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New Member
darkariel7
Posts: 10
Registered: ‎01-24-2014

Signing Up for a First Credit Card at 18

Hello I am new to the forums. I was wondering how to get a credit card to build up my credit. I know that because I am under 21 I need either income or a co-signer. But how good does the credit score on the cosigner have to be? or How much income do I have to have? Can it also be money in a bank accoun like savings rather than income from a job? My dad is willing to  co-sign for me but his credit score is pretty meh, he only has about 600 or a little less. I don't have a job but I am looking. I have some savings but I want to know how much exactly I need to get my first CC. I wanted a Chase card but I looks like chase wants higher scores. Capital One does not take cosigners.

New Contributor
Plasticard
Posts: 74
Registered: ‎01-05-2014

Re: Signing Up for a First Credit Card at 18

Do you have a banking relationship with anyone? My very first card I got was with Wells Fargo whom I had a savings and checking account with. At the time didn't have any previous credit history and just listed income from a summer job. This was back in 2007, so I don't know how different it is now but this could be a possible starting point. 

Established Contributor
newUser0
Posts: 929
Registered: ‎12-13-2013

Re: Signing Up for a First Credit Card at 18

Welcome to the Forum:smileyhappy:

 

Most of the Credit Card Applications will ask for the income and usually have a minimum criteria. I would suggest you to get some history first. You can get some secured card from - Credit Unions, Bank Of America, USAA, WF etc. 

 

Once you make some history by your own, you can apply for a unsecured one or graduate the secured card. Another option is to be a AU, on your Dad Card.

Member
SorenX
Posts: 41
Registered: ‎01-23-2014

Re: Signing Up for a First Credit Card at 18

[ Edited ]

I was 18 when I got my first card. It was a Cap One student card, if I remember correctly, with a $500 limit. I wasn't making an enormous amount of money at the time. I think I was making about $7.50 an hour working 30-40 hours a week.

 

You really need an income to get a credit card. I'd wait until you get a job and then apply. After all, if nothing else you have to have money to pay it off, right?

New Member
darkariel7
Posts: 10
Registered: ‎01-24-2014

Re: Signing Up for a First Credit Card at 18

I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.

New Contributor
Plasticard
Posts: 74
Registered: ‎01-05-2014

Re: Signing Up for a First Credit Card at 18

Hmm I think to start , it would be a secured card of some sort. Hopefully you can find one without an annual fee.

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.


if the lenders ask for proof of income, you can either show your tax docs, payslips, or direct deposit records. Most lenders, except Amex, are pretty flexible when it comes to income verification. If they do ask and you can't prove it at all, then they will either decline your app, or close your account(s) if it's already been opened.

 

most lenders require some sort of income. Having a low income beats having zero income. If you don't have any sort of income at all, you probably should ask your parents to cosign for you for now.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Member
SorenX
Posts: 41
Registered: ‎01-23-2014

Re: Signing Up for a First Credit Card at 18


darkariel7 wrote:

I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.


I've never had to actually prove my income for anything, whether it's credit cards or a recent car loan I got. And I don't think you'd need a substantial amount of income to get a tiny limit like $500. I mean, there are starter cards specifically for people like you. You know, to get started. 

New Member
darkariel7
Posts: 10
Registered: ‎01-24-2014

Re: Signing Up for a First Credit Card at 18

I made 1,400 off of my odd jobs part time in 2013. can I  somehow use this to report as income? I dont really have any receptis for it or anything... 

New Member
darkariel7
Posts: 10
Registered: ‎01-24-2014

Re: Signing Up for a First Credit Card at 18

[ Edited ]

Know of any good cards with a puny limit that I can likely get? I live in California La by the way. Just in case that helps in any way.

 

Also my ssn is fairly new so I have no credit score at all.


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