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Applying for first credit card- Suggestions appreciated

Member

Applying for first credit card- Suggestions appreciated

Hello All,

 

I'm 23 years old and have decided to begin applying for my first credit card.  Last month I applied for a Citi Forward card but I was denied because having loans with large balances and limited credit history.  I started doing some research and it seems that my only option for now would be an Orchard Bank card or a secured card.  Do I have any other options at this point?  Are there other cards that I may qualify for?  Here is my credit history....

 

My credit score is 704.

I have 2 student loans totaling $14,336 and I have always paid on time.  My oldest account is 2.9 years.

Annual Income $42,000 

 

Thank you in advance for your help.

Message 1 of 18
17 REPLIES
Valued Contributor

Re: Applying for first credit card- Suggestions appreciated

What is your annual income?

 

You might consider an Amex Zync with that score.

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 2 of 18
Member

Re: Applying for first credit card- Suggestions appreciated

I have edited my post with my annual income.  Thank you for pointing that out.

Message 3 of 18
Senior Contributor

Re: Applying for first credit card- Suggestions appreciated

Try Captial One pre approval.    Even if they only offer the secured card, I consider it.   

 

Orchard is for sale, so I would pass on them for now.  

Message 4 of 18
Valued Contributor

Re: Applying for first credit card- Suggestions appreciated

I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.

 

I'll let others chime in here, but I would give the Zync a try.

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **
Message 5 of 18
Member

Re: Applying for first credit card- Suggestions appreciated

I tried Capital One pre approval and I received the "we couldn't match your records to a card offer, But based on your answers, we think you might like this card" response.  I'd hate to have to apply for a few cards until I'm approved.  I've already been declined for a Citi Forward card and I want to try to avoid too many more hard inquiries.

Message 6 of 18
Member

Re: Applying for first credit card- Suggestions appreciated

With that score and income, I would say you have a very good shot at Capital One.  I have seen approvals for worse.

My Fico.com Scores - Equifax (658) Transunion (645) - (07/11)
Message 7 of 18
Senior Contributor

Re: Applying for first credit card- Suggestions appreciated

I wouldn't worry so much about inquiries right now,  you need to get your first CC and let it age for a year or so.

 

I would give the Cap1 app a try.

Message 8 of 18
Member

Re: Applying for first credit card- Suggestions appreciated

Is there any Capital One card I should focus on in particular?  Sorry for all the questions.  I'm new to the credit card thing and I don't want to put myself in a bad situation.  Thanks again!

Message 9 of 18
Established Contributor

Re: Applying for first credit card- Suggestions appreciated

With AMex youll need atleast 1 account on your reports for a year is what I was told when I applied for a zync a year ago without any prior history.


RockinRay wrote:

I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.

 

I'll let others chime in here, but I would give the Zync a try.

 

Ray


 

Message 10 of 18