Thread: Credit Card Aficionados Unite!

Hi everyone,

I'm a 19 year old college student who has recently tried laying the groundwork for his non existent credit history. As per the recommendations seen in these forums, I opted for a card with the very same crediting institution where I've maintained a savings/checking account for some time, Chase. With that in mind, I applied for the Chase Freedom. After waiting a day or so, I called in to find I was denied on the grounds of having no credit history at all. Having anticipated such a response, I went to work calling all the app recon numbers I could find to plead my case with CS reps to no avail. Heck, I even offered one of them a candlelit dinner, needless to say she declined (damn culture barriers ).

So, I'm delving into alternate routes to establish myself in the credit world so I could one day perhaps apply for these second tier cards. I've lined up a number of options that could serve my purpose and the list is as follows:

Discover more student card, Household Bank reward card, Capital One No Hassle Cash Rewards card, and Citi Forward for College Students.

I've read the majority of reviews on these cards, and as of right now I'm leaning towards the Household Bank rewards card as I've already pre-qualified for the secured card version and the 2% back isn't too shabby. The bulk of my purchases come from online shopping using PayPal as a medium, yet the forums seem to look poorly on their card so I let that option go. Other then some online shopping, I purchase gas and not much else (rarely do I go to any of the retailers listed in 5% cash back categories).

With all this in mind, is my rationale headed in the right direction? That is, have I selected the best cards with regard to assurance of getting accepted/rewards offered? If not, please advise otherwise. Moreover, is it foolish to make another hard inquiry into my credit history after being denied only a week ago? If so, how long should I wait? Any insight is appreciated. Thanks.

you are definitely in the right direction, it just didn't work out. your local bank which is chase, you have a savings and a checking. you did the right thing you'll have to excuse Chase for being stupid.

so now what I would do is, do you have a Key Bank, Hudson Valley, Citizens Bank or TD bank? You might want pay a visit explain to them that your looking for a credit card. explain to them what you want and mention to them that Chase is dumb. You absolutely did the right thing unfortunately it just didn't work out.

But if you really want that Freedom you could ask your father to go to your bank have him talk with 1 of employees and ask for any suggestions or if he can co-sign you for your card.

While I do not consider myself an aficionado or expert:

I would say you are doing it right. Establishing credit is not always a smooth road. Doing it 100% on your own from the ground up makes harder. However, that hard work only makes the rewards sweeter later.

As to your credit card choice:
It may not be the best card for everyone, but you know your spending habits. If it fits you then I do not see it being a bad card. Customer Service may be a bit lacking but you are using it as an entrance into the credit game, so you will only have to deal with them for so long before you move on. You may leave the card open forever but hopefully in a year or two you could move to better cards with better customer service.

Credit Inquiry:
Yes you will have another hard inquiry on your record. However, that is something that must be endured when trying to establish credit. Think about your credit needs for the next year or 2. After you secure a card: Will you be applying for more credit (another card, a car, etc.) in a year? Remember that these inquiries cycle off the report quickly (2 years if I remember correctly). Having a group of them all cycling off around the same time and the report being "clean" when you need to apply for credit again may not be a bad idea. (Say you have 3 this month, but you are not planning to apply for more credit for 3 years... By the time you apply again all three are gone. If you spread that out over the three years at least one of them will be on the report when you apply again.)

Hope it helps.