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Established Member
Rackham12
Posts: 55
Registered: ‎07-13-2012
0

Starting out!

Hello Everyone!

 

I am posting for the first time on this forum. I have been reading several posts that are actually insightful and note-worthy! I have just turned 18 and honestly I have learned a lot just by reading a lot of the material provided by myFico and the wonderful poster community. And I took a class offered by our local bank branch on credit responsibility >.<

 

I know what you are thinking 18 year old and credit card. I remember being 18.. well you are probably right so I am seeking guidance and assistance as I begin my journey speaking in long-term I seek to achieve a high 750FICO. I just started college and I am taking out DIRECT loans unsub and sub. (6.4% and 3.8%) and short-termI am looking to stay off-campus next year. I work around 32-38 hours a week and have worked for about 3 and a half years now. 

 

I wish to establish credit in ways other than paying off accrued interest on my unsubs ( 6.4%) because I have money set aside for that already. I have read some great reviews about the Capital One Journey Student's Credit Card.

 

Any one have any suggestions or rants about me being an 18 year old that just wants to go app-crazy? :smileyvery-happy: 

 

Neftali

EQ/637
TU/616
EXP/659


Established Member
Rackham12
Posts: 55
Registered: ‎07-13-2012
0

Re: Starting out!

Also I have common abbreviations thread open in another tab however some terms are not listed such as : gardening and prime cards. 

EQ/637
TU/616
EXP/659


Senior Contributor
jsucool76
Posts: 3,666
Registered: ‎12-11-2011
0

Re: Starting out!

Well, to help you out a little first:

Gardening - a cessation from applying for new lines of credit

 

Prime cards - cards from prime lenders (Amex, Chase, Discover etc.., NOT Cap1, Orchard, HSBC, )

 

If the bank you currently have a relationship with offers any student credit cards, I would suggest you go there first, if not, the top student cards I've read about here were the Citi forward Student card, and the discover more student card (if you apply, make sure you go to the actual student version, as there is non-student versions as well) 

I too am an 18 year old college student (just began my 2nd year of school) and I had no luck getting any student cards, don't know why, just couldn't. I started off with the Cap1 Platinum MC. 

>
Established Member
Rackham12
Posts: 55
Registered: ‎07-13-2012
0

Re: Starting out!

[ Edited ]

I appreciate the quick reply. Is the CL still 3k as listed on your signature? My bank does not offer any student offers they do however have a high rewards and high apr card and low apr no rewards card which I might be approved for the latter. I read about CITI I am leaning towards Discover and Capital One Does employment have to do with a credit decision ? What are some reasons you think you were not?

 

How has capital one been to you?

EQ/637
TU/616
EXP/659


Established Contributor
jamie123
Posts: 906
Registered: ‎03-22-2012
0

Re: Starting out!

You want to start your credit accumulation journey with the LONG term end result in mind.

 

Remember to ALWAYS pay in full each month and never carry more than a 9% balance if possible.

 

When you are done with your journey you only want 6 (Give or take a few. YMMV) REALLY good cards from these prime lenders:

 

CitiBank

AMEX

Chase

Barclays

Bank of America

Discover

Wells Fargo

 

These prime lenders will follow you around the world, wherever life takes you. With time and good behavior they will also give you MASSIVE credit lines.

 

And perhaps one card from the world's largest corporation:

 

Walmart

You get a free TU credit score every month and it seems most people on this forum have this card.

 

Most of the prime banks have "Student Edition" cards. It would probably be best if you started there.

 

Perhaps try applying for 2 student cards now, then wait 6 months and try for 2 more cards.

 



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Senior Contributor
jsucool76
Posts: 3,666
Registered: ‎12-11-2011
0

Re: Starting out!


Rackham12 wrote:

I appreciate the quick reply. Is the CL still 3k as listed on your signature? My bank does not offer any student offers they do however have a high rewards and high apr card and low apr no rewards card which I might be approved for the latter. I read about CITI I am leaning towards Discover and Capital One Does employment have to do with a credit decision ? What are some reasons you think you were not?

 

How has capital one been to you?



Yeah, the limit is still 3k, I just got this card less than a month ago, it started as a platinum MC and got PCd to a cash rewards card. I have my credit steps which should mean a CLI after my 6th statement. Emplyment always has to do with the decision, because your income is your ability to repay your debts. (I however am unemployed but got a 3k limit) Remember, some banks will allow you to use your grants and scholarships in your income (Any Financial Aid from your university that you are not required to repay), so remember that if you recieve any. 

 

And as far as not getting student cards, I really have no idea why. The reasons were always "lack of revolving credit accounts" which basically means "We can't give you credit, because you have no credit history" which I always found odd for student cards. 

>
New Contributor
Essence
Posts: 59
Registered: ‎06-28-2012
0

Re: Starting out!

If you aren't accepted for Any student cards, also check out the Capital One for Newcomers card.. Not the most impressive credit limit but it has no annual fee and offers rewards. I believe the plat card has an AF and does not offer rewards.
Established Contributor
jamie123
Posts: 906
Registered: ‎03-22-2012
0

Re: Starting out!

Capital1 will not grow with you. Most people will max out their credit lines at $3000 to $3500. Their customer service is also not the greatest.

 

The problem with getting a prime card is your length of credit history. The prime banks usually like to see at least 1 to 2 years of good credit history on your report before granting credit. That's why you need to make sure you apply for their STUDENT EDITION cards. They are more lenient about length of credit history with those cards. They will also probably start you out with small credit lines because of your lack of adequate history and see how you handle that before increasing your credit line.



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Valued Contributor
trumpet-205
Posts: 2,494
Registered: ‎11-11-2010
0

Re: Starting out!

I definitely recommend Capital One Journey Card. Sure it won't grow with you overtime, but it is the best way to establish credit history. Now days even if you are a student lenders aren't likely to issue you a card without some histories, with the exception of Capital One.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
jamie123
Posts: 906
Registered: ‎03-22-2012
0

Re: Starting out!

You might want to try applying at 2 prime banks first and if you get rejected then try Cap1. Cap1 does seem to have much more lenient lending standards than the prime banks.

 

But really, you need to at least try the prime banks first.



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge


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