Walmart Card or Target Card

[DI]

Get them both.  If you end up not liking one you'd have the option to fire them. 

[Anonymous]

@creditaddict I haven't checked my credit score yet. I just turned 18 so I am on my first credit card (cap 1 platinum standard). When do you think I should check my FICO?

[Creditaddict]

6 months for checking fico.

I would possibly apply for target but would wait on any more credit until 6 months with capital one and you actually have a score.

although their has been quite a bit of talk of citi forward approving with no credit, but my friend did it after my suggestion and was declined.... so I don't know if we have one underwriter out there that likes to give first chances with citi or what.

but i would probably shoot for citi before target or walmart.

[JayRizzo]

I'm not promoting any stores for the member, but want to make a statement about Walmart not having rewards.

While the card doesn't have a 5% discount, they do offer its cardholders a new incentive each month.  I've actually seen these online while my siblings are checking their accounts.  I believe last month or so, if you purchase anything $499 or greater, you get 18 months at zero percent interest.  This month, until the end of tomorrow, for purchases $299 or greater, you get zero percent interest for 12 months.

Of course, the only catch is... pay it off before 12 months or you get hit with the entire chain of monthly interest fees at the end.

Otherwise, many of us had plenty of practice of PIF and can take advantage for several months of no interest -- we know how to play the game like that. 

Also remember, Target just started the 5% discount October 2010, so it wasn't always a sweet deal as it is now, but they'll charge you interest if not PIF.

[Anonymous]

@creditaddict I applied for the Citi Forward a few days ago (after seeing posts on here about it) and got the more processing needed message. The Citi card was my 4th inquiry.

@jayrizzo Thanks, that's good to know about the walmart incentives.

[Anonymous]

Go for the Target Red Card...

They are pretty easy to get and the 5% discount really adds up over time!

We shop with coupons, both manufacturer, and we print the Target coupons (what we need) from their website each week. Target will let you "stack" a manufacturer coupon with theirs and that can add up quickly.

On average, we save about $50 per week by shopping there.

They may start you low, but if you work the card and pay it off weekly like I do, they will CLI you.

As an alternative, get their "check card" which debits from your checking account. You still get the 5% with this card. Use it for 6 months or so before you apply.

My original Target had a line of $300 which was an insult so I never used it and I closed it.

5 months ago, I got their check card and used it each week for groceries and stuff. Average weekly was $150 to $180.00. This past weekend, I thought what the heck and applied in the store for a Red Card. Bang - immediate $2500 line... Nice.

When you get the check card, they will get your social and in my case I think that made all of the difference. Now, I will use the charge card weekly just as I did with the check card and we will see how long it takes for them to give me another kick upstairs so to speak.

Give it some thought. I think this is a good strategy.

Ray

[LIGHTNIN]

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@Anonymous wrote:
@Creditaddict I haven't checked my credit score yet. I just turned 18 so I am on my first credit card (cap 1 platinum standard). When do you think I should check my FICO?

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You're 18. I thought the new age limit was 21, unless you have a co-signer.

I know this is not about walmart or target, but just some things I thought you would like to know.

I think its great you're 18 and you have FICO score and CR's available to you ,at the beginning of your adult life.

Also understanding & learning about personal finances this early in your life, you will go far.

Try joining a CU, some have credit building programs, great interest rates on auto loans. 

Be smart and Don't forget to save,you could have millions by retirement age, and trust me you'll blink your eye and be 50 and thought you would have enough time to save and sorry that you didnt.Also have an emergency fund.

Applying for credit will ding your CSS, if they pull your CAR, it's called an inquiry.They are listed on your CR's.

IME, they hurt your CS by a few points.Inquiries report for 2yrs,but only hurt your CS for 1yr.

 One idea to rise your CS, is to have a parent to call their CCC and put you on as an AU (authorized user).Just make sure there is no late payments reported on the CC.

Sorry for giving you advice you didnt ask for,but I wish i knew this info when I starrted.

[Anonymous]

Thank you so much for the advice! The new law says that you can have credit cards at 18 as long as you can prove income to pay them off.

[Anonymous]

About the citi card that was discussed earlier, I was declined