Late Bloomer Credit Card Options?

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klr85
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Late Bloomer Credit Card Options?

Postby klr85 » Fri Feb 21, 2014 10:36 am

Welp, I don't know what to do ...

I'm 28 and never had a credit card. I want to build my credit more, because right now my only way to do that is a couple store cards and paying on student loans. After finishing college 3 1/2 years ago, I ended up a private live-in nanny (still am), so nearly all my expenses are taken care of and I get a small weekly allowance. I've been rejected by a couple credit cards since, technically, my yearly "income" is fairly low, between 6-7k.

I have a checking account with Chase, but have not gotten any sort of notice for pre-approval (which I know is still no guarantee) for anything from them. Any advice?


whit
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Postby whit » Fri Feb 21, 2014 2:46 pm

What expenses are paid for?

I can't imagine that 6-7k annual income will allow you to pay off student loans, unless you're saying it's 6-7k a month, in which you should qualify with that type of income

If your finished paying your loan, then disregard the above

Am still interested to see how much you really make per month, or per paycheck and how many pay checks you'd get in a year.

At your age, if private live-in nanny is the only job you currently have, what are the benefits besides room and meals? Because you have to understand that at some point you would want to retire and retire comfortably

Your social security (if it's still there, I always make that joke) depends on how much you were earning and have paid into (someone correct me if I'm wrong) so if you're paying in taxable income only 6-7k/year, you won't get much from them when your retire

You need to worry more about building your income then credit right now

Unless they buy you nice clothes, pretty bags, and allow you to take trips for free or a great portion of family trips you have free time..but even then it's not worth it

I rather have the taxable income to afford trips on my own, then go to trips part work/part fun, but I'm guessing mostly work unless the whole entourage is brought (butler, maid, cook) and have a taxable income of 7k at best

klr85
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Postby klr85 » Fri Feb 21, 2014 3:43 pm

No, it's about 6-7k per year. I get about $500 a month, plus the occasional bonus. My incredibly generous parents give me money for the student loans. I don't pay rent/utilities, but I kick in my share for a group cell phone plan, I pay my car insurance (car is paid off) and my health insurance.

Starting Fall 2015 or Spring 2016, I'll be back in school getting a degree I'll actually use ... not sure if that makes a difference.

PowerMan572
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Postby PowerMan572 » Fri Feb 21, 2014 5:46 pm

To be honest, I wouldn't get a credit card if I were you. Not until either A.) you get a new job or B.) find another way to get more income.

Poverty limit for 1 person is about $12k, and you're half that. I don't think any credit card company is going to approve you. Sorry, just being honest.

A credit card would give you a credit limit of more than you make it a couple months alone. That's not a good start if you can't manage the charges.

The only thing I could suggest would be a Capital One secured credit card. However, they're going to require you to give them a down deposit (couple hundred bucks say?) and then you'll maybe get like a $400 credit limit.

klr85
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Postby klr85 » Fri Feb 21, 2014 7:23 pm

No need to be sorry, that's the kind of feedback I want and need. Thanks for your input!

lovingone74
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Postby lovingone74 » Tue Feb 25, 2014 11:58 pm

My advice would be to get a credit card through your financial institution if you have a good record with them because you do have a history with them.

Another good choice might be a cobranded card that serves a niche market that you belong to, such as your colleges alumni association. It seems that when a credit card sponsors a cobranded card for a group with limited members or a market with limited appeal they will try to approve as many members as possible because otherwise the creation of the card is futile. Though things may have changed as the economy stands now.

When I was a college student in the mid 1990's credit card companies went after students bad. There was even a Citibank application in every bag you got when you made a bookstore purchase. I finally broke down and applied for Citibank, and I got denied. And then I thought about how I had had a savings account at my bank since I was a baby. It was a small bank that only served California and cobranded a credit card with MBNA ( then the cobranding giant). So I thought I would apply for that card because I had been a long time customer of the bank, and I was approved for my first credit card.

In 2009 I decided to take a gamble and apply for an Amtrak rewards credit card that is cobranded with Chase. I had had dips in my credit card over the years, but recovered by using part of my savings to pay off the credit card I had at the time. But I also had just been released from my job, a part time job. Again I figured the niche could work in my favor because most people have airline credit cards, not a train credit card. Also Amtrak is far more popular on the east coast and I am in California. So I figured that in spite of my small financial goof in the past, Chase would want to approve as many Amtrak customers as possible for the Amtrak rewards card. Again, I was approved.



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