Advice for 18 year old

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corsascuderia
 
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Location: Boston

Advice for 18 year old

Postby corsascuderia » Thu Mar 14, 2013 5:46 pm

After unsuccessfully attempting to get a car loan due to my lack of credit, I've recently decided that I need to get a credit card in order to build some sort of credit. I've kept a checking account with BoA for several years now, and I've seen the introductory CCs they offer, but I'd like to get something that actually offers a legitimate rewards program. I spend a fair amount (anywhere from 2-4k monthly), which currently earns me nothing as I only have a debit card. I've got a fairly stable income, but this doesn't help much considering that I have zero credit.

So, I was wondering exactly how the process of using a cosigner for a credit card works. My father has excellent credit and is willing to cosign for a CC (he did so for my car loan and got me a good APR). Will this allow me to be approved for any CC that he would be approved for if he were applying just for himself?

Lastly, I was wondering what cards are recommended for somebody in my situation. I take a few trips a year and do a fair bit of shopping, so a CC that offers travel/shopping rewards would be great. Although a good cash rewards CC would be just as helpful in my opinion. I was originally leaning towards AMEX green or gold, but as I understand it, they do not allow cosigners. Aside from that I was considering Chase Sapphire. My father has been a Chase customer since the 80s, if that helps at all. Any suggestions???

TL;DR: I'm 18 and have no credit. Spend 2-4k monthly.Need a credit card. Father with excellent credit will cosign. What are the best options for me?


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Snowman
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Postby Snowman » Fri Mar 15, 2013 8:04 pm

C- Basically, a Co-signer on a credit will assume all responsibility if you are not able to pay your bill. You could do what I did, and go down to your local BOFA branch and have a talk with your personal banker. He or she should recommend card or you can research and see which of their cards interest you. I did this and I was approved for my 1st card with a 700 limit (income is 12k, but I go to school so the income is fine right now.) I used it slowly and left balances under 10% for six months and I was approved for all the cards listed in my signature with some good limits for someone who at the time had 6-7 months of history.

You can have your dad have you put as an authorized user on any of his accounts or you can be a joint account holder but you only can use the cards and such. No, because it will be your dad's name on the account and will be in your dad's file. Take my advice and try to go on your own and build it starting from BOFA (you do have a job right?) and then use it like I described and you should be able to build and have a good history if you pay your bills on time all the time.

There are plenty of cards that do have travel, many are co-branded and there are standalone cards, sadly there are none with both categories. Amex will generally not approve anyone without at least six months of credit history, they may approve your dad and have you as an authorized user but if you want one under your own name you must have 6+ months of history, scores that are 690+ (though 700+ are preferred, they are pretty picky.) Chase Is even more picky since there is a demand for a lot of their credit cards, If I were you take my advice, slowly build your history and pay your bills always on time and pretty soon every company will like to have you as a customer, and you'll be able to get a car or house without any issue.

Good luck on whatever path you decide to take.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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