Hi there. I'm a 24-year old with just a few weeks of college left and I'm applying for my first credit card.
My EQ is 648 and my TU is 636. My credit history is just about 2 years old, and began with 1 small ($500) tax lein against me because I'd started a photography business and didn't understand the online sales tax filing system. It was paid the same week it was filed.
Anyway, I have $13k in subsidized student loans that I don't have to begin making payments on till May 2014- they show up as perfect on-time payments every month on my credit report, so that's good. All other payments are perfect. I have 1 inquiry on my account, by Comcast in December 2012.
I'm looking to get my first credit card, preferrably a reward/cash back card. I do a lot of traveling, so I have the eventual intention of applying for the Chase Sapphire Preferred down the line because of their amazing signup bonuses. Right now, I'm trying to decide if I should chance it and apply for the Chase Freedom to get a relationship with Chase going now, or just apply for the Capital One Cash Rewards card. I'm also concerned that if I get the Chase Freedom and then want to get the CSP later, they will just upgrade the card and I will forfeit the signup bonus points.
Any suggestions? It seems like the C1CR card is the obvious choice, I just want to make sure I'm not missing something before I apply.
Thanks! 
@omgitserinmarie wrote:Hi there. I'm a 24-year old with just a few weeks of college left and I'm applying for my first credit card.
My EQ is 648 and my TU is 636. My credit history is just about 2 years old, and began with 3 small (<$100) tax leins against me because I'd started a photography business and didn't understand the online sales tax filing system. 2 of them are actually not even for real owed amounts- I didn't realize that I had to file zero sales tax or the state would assume a default amount, so those were cleared up simply by going back and filing zeroes.
Anyway, I have $13k in subsidized student loans that I don't have to begin making payments on till May 2014- they show up as perfect on-time payments every month on my credit report, so that's good. All other payments are perfect. I have 2 inquiries by landlords in the past 2 years.
I'm looking to get my first credit card, preferrably a reward/cash back card. I do a lot of traveling, so I have the eventual intention of applying for the Chase Sapphire Preferred down the line because of their amazing signup bonuses. Right now, I'm trying to decide if I should chance it and apply for the Chase Freedom to get a relationship with Chase going now, or just apply for the Capital One Cash Rewards card. I'm also concerned that if I get the Chase Freedom and then want to get the CSP later, they will just upgrade the card and I will forfeit the signup bonus points.
Any suggestions? It seems like the C1CR card is the obvious choice, I just want to make sure I'm not missing something before I apply.
Thanks!
IMHO
Cap1 and Discover cards
I would say go for the Cap 1 card
@omgitserinmarie wrote:Hi there. I'm a 24-year old with just a few weeks of college left and I'm applying for my first credit card.
My EQ is 648 and my TU is 636. My credit history is just about 2 years old, and began with 1 small ($500) tax lein against me because I'd started a photography business and didn't understand the online sales tax filing system. It was paid the same week it was filed.
Anyway, I have $13k in subsidized student loans that I don't have to begin making payments on till May 2014- they show up as perfect on-time payments every month on my credit report, so that's good. All other payments are perfect. I have 1 inquiry on my account, by Comcast in December 2012.
I'm looking to get my first credit card, preferrably a reward/cash back card. I do a lot of traveling, so I have the eventual intention of applying for the Chase Sapphire Preferred down the line because of their amazing signup bonuses. Right now, I'm trying to decide if I should chance it and apply for the Chase Freedom to get a relationship with Chase going now, or just apply for the Capital One Cash Rewards card. I'm also concerned that if I get the Chase Freedom and then want to get the CSP later, they will just upgrade the card and I will forfeit the signup bonus points.
Any suggestions? It seems like the C1CR card is the obvious choice, I just want to make sure I'm not missing something before I apply.
Thanks!
What kind of tax lien do you have listed on you report? If it's federal, IRS has a program called fresh start where they will withdrawl (aka delete) PAID federal tax liens from your credit but you'll have to submit form 12277 ( just google this form number to find it )
Here is a description of the program from IRS's site..
When a taxpayer meets certain requirements and pays off their tax debt, the IRS may now withdraw a filed Notice of Federal Tax Lien. Taxpayers must request this in writing using Form 12277, Application for Withdrawal.
Some taxpayers may qualify to have their lien notice withdrawn if they are paying their tax debt through a Direct Debit installment agreement. Taxpayers also need to request this in writing by using Form 12277.
If a taxpayer defaults on the Direct Debit Installment Agreement, the IRS may file a new Notice of Federal Tax Lien and resume collection actions.
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They sent me back an approval to withdrawal (aka deleted) mine in just about 2 weeks time.. I then sent that form in to the credit agency and they deleted it within a week for me.. Total of around 3 weeks from start to finish.. It's forever gone from my credit thank god.. Good luck to you...
$30,500
$18,500
NPSL
$15,000
$10,000
$25,000
$32,000
I'd suggest bank of America bankamericard cash rewards as well. BofA is much better than discover and Capone when it comes to credit limit. In addition, BofA cards have some cool features like free museum entrance and local deals.
