cancel
Showing results for 
Search instead for 
Did you mean: 

18 years old and new to credit, which card to get?

tag
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

hahaha you're so funny. but idk still shocking to me honestly
Message 81 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

OP, QS1 is the QuickSilver One. It has the same 1.5% cash back as the QS, but carries a $39 annual fee and is targetted to people who have a middling credit rating. The uber discount also applies to the QS1. If you apply for this (and get it), you don't need to drop the deposit on the CapOne secured card and can just close that card right away. Or, you can put the deposit down and leave it open without using it for more than token spend for a year, in order to build your credit history.

 

I'm a little surprised you got the Freedom, but it goes to show that people here in general, and you in particular, are too driven by the negative effects of HPs. They go away after two years, and if you aren't willing to reach for cards that your profile may not entirely support, you may never get your foot in the door.

 

While others are cautioning OP to slow down, I think that this is the right time to go fast. He doesn't have anything to lose by picking up new cards. They will only add to his credit history and speed the initial process. So long as OP uses his cards responsibly, paying them off in full EVERY month and not spending outside his means, he won't be at risk of bankruptcy. However, I will caution OP that when you start getting rejections, it's time to stop apping. That will probably happen fairly soon, as your report doesn't have any data and thus doesn't really support you having lots of cards. 

Message 82 of 155
icyhot
Valued Contributor

Re: 18 years old and new to credit, which card to get?

I was just about to say can the OP get rid of the secured now and get his money back? It will still report and build history but there's no need
Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 83 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

Well I think I'll apply for the Cap one QS1 just so I can use that card for Uber. Is having 3 HP inquiries bad on my report? After that card I'm done applying for awhile. Even a $300 limit I'm fine with that. Annual fee on that card does SUCK!
Message 84 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

I am also shocked you were approved for the Freedom, albeit a small limit, but your in with Chase and that's something I haven't done yet. Congrats on the approvals and if I were you I'd cool it with the apps for 6 months to let those new accounts age and show some good history. With a good strategy you can have an Amex in 6-12 months.

Message 85 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?


@Anonymous wrote:
Well I think I'll apply for the Cap one QS1 just so I can use that card for Uber. Is having 3 HP inquiries bad on my report? After that card I'm done applying for awhile. Even a $300 limit I'm fine with that. Annual fee on that card does SUCK!

So, 3 HPs on your file will probably be a big dent, because you don't really have anything positive going on. However, you're also not applying for a car loan or mortgage any time soon, so it doesn't matter. As time goes by, the impact of the HPs goes down, until it disappears entirely after 1yr (it stays on your report for 2, but stops affecting your score after one). Meanwhile, your average age of accounts (AAoA) will go up, and you'll be showing responsible use, so your payment history will be established.

 

Another way of thinking of it is that the HP impact is a temporary necessity to gain the benefits of having the card. 

 

The annual fee sucks, but you don't pay it for the first year (I think) and you can probably get it waived after that if you should good use. You'll need to spend $7800 per year to break even over having the Freedom. However, if you're using the card for Uber, you only need to spend ~$190 to break even, since Uber gets 20% off for using the QS1.

Message 86 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

Awesome on the Freedom approval! I'm not sure why people were pushing secured cards so hard... they're a good option if you can't get or don't want an unsecured card, but I know plenty of people who got their first unsecured CC right out of the gate, usually by going with whoever they bank with.

Message 87 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

Yeah the secured route is okay for people who have burned banks in bankruptcy or for people who cannot get approved for unsecured. But with the many options for entry level cards it seems unnecessary to go with the secured route. Cap 1 almost always approves people for the platinum and if you're a student getting a CC is even easier with the Journey or Discover student cards. 

Message 88 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

+1 to Tony and Petrovius.

 

I'd consider backing out of the secured card and NOT apply for any cards for a couple reasons:

 

  1. If you use your Chase card exclusively, and instead of worrying about the $500 CL just pay the balance down a few times a month, they will likely give you a credit line increase
  2. Too many hard pulls will hurt your score a lot
  3. I am in the unfortunate situation of having a bunch of cards I don't use. It's very unfulfilling and I'd rather have a wish list than cards I'm not using.

Concentrate your spending and banking with Chace. That's what they want, and if you give it to them they will treat you very well (and that's coming from a credit union guy!).

Message 89 of 155
Anonymous
Not applicable

Re: 18 years old and new to credit, which card to get?

Get 3-4 cards use it and pay for it... If u can get 3-4 card each with a CL of 500 use all of them and keep usage under 200 a car.. Keep it up for 6 months and go to the next step of a car loan and ur credit score will be strong.. Good new card to get approve for with no credit not bad credit is cap one platinum cap one QS1 those 2 should be easy u already got a chase now try for a discover
Message 90 of 155
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.