Which would be best for a 20 y/o new to credit?

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10bad10
 
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Which would be best for a 20 y/o new to credit?

Postby 10bad10 » Tue Dec 18, 2012 1:00 am

So I'm trying to help out my cousin and would like some advice. She is 20 years old and currently has been working as a server at Chili's for about 3 months and before that worked at Mimi's for about a year.

She has no assets and wants to start building credit so she can buy her first car.

She has no credit history but has been denied the past 5 times she has applied for credit with the most recent being approximately 3 months ago.

All the cards that have denied her were one's her friends said would approve her "for sure" but I doubt any real knowledge was there at all.

So what company/card would be the best bet for her and what time frame or circumstances should be met?

thanks

Dave


Germanmuscle
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Location: Atlanta

Postby Germanmuscle » Mon Dec 24, 2012 12:39 pm

Does she have a long time checking account? If she does, the bank might give her a credit card if she never overdraft and etc.
FICO:
EQ: 679 (MyFico)
TU: 703 (Citi Pull/CreditKarma)
EX: 717 (CreditSesame)

Cards:
Wells Fargo Cash Back $1.5k
Citi Forward $2k
Discover It $1k
Capital One Journey $300

randeman
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Postby randeman » Thu Dec 27, 2012 11:58 am

It would be helpful to know who she has applied with. Based on what I read here, Cap One (which, for most people, sucks) is a good starter card. She should also consider a secured card. Actually, that may be her best bet. Shop around for a secured card that may revert to an unsecured card after a year or two or good payment history. I know at one time Citibank had a secured card that potentially could roll into an unsecured after 18 months, but I don't know if they still have it. Just Google "unsecured credit card" and see what is available. Also, try to avoid a secured card with a fee.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

Money card
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Location: New York state

Postby Money card » Fri Dec 28, 2012 10:54 pm

I can tell you 1 thing being she has no credit history Citibank is absolutely out of the question, so is chase, capital1, Bank of America.
I promise you there is a card for your cousin.
does she have a checking if so does that bank offer any credit cards? you mentioned she works at chilis which are usually located in Malls
does your cousin like to shop? if so how about having her apply for a store charge card like a Jc Pennys card, Macys, american eagle, target since she can only use there card at that particular store this is another idea.

another suggestion would be a orchard credit card, it has low limits maybe something like 500.00 it's a place for her to start.

last would be look around at lower level cards, not what the inventor of text messaging has, the president of cold stone, or google has.
but lower level bank cards like td bank, key bank, M&t, citizens or hudson valley savings.

to recap a credit card from her bank where she has a checking account
a store charge card
a orchard visa
last a lower level bank.

Germanmuscle
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Posts: 13
Joined: Mon Dec 24, 2012 2:07 am
Location: Atlanta

Postby Germanmuscle » Sat Dec 29, 2012 1:12 am

Like I said above, i got my first card when i turn 18 from wells fargo. I didn't have income, but i had a checking with them since 16. They gave me a 1200 credit limit at first, but I ask them to increase to 1500 in august when i got my first job at 19. Also, I just got my citi forward with 2000 credit limit couple weeks ago.
FICO:
EQ: 679 (MyFico)
TU: 703 (Citi Pull/CreditKarma)
EX: 717 (CreditSesame)

Cards:
Wells Fargo Cash Back $1.5k
Citi Forward $2k
Discover It $1k
Capital One Journey $300



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