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what should be my first credit card?

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Anonymous
Not applicable

what should be my first credit card?

Hello all,

I am a Freshman in college and one of my goals for this year are to establish and develop credit and obtain a pretty high credit score. I am currently soliciting and searching for what credit card would be best for me. Does jp morgan chase have pretty good cards? Currenty I bank with wells fargo and bank of america if that matters any. I am motivated and determined to build a solid credit score for my self. im also a college kid who has to fly back and forth to and from school as well since I reside in Arkansas, but attend school in Washington D.C.

Which card offers the best benefits for me as well?

 

Thank you all for your Time

Sincerely, HUBison!

Message 1 of 17
16 REPLIES 16
pizza1
Community Leader
Super Contributor

Re: what should be my first credit card?


wrote:

Hello all,

I am a Freshman in college and one of my goals for this year are to establish and develop credit and obtain a pretty high credit score. I am currently soliciting and searching for what credit card would be best for me. Currenty I bank with wells fargo and bank of america if that matters any. I am motivated and determined to build a solid credit score for my self. im also a college kid who has to fly bank and forth to and from school as well since I reside in Arkansas, but am in Washington D.C. for school.

Which card offers the best benefits for me as well?

 

Thank you all for your Time

Sincerely, HUBison!


How often are flying back and forth from home to school? Like during "breaks"....spring, summer, and Christmas? Whose footing the bill currently for you to fly...parents? 

 

Are you currently an AU on your parents cards?

 

Do you currently have a FICO score yet built up? if yes...what are your current scores? 

Message 2 of 17
Anonymous
Not applicable

Re: what should be my first credit card?

I would recommend two. The Capital One Journey and Discover it for students. Some people say the Journey is hard to get but it was my first card and I had no problem getting it with 12K income. It has treated me well and grown from a $300 limit to the $7500 it is at now. It was my only card for almost 3 years and I loved it. The Discover it for students was my second card. By looking at this forum, it think this is a card for people go to as their first card. Seems the have good approval odds and good rewards. You can't go wrong either way. And if you get denied for one, apply for the other. Or both. JP Morgan Chase has some amazing cards, but nothing for you at this point. They have higher end cards that require more background and credit history. Wells Fargo does have a student card for people who bank with them, but I know nothing else about it. Good luck.
Message 3 of 17
Zolomon
Regular Contributor

Re: what should be my first credit card?

I would recommend the Chase Sapphire Preferred for travel points and benefits with a low annual fee of $95 (compared to other travel cards). Unfortunately, it's highly unlikely to be approved without a credit profile, but since we're starting clean and fresh (I'm assuming), we can build to get that nice credit score much faster than someone who had to rebuild their credit from disaster (like myself).

 

For a person with no credit score/profile, I would recommend Capital One's QuicksilverOne card (my personal hero). $300 - $500 Limit / 1.5% Cashback / $39 Annual Fee / Automatic Credit Limit Increases. If you never miss a payment and play the utilization game right, after a year or so, ask to upgrade to the QuickSilver with no annual fee. You should be at $1300 - $1500 in automatic CLIs. Then you can request higher limits online without any further hard inquries.

 

Honestly, you can start with any card you can qualify for. I'd just suggest a low or no annual fee card with good benefits to kick start your credit profile.

 

I would also suggest being an Authorized User on someone's account. Ask Mom or Dad, or a friend, to place you as an authorized user on one of their credit cards which are "current" and have never missed payments (they need to use your social for this to work, so choose your friend wisely). Let them know that you don't want to use their card - you're just borrowing their reputation with the credit bureaus.

 

If you use these two methods with patience, you'll have a clean profile, a nice credit score, and the oportunity to qualify for some serious credit.

 

Last tip: stick with the major cards like Chase, Amex, Capital One, etc. Stay away from the store credit cards, and the cards you never heard of that may show up in your mail (CreditOne, Premier, 'Insert Weird Name Here', etc). Your gut instinct will tell you "this card looks fake as heck." They work, but they're terrible (high and instant interest, bad customer service).

Personal cards:

Business cards:

Message 4 of 17
Anonymous
Not applicable

Re: what should be my first credit card?

As for thin file / no credit history, Discover is known to approve. You can start with the Student version without having to pay a security deposit, but do not expect your limit to be any high. Meanwhile you can check with BoA and apply for their Cash Rewards card since you have banking relationship with them. Neither of these has annual fee, and both offer some kind of rewards and should have some chance of approval given your current situation.

Message 5 of 17
Anonymous
Not applicable

Re: what should be my first credit card?

Get the Discover over the Quicksilver One. 2% cashback on all purchases and either 4 or 10% on other categories depending on the card you get. Way better than 1.5% with an annual fee.
Message 6 of 17
Anonymous
Not applicable

Re: what should be my first credit card?

Hey this is an excellent question!!

 

I would highly recommend DIscover. They have a handfull of benefits that make their cards superior.

DIscover likes thin profiles and will approve for such.

They offer a monthly "FICO credit scorecard" which help you monitor your credit for free.

They have 100% US based customer service.

DIscover also has a great added benefit called Price Protection.

Therefore, any purchase that reduces in price you can file a claim for the difference.

To date I have gotten $750 back!

Also they have the Cashback Match bonus for the first year.

Rotating categories bother some people who just want it simple but honestly I love the rich rewards rate of 5% (10% first year).

Well thats my pitch. haha

 

After roughly 6 months I would get the Citi Double Cash card for all the other purchases that are not in that rotating category.

Also, I know you mentioned you are a Bank of America customer. Their cash rewards card is a solid deal and they have treated me like royalty haha. My card started at 5k and after 3 months I asked for a credit limit increase --> 10100 and then again 3 months later --> 17200. Which is very liberal compared to many other banks.

 

Hope this helps! Feel free to reach out if you have any more questions.

Message 7 of 17
mkhan1093
Established Contributor

Re: what should be my first credit card?

As has been hinted by others, the answer really depends on whether you have any credit history prior. This could be from being an authorized user on someone else's account, or maybe being in school you had to take out student loans which adds to your history. Anyway if you have a score/some history, you can do better than so-called "starter cards" like the Capital One Journey. The Discover it card, often an early card for most, actually is useful for a lifetime so I'd suggest you get it. You might also be interested in travel rewards cards since you'll be flying at least a good 5 or 6 times a year on top of anything you're going to be doing later on such as traveling for interviews, etc. I'd suggest once you establish a relationship with Discover for a few months you can move your way to up to one of the no-AF UR-earning Chase cards like the Freedom or Freedom Unlimited, and then shortly after that you apply for the Chase Sapphire Preferred/Reserve and start using that to pay for your travel and food.

Message 8 of 17
Anonymous
Not applicable

Re: what should be my first credit card?

I recommend the Discover IT Student card I was approved with only a $8,000 income with no credit history. I got a $500 limit and that has grown to $4,600 today just a little over 2 years later. 

Message 9 of 17
HeavenOhio
Senior Contributor

Re: what should be my first credit card?

Don't apply for Chase until you have at least a year of history. If you're interested in them early in the credit game, make plans accordingly. You want to grab a couple of cards, then lay off of applying for anything else for a while. They want history, but they don't like too many recently opened accounts. And they're likely to deny you outright if you've opened five or more accounts within the past 24 months.

 

Without further information about your profile, I like the suggestions to apply for either the Capital One or Discover student cards. They're good starter cards, and they can generally be product-changed into non-student cards when the time comes. I'd avoid Capital One's Quicksilver One. Because of its fee, it isn't a "keeper" card, and it's much harder to product-change into a no-fee rewards card than other Capital One cards are.

Message 10 of 17
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