JohnnyCrawl wrote:Hey guys, I need some help on picking out my first credit card to improve my credit score.
Step one: Request your free credit report from each of the agencies (Experian, Equifax, TransUnion). Purchase your FICO score from myFICO to get an idea of where you stand. Make sure your report is accurate. Figure out where your score places you on the credit scale. Only then will you be able to know what kind of cards you can expect to be approved for.
JohnnyCrawl wrote:I'm a college student in my Sophmore year
Step two: Spell Sophomore correctly. This was begging to be called out
JohnnyCrawl wrote:Everything down to my car is paid for by my parents
Step three: Ask your parents to be make you an Authorized User on one or some of their credit cards.
JohnnyCrawl wrote:I'm thinking of getting a travel credit card that can get me good points/mileage on sign up or over time with purchases. I would like to travel the world and a travel credit card seems like the best card to help pay for the ridiculous prices of airline tickets.
My first personal card was as a senior in college. My expenses were so low that having a credit card didn't make sense up until then. Do not be in a rush to join the credit arena. Follow the steps outlined above and you will be off to a good start. ALWAYS pay in full and by the due date (goes without saying but needs to be said).
We cannot recommend anything specific without having a better sense of your report & FICO. Generally the recommendation will be to get a student card earning cash or point rewards (Citi Forward and the Discover it are popular right now). You are likely to be rejected for travel cards until your score increases and you have more credit history. Since you are in the Guard, look into the USAA credit union. I would also carefully consider whether it truly makes sense for you to get a travel card right now. It sounds to me like cash back would positively impact your finances more.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).