Best bet for someone who just turned 18?

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Finally18
 
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Best bet for someone who just turned 18?

Postby Finally18 » Sat Aug 10, 2013 8:16 pm

Hi everyone.

I'll be turning 18 next week and i'm excited to start building credit and earning rewards! I've been looking at credit cards online and I had a few in mind. My first option is the Chase Freedom, but I don't know if they'll accept someone with no credit history. The other two i'm looking at were the Capital One Journey (1.25% on everything) or the BankAmericard for students (3% gas, 2% groceries, 1% everything else). I currently have a checking and savings account at BoA but i've heard terrible things about their service (haven't had to call them for anything except a lost debit card).

So essentially I have 3 questions.
1. Should I even try for the Chase Freedom with no credit?
2. Should I go for the Capital One Journey or the BankAmericard for students, or something else? (No Discover, please)
3. I'll be going off to college in the end of August, will I be approved and have a card in hand by the time I leave?

Thank you!


MemberSince99
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Postby MemberSince99 » Tue Aug 13, 2013 12:25 pm

1. No. The approval criteria is not that high for Chase, but I can tell you the flat out truth that they want to see at LEAST 6 months history preferably a year with a credit card of some sort. They will not approve you today, do not bother wasting the inquiry.
2. Look at the BofA for students and/or the 99/500 secured card they offer. Since you have a relationship with them, that might be best.
3. No way for us to know every lender is different. If you got instant approval for something and they process it right away and ship it, yes you should. But none of us can predict that anymore than I can tell you what the weather will be in a week.


Bottom line (and this seems to be getting asked on here over and over again): Look at the BofA secured 99/500 card, you should get that.

Try capital one, the one with the annual fee.

Consider Amazon store or walmart card.

Look into them in that order for best approval odds.

JSS3
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Postby JSS3 » Tue Aug 13, 2013 1:30 pm

Don't quote me on this but I don't think banks would give rewards cards to people without credit. It *seems* like something you have to build up to. Right up there with the better interest rates and no annual fees cards. I'm curious if my thoughts are wrong on this?

I started building credit this year. Technically, I had student loans I paid off and closed over 10 yrs ago along with 1(closed) Cap1 credit card. At the beginning of this year I had 0 average age of account. No baddies on my report either. First thing I applied for was the Amazon card(since I mostly shop there). I was declined due to lack of history. I also thought to apply for a Macy's card since it's often suggested we start out with department store cards. Well, on their application they needed at least 1 credit card info. That was also the situation with Walmart. I was told(by the cashier) you'd need a credit card to get their credit card.

I'd try Cap1. The one with the $39/yr annual fee to start.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

Midori
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Postby Midori » Tue Aug 13, 2013 2:36 pm

What's your income? Do you work summers/winters/springs? Do you have a work-study job lined up on campus? Do you have an after-school job off-campus?

If it's $0, I'd be looking into a secured card.

Personally, I started off with the $39/year Capital One card JSS3 mentioned. If you go with that one, you'll probably want to cut it loose after a year or two and its served its purpose.

I banked with BofA when I was in undergrad, because they were the closest bank to campus and I had no car. I bet if you went to a branch in your college town-- or any branch close to a local college-- they could help you get a good student card. Any bank is going to have customer service issues depending on what you're trying to do... you will probably end up neutral-to-pleased with your local branch if all you're doing is making deposits and withdrawals; you'll probably end up hating the ground they're built upon if you try and buy a foreclosure from them. :oP

You may or may not get your card before you leave. When I tried for my Citi ThankYou, it took me over a month, between the initial application, the request for proof of income, the acceptance, and the arrival of the card. Other cards arrived in less than a week.

Finally18
 
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Postby Finally18 » Mon Aug 19, 2013 9:53 pm

Thanks everyone! I applied for BofA 1-2-3 Rewards Student Card last Tuesday. Call the backdoor number today and got approved! They didn't give me a credit limit yet, said I would receive that info in 7-10 business days in the mail. They just asked me why I wanted the credit card (Told them it would be my first card) and I got approved!

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Terry
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Postby Terry » Mon Aug 19, 2013 10:56 pm

Finally18 wrote:Thanks everyone! I applied for BofA 1-2-3 Rewards Student Card last Tuesday. Call the backdoor number today and got approved! They didn't give me a credit limit yet, said I would receive that info in 7-10 business days in the mail. They just asked me why I wanted the credit card (Told them it would be my first card) and I got approved!



Congratulations! Use it wisely and you will find that your credit will grow with you.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

MemberSince99
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Postby MemberSince99 » Tue Aug 20, 2013 6:29 am

Good choice.

After 6 months with that, apply for Discover they may shock you with a huge limit.

Sevenfeet
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Postby Sevenfeet » Tue Aug 20, 2013 7:10 am

That's a great card to begin your credit history. Use it wisely and pay it off promptly...never late. You will be rewarded.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

agp
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Postby agp » Wed Aug 21, 2013 6:47 am

Look for a BoA or Citi student card. Say no to Capital One.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

thecentury303
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Postby thecentury303 » Wed Aug 21, 2013 11:45 pm

After getting your first card, wait at least six months before applying for a new card. It is the hardest thing to do IMO ;)
My family:
Capital One Cash Rewards for New Comer: $1500 (09/12)
Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $1,800 (04/13)
AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13)
Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13)



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