. I'll make a post now.

The moderation approval for the first 5 posts really kills this forum imo.



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