04-10-2009 08:39 PM
My brother is getting his first credit card and we wanted to know what he should get. He is setting up a checking account with Chase and I was thinking to ask them about student visa cards or anything they have. Does anyone have any experience with those? I want something he can have for a long time to help establish long-term history. So something maybe with Soft pulls too, not sure if Chase does that. Any thoughts?
04-10-2009 08:49 PM
04-10-2009 10:52 PM - edited 04-10-2009 10:54 PM
04-11-2009 07:16 AM
In today's market and economic climate, I HIGHLY recommend starting students out in a good credit union. Credit Unions are not-for-profit and thus don't answer to Wall Street or investors, they essentially answer to member's needs.
Sure, there are the student and starter cards that can be instantly approved, but they will be quickly outlived and eventually even become an albatros when you find limited or no CLI.
A credit union upon 6 to 12 months of banking and small loans will quickly develop into much higher levels of creditability and access to credit.
If your family is military or related to military NFCU and PenFed are good. Alliant is good. Local student CU's have many good options. The real benefit of CU's is that you are more generally treated as a person, not a number and risk.
Read up on some of the CU threads here and you will quickly find the difference. While the big banks have had to pull back and become distant with their customers, CU's are business as usual and actually stepping up their services to take advantage of the vacuum being created by the big bank pull backs.
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