Q & A for credit newbies

For just about anything you want to get off your chest about credit cards.
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Q & A for credit newbies

Postby MemberSince99 » Sat Nov 02, 2013 5:28 pm

I decided to put together a list of questions I see people new to credit asking. Hopefully this helps.

Q: Can I get a credit card with no job?
A: Sure if you're Bill Gates it shouldn't be an issue. If you're like most of us, no. The CARD Act requires creditors to verify income. If you go through normal channels, most likely you will get a decline. If you have unusual circumstances you may be able to go through a private banker and get one. So in general, if you have been unemployed for years and have no job but want a credit card, well good luck with that.

Q: What are the odds I will get approved for X brand credit card?
A: No one really knows. There are all kinds of factors involved that really make it impossible to predict that. You might as well ask when is the end of the world coming? If you give us enough details we can tell you reasons you might be declined but no one can honestly tell you if you'll be approved there is one way to find that out - apply. But if we suggest reasons you might want to hold off based on what you tell us (i.e. recent bankruptcy but want an Amex) then it might be wise to consider that.

Q: What is the best credit card?
A: It depends. First it has to be something you can get - some people would love a Centurion or JP Morgan card but it isn't right for most of us. What do YOU want in a credit card would be a good question to ask - your answers will determine this. Do you want rewards? What kind? What is your income and what kind of spend will you put on the card in terms of amount and types (gas, groceries, etc). Do you want other banking services someday so it would be good to build a relationship with a given bank. All of these things could be considered.

Q: I was stupid when I was in college and charged up a bunch of cards and never paid them. Now I want to build my credit. Can I just go and dispute all the charge offs on my report hoping they let it go?
A: Yes you can. But if they are still looking for you, you might give them reason to take an interest in you by doing that. And odds are they will come back and say it's "verified" if it's legit anyway (and maybe even for things that aren't as I've seen).
You can argue the ethics of it, but keep in mind there may be a price to pay if you poke that sleeping bear...

I'm sure there is more I'll add them later!

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