kyle-23 wrote:Hey guys, so after sitting back quietly on this forum just reading i decided to join and ask some questions i needed help answering. Both Hypothetical of course.
Okay, so first being, could an 18 year old get a amex platinum or CSP as there first card if they have a cosigner? all the stuff ive read leads me to determine "possibly". But i could be wrong.
Second, does having large sums of money in your bank accounts help you get a credit card? do the card companies see the large sums? sorry if these are noob questions.
Question 2: Presumably, yes. For instance, the CapitalOne application (which is super lengthy) does ask whether you have bank accounts and how much is in them. I think other applications ask what kind of bank accounts you have. Obviously, answering truthfully is a very good idea.
Also, though I don't know for sure: It seems likely that if you apply for, say, a Chase credit card, that chase verifies whether you have other accounts with chase when it does the instant approval bit...If you have a lot of money in their bank and get denied for a card, presumably you could politely bring this up to them when asking them to reconsider the denial.
As Question 1: I don't know, but it certainly seems possible for an 18 year old to get one of those cards one way or another.
The Chase Sapphire Prefferred is a very nice card, but there is nothing "prestigious" about it in my mind, despite it being made of metal and having an annual fee (the sign up bonus will pay for four years of annual fees...). A middle class person with no bad credit issues and a decent income should have no problem getting this card if they want it. Perhaps someone with no credit history would get declined, though.
In any case, if an 18 year old can't get the card, I'm sure a 22 year old who has just gotten his or her first job out of college can get that card with no problem (assuming she has responsibly used credit cards during college to build up a credit report and has no derogatory or other info on her report).