New to CreditCards

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
6 posts
itsarianna
 
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Joined: Fri May 09, 2014 5:02 pm
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New to CreditCards

Postby itsarianna » Fri May 09, 2014 5:23 pm

I am 22 y/o with no credit history. I recently applied for Chase Sapphire Preferred but pretty sure I won't get it since i have no credit. I have over 25k in my savings account and usually pay everything with my debit card. I am looking for a card that has good rewards and low APR that i will be approved for. I am studying abroad this fall and want a credit card for emergencies and also to make some big purchases (i have the cash for it). Thanks in Advance for the help!


thom02099
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Postby thom02099 » Fri May 09, 2014 10:17 pm

itsarianna wrote:I am 22 y/o with no credit history. I recently applied for Chase Sapphire Preferred but pretty sure I won't get it since i have no credit. I have over 25k in my savings account and usually pay everything with my debit card. I am looking for a card that has good rewards and low APR that i will be approved for. I am studying abroad this fall and want a credit card for emergencies and also to make some big purchases (i have the cash for it). Thanks in Advance for the help!


Trying for a CSP is aiming a bit high for someone with no credit file. Set your sights lower. Capital One has some cards that are good to start with. You may need to start with some secured cards, since you have no file. If you belong to a credit union, or can join one, look into that and try for a beginner card with them. Call some of the major banks/card issuers and ask them about their starter cards. Credit card issuers don't care that you have 25K in your savings account; they do care about a history of managing credit, and usually they want to see at least 1 year of responsible credit card management. You're likely not going to be able to get substantial credit limits prior to going abroad this fall,ie, within 6 months. Again, it doesn't matter that you have cash for it; you don't have a credit file. It's that simple. Start smaller and work up. It takes time to establish a credit file.
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RRMATT
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Postby RRMATT » Sat May 10, 2014 12:12 am

I'm now 20 and was in the same boat as you. Got my first credit card about 6 months ago, it was a capital one. 300 credit limit. Used it like it was going out of style. I would hit my 300 limt so quick but paid it off every mid month. I just got approved for my csp and a Amex gold delta. Gotta start somewhere! Best of luck.

MemberSince99
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Postby MemberSince99 » Sat May 10, 2014 7:23 am

You should aim higher than that for your first card - why did you settle for less than a Centurion?


Anyway I didn't see a question so good luck with that.

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djrez4
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Postby djrez4 » Sat May 10, 2014 8:04 am

MemberSince99 wrote:You should aim higher than that for your first card - why did you settle for less than a Centurion?


Anyway I didn't see a question so good luck with that.


Good morning, Señor Crankypants!
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

MB131174
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Postby MB131174 » Sat May 10, 2014 8:08 am

djrez4 wrote:Good morning, Señor Crankypants!


It's gonna be one of those days for MemberSince99. I bet before the day is done he'll cancel ALL the AmEx cards in his wallet.
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