topic Re: Applying for first credit card- Suggestions appreciated in Credit Cards

Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 17:25:38 GMT

Hello All,

I'm 23 years old and have decided to begin applying for my first credit card. Last month I applied for a Citi Forward card but I was denied because having loans with large balances and limited credit history. I started doing some research and it seems that my only option for now would be an Orchard Bank card or a secured card. Do I have any other options at this point? Are there other cards that I may qualify for? Here is my credit history....

My credit score is 704.

I have 2 student loans totaling $14,336 and I have always paid on time. My oldest account is 2.9 years.

Annual Income $42,000

Thank you in advance for your help.

Re: Applying for first credit card- Suggestions appreciated

RockinRay — Thu, 14 Jul 2011 17:22:41 GMT

What is your annual income?

You might consider an Amex Zync with that score.

Ray

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 17:26:16 GMT

I have edited my post with my annual income. Thank you for pointing that out.

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 17:27:36 GMT

Try Captial One pre approval. Even if they only offer the secured card, I consider it.

Orchard is for sale, so I would pass on them for now.

Re: Applying for first credit card- Suggestions appreciated

RockinRay — Thu, 14 Jul 2011 17:29:17 GMT

I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.

I'll let others chime in here, but I would give the Zync a try.

Ray

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 20:12:01 GMT

I tried Capital One pre approval and I received the "we couldn't match your records to a card offer, But based on your answers, we think you might like this card" response. I'd hate to have to apply for a few cards until I'm approved. I've already been declined for a Citi Forward card and I want to try to avoid too many more hard inquiries.

Re: Applying for first credit card- Suggestions appreciated

Eric804 — Thu, 14 Jul 2011 20:33:29 GMT

With that score and income, I would say you have a very good shot at Capital One. I have seen approvals for worse.

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 20:52:52 GMT

I wouldn't worry so much about inquiries right now, you need to get your first CC and let it age for a year or so.

I would give the Cap1 app a try.

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 20:58:15 GMT

Is there any Capital One card I should focus on in particular? Sorry for all the questions. I'm new to the credit card thing and I don't want to put myself in a bad situation. Thanks again!

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 21:13:19 GMT

With AMex youll need atleast 1 account on your reports for a year is what I was told when I applied for a zync a year ago without any prior history.

@RockinRay wrote:
I think if I were in your situation, I might try for the Zync. I have read here that it is fairly easy to get and if you did get approved, you would be in with a great company that would grow with you.

I'll let others chime in here, but I would give the Zync a try.

Ray

Re: Applying for first credit card- Suggestions appreciated

RockinRay — Thu, 14 Jul 2011 21:18:34 GMT

You also might consider calling Amex and asking them what the minimum qualifications are. Explain your current situation and see what they have to say.

They would tell you - without your taking a hard INQ...

Ray

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 21:37:45 GMT

For Capital One, Pick one from the "Average Credit". The "Student" cards might be good for you, no AF.

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Thu, 14 Jul 2011 22:00:23 GMT

let's do some investment.I would suggest open two or three secured cards with limit $2000 each.
You will save yourself some hassle next 8 months to one year when applying for unsecured card.
1. your average age of account will not reduce as much compared to having only 1 tradline when new tradeline at that time start being reported.
2. your credit limit will be more likely start at more than $1000 if you have some history on $2000 TLs, avoid being stucked in toy hell.

Re: Applying for first credit card- Suggestions appreciated

MOOK515 — Fri, 15 Jul 2011 04:11:43 GMT

You need to go to a CREDIT UNION in your area and talk to them about getting a credit card. I owe 14,000 in student loans and I make half of what you do. However, I was still able to obtain a visa card through my local credit union with 10,000 dollar credit limit. You can do better than orchard, go to a local credit union and talk to them in order to see what they can do for you.

Re: Applying for first credit card- Suggestions appreciated

castlefox — Fri, 15 Jul 2011 14:56:33 GMT

+1 to a credit union. I bet you can do much better than orchard with a local credit union.

I also got my first CC from Shell. They didnt ask how much I made. They gave me a 400 dollar CL.

Re: Applying for first credit card- Suggestions appreciated

clownfico — Fri, 15 Jul 2011 20:56:02 GMT

+1 to Rockin' Ray.

Frankly, if your education or life experiences to this day has done you well, let Amex Zync be the cornerstone to a your budding fiscal ascent.

Re: Applying for first credit card- Suggestions appreciated

shane82388 — Sat, 16 Jul 2011 22:37:41 GMT

Agreed. Amex Zync would be amazing. Then later you could get a credit card to go along with it if you ever needed to carry a balance and just to have another trade line reporting...

With no revolving accounts though, i could see AMEX being weird about it...but who knows, maybe not. Probably just try for the AMEX Zync and if that doesnt work get a secured card or go with Orchard/Cap 1....I dont see how you couldnt get a Cap 1 card...i know people in the 500's get them regularly...

Re: Applying for first credit card- Suggestions appreciated

Anonymous — Sat, 16 Jul 2011 23:09:12 GMT

I applied for the Amex Zync but unfortunately I was declined. I'm going to try the credit union through my employer next week. Hopefully they might be able to work with me. If not, I'll go the secured route. Thanks for everyone's help.