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Valued Contributor
jsucool76
Posts: 2,769
Registered: ‎12-11-2011

Re: Starting out!


trumpet-205 wrote:

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.


+1 , Cap1 is notorious for their lack of CLIs, but they're also widely known for being the first ones to either a) accept people with no history, or b) give people a second chance after making mistakes. There really is no better place to start, plus the journey card earns rewards with no AF and it's probably the easiest student card to get, plus you will be put into the Credit Steps program which will give you a cli after 6 months. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Starting out!

I would app for discover student card. They are great and will treat you right. Eventually the card becomes.a.regular more card. You'll probably never realize when it morphs

Starting Score: 08/29/2011 TU 671 EQ 674
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Established Member
Rackham12
Posts: 55
Registered: ‎07-13-2012

Re: Starting out!

[ Edited ]

Awesome a wealth of tips there! I appreciate it. Well a couple more questions before I submit an application, will applying for any CC that has been mentioned here be a hard inq. I know a post mentioned I should apply for Discover and CITI first then try Capital One as last resort if I am not approved. Will the hard inq affect a decision also?

 

Also in addition, "Keep balances low (1-9% util) on credit cards and other revolving credit. High outstanding debt can affect a score." is a tip on a thread here Credit Score 101 what exactly does this mean? I plan on paying balance in full 1 week early. Is this what most people do? 

EQ/637
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EXP/659


Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Starting out!

[ Edited ]

How many inquiries.do you have? I think if you app in this order: discover; citi; cap1

I think you have a good chance to get 2 out.of 3

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Valued Contributor
jsucool76
Posts: 2,769
Registered: ‎12-11-2011

Re: Starting out!

You can always assume that any credit card application will be a HP (or inquiry) on your credit report, there is very few exceptions to that rule. Inquiries do affect your applications for credit, however, if you have 0 now, then even if you apply for all 3, 3 isn't a whole lot, especially if they pull different reports. The reason that cap1 was suggested as the last app is because they have more lenient lending practices, so inquiries wouldn't be too much of an issue for them, whereas citi or discover might see a lot of inquiries and say no. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Contributor
Eschaton
Posts: 103
Registered: ‎02-08-2012

Re: Starting out!

I'm not too concerned about you being 18 and going after credit cards - if you found your way to this forum I am sure you will be very responsible with your credit cards. I don't know why there is this stigma with people saying credit cards are evil, I find that very few people I know got into heavy debt with them. I guess it's just the bad apples ruining it for everyone else.

 

I started with the Capital One Journey also with no credit history in 2010. They said the Card ACT made it impossible but somehow I slipped through the cracks. Like others have said, Capital One isn't for the long haul but they will help you get on your feet. I had mine for a year and went on the Freedom and Zync and now it's just sitting around.

 

I have faith you will do good with your cards, just make sure you allow sufficient time before seeking on to bigger and better things. Folks here, myself included, are pretty trigger happy :smileywink: Just get a card to get started and visit this forum often and you'll get a grasp of what you want in a year or two.

 

Best of luck to you!

Capital One Journey (12/2010) | Chase Freedom (03/2012) | American Express Zync (03/2012)

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Valued Contributor
DaveSignal
Posts: 1,975
Registered: ‎07-29-2011

Re: Starting out!

[ Edited ]

"prime" refers to the credit ratings of the consumers that a card caters to.  Capital One has cards for the prime market too.

EQ:701 TU:745 EX:694
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Established Member
Rackham12
Posts: 55
Registered: ‎07-13-2012

Re: Starting out!

[ Edited ]

Okay thank you for the advice. I went ahead and applied for Citi and Discover. Insufficient credit history from Discover unfortunately :[ and Citi gave me this message instead of instant approval..

 

"Thank you Mod Cut. We have received your application and further processing is required at this time. We will contact you within a week via email regarding our decision. Thank you for requesting a Citi Forward® Card."

 

Anyone know if I can recon Discover? I don't think I want to do Capital One but I do like there cash back 1.25% since I plan to pay balances in full..


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EQ/637
TU/616
EXP/659


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

Re: Starting out!

No hard inqs but I just turned 18 so I have 2 right now. Since I applied for Discover and CITI.

EQ/637
TU/616
EXP/659


Valued Contributor
jsucool76
Posts: 2,769
Registered: ‎12-11-2011

Re: Starting out!

You can always call to recon, it's by no means a guarantee of approval though. and with citi, the 7-10 message is by no means an automatic denial. There is plenty of stories of people getting approved after getting the 7-10 message. 

Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL

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