Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
Re: Okay! so I applied for a credit card

@bears That would be the most advisable thing for you at this step in your credit building journey. It was fairly easy for me to get the cards I have, I just diligently pay on my cards even if I can't PIF, I've struggled with keeping util% down (all the child-ish intuition of wanting TVs, Xboxs and such) and have loaded my reports (16EX, 24EQ, 16TU) with inquiries so I do hope you take that advice and don't let the app itch get to you - because you could be much better off than I am now when you get to my age (AMEX BCP, Chase CSP so on)

 

Also: A mix of credit, once you get established, is dire to building to the point I am at. I have had 3 installment loans since I was 18, not including student loans so once you get some income and a card with some history go buy a cheap car with a signature or car loan from your local credit union - don't try big banks as they don't care what your story is and are less understand of short history, again be inquiry conservative don't waste them as they are much more valuable than people think.

 

As for income - you don't have to be making $30k/year (which I currently make) to get decent cards - Chase approved me for a $500 limit on my Freedom with income as $13,000 annually just had to call and verify my address and identity, so if you get a 7-10 day message don't get discouraged, called the back door and see what they have to say. :smileyhappy:


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,694
Registered: ‎10-02-2012
Re: Okay! so I applied for a credit card

@navigatethis12 Never though of that. If it has helped you guys then it should also help us. Ill do that next time thanks!

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,694
Registered: ‎10-02-2012
Re: Okay! so I applied for a credit card

@distantarray YES! those are the steps I have to follow in order to begin my journey! Once I get situated with a job my parents are willing to do a joint with me. Thanks distantarray!

Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012
Re: Okay! so I applied for a credit card

Since you are still in high school it will be hard to open a credit line especially with no source of income. I would either try your local CU or try a secured card. Capital one seem easy to get approved for. 

TU 746 (10/13)
GOAL: 750+






Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,694
Registered: ‎10-02-2012
Re: Okay! so I applied for a credit card
[ Edited ]

@CotySinz Thats good to know that I can still get a card like chase freedom with a small annual income. I do plan to also get a auto loan with my parents as a co-signer to also have a mix of credit. Thanks for these helpful tips CotySinz I now have to find a way to get an annual income and start there. It looks like you have success with credit looking at your TU fico 753 thats an excellent score to have in your 20s. I Will keep all of this in mind. Thanks again!! 

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,694
Registered: ‎10-02-2012
Re: Okay! so I applied for a credit card
[ Edited ]

@Tran92 Yes you are right, but first I have to get  a job :smileyhappy:

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,694
Registered: ‎10-02-2012
Re: Okay! so I applied for a credit card

Thank you ALL for your helpul advice you have guided me to the right direction!!

Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
Re: Okay! so I applied for a credit card

I'm glad you plan to keep it in mind, it's just things I discovered on my journey thus far and am passing on to you since you have a fresh canvas to paint upon persay. One thing I will clue you on to though, I do have a 753 TU score but FICO scoring means little at our credit history. What I mean by that is we have a thin file, for me I have 2 years and 6 months history with AoAA at 1.6 years - these things mean more than a score, think of a score as a decent judge of your status but don't rely on it for 'approval gaurnteedness'.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
Re: Okay! so I applied for a credit card

CotySinz wrote:

Also: A mix of credit, once you get established, is dire to building to the point I am at. I have had 3 installment loans since I was 18, not including student loans so once you get some income and a card with some history go buy a cheap car with a signature or car loan from your local credit union - don't try big banks as they don't care what your story is and are less understand of short history, again be inquiry conservative don't waste them as they are much more valuable than people think.

 


I do not advise this unless it is needed. I am also somewhat young (twenty-two) with two years and eight months of history and I have never had an installment loan. I have sixteen nice cards with varying decent limits to me (two at 10,000, second to that is 7500). The most important thing is to just pay on time and not keep cards maxed out. As long as you have low utilisation and nice payment history, in my experience, lenders will overlook the inquiries.

Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012
Re: Okay! so I applied for a credit card

CotySinz wrote:

I'm glad you plan to keep it in mind, it's just things I discovered on my journey thus far and am passing on to you since you have a fresh canvas to paint upon persay. One thing I will clue you on to though, I do have a 753 TU score but FICO scoring means little at our credit history. What I mean by that is we have a thin file, for me I have 2 years and 6 months history with AoAA at 1.6 years - these things mean more than a score, think of a score as a decent judge of your status but don't rely on it for 'approval gaurnteedness'.


+1. If you are able to get a credit card I'd recommend not applying for any other card until you let it grow for at least 6 months, but even then I would wait until finding a job. Part of having credit is being responsible. I am assuming your only source of income is from your parents. Treat your first credit card as a necessity that will eventually help you get into the prime cards you desire. Starting early is great because once you are done with college you will be ahead of some of your peers in credit. Then you will be able to get those low rates. 

TU 746 (10/13)
GOAL: 750+