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Where to start with credit?

Super Contributor

Re: Where to start with credit?

 


Spiffy88 wrote:

Not to hijack this thread, but I'm about in the same boat except that I don't even have the benefit of loans, so my credit history has zip/null/nada on it.  I'm 22, just out of college, and well-employed (middle x0,000s) and I have no credit history.  Yes, dumb, I know.  No student loans either.

 

I've been looking around trying to find the best cards that I could conceivably be approved for and would help build my credit.  I'm pretty much a total newcomer to the credit field, so I'm not exactly sure what I should be looking for.  My eventual hope is to get Amex Blue, so I've been considering an Amex Zync, but I've been pre-approved at my bank (US Bank) for a Visa Platinum card, so I'm not sure if that is worth considering as well?
I'm hesitant to apply for credit cards because if I'm not mistaken, credit card rejections are recorded on your credit history and I'd rather not get started off on the wrong foot. Smiley Sad
Thanks!

 


Not a true statement.  Anytime one applies for credit whether approved or declined, an inquiry appears.  Inquiries are not placed into approval and declined catergories. 

 

Message 11 of 23
Valued Contributor

Re: Where to start with credit?

 


Spiffy88 wrote:

Not to hijack this thread, but I'm about in the same boat except that I don't even have the benefit of loans, so my credit history has zip/null/nada on it.  I'm 22, just out of college, and well-employed (middle x0,000s) and I have no credit history.  Yes, dumb, I know.  No student loans either.

 

I've been looking around trying to find the best cards that I could conceivably be approved for and would help build my credit.  I'm pretty much a total newcomer to the credit field, so I'm not exactly sure what I should be looking for.  My eventual hope is to get Amex Blue, so I've been considering an Amex Zync, but I've been pre-approved at my bank (US Bank) for a Visa Platinum card, so I'm not sure if that is worth considering as well?
I'm hesitant to apply for credit cards because if I'm not mistaken, credit card rejections are recorded on your credit history and I'd rather not get started off on the wrong foot. Smiley Sad
Thanks!

 


 

First, don't even think about AMEX Zync. You will get instant rejection from AMEX due to lack of history. AMEX will only consider your application when you have a credit card with 6 months or more history. 

 

Since you are clean to start with. Start with your local credit union/banks. Talk to them, they usually are friendly and may approve you with lack of history.

 

You could also start with Capital One. Don't let other people discourage you from them. They bash Capital One primarily because they don't give CLI. But once you build yourselves a history, you can always look for a better card. App a Capital One Standard Platinum, if not approved they'll counter offer you with their secured card. 

 

You can also give Citi Forward a try, but it'll be a hit or miss.

Message 12 of 23
Epic Contributor

Re: Where to start with credit?

 


trumpet-205 wrote:

 


Spiffy88 wrote:

Not to hijack this thread, but I'm about in the same boat except that I don't even have the benefit of loans, so my credit history has zip/null/nada on it.  I'm 22, just out of college, and well-employed (middle x0,000s) and I have no credit history.  Yes, dumb, I know.  No student loans either.

 

I've been looking around trying to find the best cards that I could conceivably be approved for and would help build my credit.  I'm pretty much a total newcomer to the credit field, so I'm not exactly sure what I should be looking for.  My eventual hope is to get Amex Blue, so I've been considering an Amex Zync, but I've been pre-approved at my bank (US Bank) for a Visa Platinum card, so I'm not sure if that is worth considering as well?
I'm hesitant to apply for credit cards because if I'm not mistaken, credit card rejections are recorded on your credit history and I'd rather not get started off on the wrong foot. Smiley Sad
Thanks!

 


 

First, don't even think about AMEX Zync. You will get instant rejection from AMEX due to lack of history. AMEX will only consider your application when you have a credit card with 6 months or more history. 

 

Since you are clean to start with. Start with your local credit union/banks. Talk to them, they usually are friendly and may approve you with lack of history.

 

You could also start with Capital One. Don't let other people discourage you from them. They bash Capital One primarily because they don't give CLI. But once you build yourselves a history, you can always look for a better card. App a Capital One Standard Platinum, if not approved they'll counter offer you with their secured card. 

 

You can also give Citi Forward a try, but it'll be a hit or miss.


This is true my friend got a best buy mastercard with $100 limit when he had no score and no credit.... at 6 months he applied for zync and was instantly approved.

 

Message 13 of 23
New Member

Re: Where to start with credit?

So much helpful info, thanks guys...

 

As far as the AMEX Zync card goes, I don't want to have to pay an annual fee for the card, even though it is only $25.  I've been looking at some Citi cards, and it seems as though the "Citi® Dividend Platinum Select® Visa® Card for College Students" is a good card.  Technically I am still in college, so I can apply for it.  I know I won't get much of a CL, but I don't need one as I don't plan to make any major purchases with it.  Just everday stuff like gas, food, bills, etc...  I think I'll apply for that tomorrow, unless there are any serious objections to it?

 

Also, as far as the student loans go, all my loans have a balance over the high balance because of interest being added to the principle balance (except for my federal loans, thank you gov't).  Do I really have to pay off the interest before I should be applying for any more cards?  It adds up to $750 in interest over 3 loans...

Message 14 of 23
Super Contributor

Re: Where to start with credit?

 


96Firebird wrote:

So much helpful info, thanks guys...

 

As far as the AMEX Zync card goes, I don't want to have to pay an annual fee for the card, even though it is only $25.  I've been looking at some Citi cards, and it seems as though the "Citi® Dividend Platinum Select® Visa® Card for College Students" is a good card.  Technically I am still in college, so I can apply for it.  I know I won't get much of a CL, but I don't need one as I don't plan to make any major purchases with it.  Just everday stuff like gas, food, bills, etc...  I think I'll apply for that tomorrow, unless there are any serious objections to it?

 

Also, as far as the student loans go, all my loans have a balance over the high balance because of interest being added to the principle balance (except for my federal loans, thank you gov't).  Do I really have to pay off the interest before I should be applying for any more cards?  It adds up to $750 in interest over 3 loans...


That was only a suggestion that I think will be helpful.  But maybe you'll get lucky and get approved for a card regardless. 

 

Message 15 of 23
Senior Contributor

Re: Where to start with credit?

FWIW my daughter got a 2K approval for AMEX Clear with no credit cards other than 2 AU (mine) showing on her reports.

Message 16 of 23
Valued Contributor

Re: Where to start with credit?

This amex talk depresses me :/

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 17 of 23
New Member

Re: Where to start with credit?

Thanks for the correction, DI!

 

smc733, what do you mean about Amex?

Message 18 of 23
Valued Contributor

Re: Where to start with credit?

 


Spiffy88 wrote:

Thanks for the correction, DI!

 

smc733, what do you mean about Amex?


I have a great profile, several nice accounts of my own, no baddies, high FICOs, and a few VERY good, and well-aged AU accounts, including two Amex accounts, and they STILL won't bite on me...

 

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 19 of 23
New Member

Re: Where to start with credit?

Just wanted to give a little update and say that I applied for the card I mentioned earlier (Citi Dividend Platinum Select Visa Card for College Students) and got approved instantly for a $4k limit.  My APR after the initial 0% for 7 months is 19.99%, but that doesn't matter to me as I'll never carry much of a balance, if any at all.  Glad I can finally start my credit history.

Message 20 of 23