topic Help choosing first card in Credit Cards

Help choosing first card

Anonymous — Wed, 09 May 2012 16:16:47 GMT

Right now I'm an AU on one of my parents' Chase Slate card. Been on that for a few years, and got a credit report earlier in the year just to see what my report is looking like and the Chase is in good standing, no late payments or anything. Though not sure if it helps much since I'm just an AU. But right now I think it's time to get my own card.

Wondering if you all can help me out. Was looking into the Discover More or Citi Thank You Preferred.

Also checked out what cards my local bank has (Visa - Cash Rewards/Platinum Rewards/Platinum cards). No annual fee, 0% intro APR for 6 billing cycles, and 12.99-21.99% APR for cash/platinum rewards. Cash rewards: 1% cash back on net purchases; Platinum rewards: 1 point for ever $1 in net purchases.

Thanks for the help.

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 16:21:13 GMT

You will want to start out with a student card perhaps since it your first non-AU card. Try Capital One or Discover perhaps?

Re: Help choosing first card

Anonymous — Wed, 09 May 2012 16:37:48 GMT

Do you have credit score and if so, what? I think cards you are looking at likely too hard for you to get

Re: Help choosing first card

boomhower — Wed, 09 May 2012 16:43:09 GMT

The Citi card isn't going to happen and Discover is not likely. Those are cards you get after you show some experience with credit. Is anything else showing on your credit report? If your bank has a secured card start there instead of a subprime unsecured card. If nothing else you could get a CapOne card.

Re: Help choosing first card

Anonymous — Wed, 09 May 2012 16:51:16 GMT

I've been out of school (graduated) for a couple years now so I don't know if student cards are the best option.

@Anonymous wrote:
Do you have credit score and if so, what? I think cards you are looking at likely too hard for you to get

I haven't checked for a score, only the credit report.

@boomhower only the AU is on there

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 17:28:28 GMT

Try for Capital One Cash Rewards for Newcomers card? No annual fee, it's unsecured, and will help build you some credit history. Expect a 500.00 limit that bumps up to 750.00 in 5 months. After 6 months with that you should be in good shape

Re: Help choosing first card

improvingmycredit — Wed, 09 May 2012 18:38:29 GMT

Hey Wolvdj!!! Welcome to the forums!!
Have you by chance pulled your FICO score from this site? If not, I strongly suggest you do. It'll give you some sage advice about where you stand on your credit journey. If you do this- please share with us the info like: AAoA- score- inq. With this info- we here will be better able to give advice on which cards to start with. Being that you are an AU on some accounts- you might have some history to apply for some better cards to get started. Thanks and good luck!

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 20:03:28 GMT

Being an AU can be a good way to start out, but lenders are not likely to grant approval for a prime card without first having your own credit card. I think the Cap One newcomers is the way to go. Is Cap One the best? No, but that card will certainly help you get started out and has no AF.

Re: Help choosing first card

improvingmycredit — Wed, 09 May 2012 20:46:19 GMT

Being an AU on someone's established account can go a long way. I added my niece as an AU recently. Got an Amex Zync and Citi with no history of her own. I still think that it'd be best to know more info regarding actual FICO- AAoA- inqs- utility- before determining which cards to recommend. JMO.

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 21:02:03 GMT

Even if ne could get approvals with no history of his/her own that doesn't make it wise to obtain too much credit right off the bat. Opening up a card with a smaller limit leaves less chance of screwing up early on and lets a person get used to making chrages, paying on time, checking transactions/statements for accuracy, etc. If it is the first account in your own name it is better to start learning with training wheels on than to start on a motorcycle as an analogy.

Re: Help choosing first card

improvingmycredit — Wed, 09 May 2012 21:21:55 GMT

I don't disagree with anything that you stated. I do however think it prudent to find out real information about actual credit history info. How can anyone recommend credit to someone not knowing where they stand with regards to FICO or history? For all we know- OP might not be eligible for even Cap One. Also- why recommend a card that has no possible opportunity to grow when there are better opportunities out there? Cap One is notorious for dead end cards. Plus it's 3 HP to all CRA. To make a real recommendation- it's best to find out as much as possible first to optimize opportunity.

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 21:46:17 GMT

YMMV of course, but it is by no means a guaranty of approval for a prime card by only being an AU on a card in good standing. Yes lenders will look at FICO scores but it is what's behind them that matters. Being only an AU likely will not land a person in primeville for their first own credit card. I don't mean Cap One newcomers to be the be all end all card for the OP, but for what it is I believe it does the job of establishing credit. It was my first card back in August 2011 and by February I was approved for Amex Green. It can quickly be used as a stepping stone to bigger and better cards. I understand what you are saying, but the HP's early on are not the end of the world. At this point the goal should be just to get some sild payment history under his/her belt.

Re: Help choosing first card

improvingmycredit — Wed, 09 May 2012 21:59:49 GMT

Agreed- YMMV. However- really? May not be a guarantee but wouldn't starting out with Amex Zync or a Citi Forward card really be a better start? Why start with a starter when one could start out so much better. If HPs aren't an issue and OPs file isn't bad- why not try for something better? My niece had success as an AU. JMHO. However- I haven't recommended any apps at all because I don't even know what the OPs file looks like and I just don't believe it's prudent to offer advice on apps when I don't have that info. Not meaning to be argumentive but It just doesn't seem right offering this advice with out credit history.

Re: Help choosing first card

espnjunkie — Wed, 09 May 2012 22:06:45 GMT

"Right now I'm an AU on one of my parents' Chase Slate card. Been on that for a few years, and got a credit report earlier in the year just to see what my report is looking like and the Chase is in good standing, no late payments or anything. Though not sure if it helps much since I'm just an AU. But right now I think it's time to get my own card."

I applied for Citi Forward the same day as Amex green (approved) and was denied for the forward due to a lack of having two credit card accounts open for at least a year. The OP mentions that he/she does not have a credit card of his/own so from my experience just one AU card probably is not enough from Amex Zync or Citi Forward (YMMV of course). I am not sayin that the OP has to do this, just saying that this is my experience and the Capital One card has worked out well for starting out my own credit.

Re: Help choosing first card

improvingmycredit — Wed, 09 May 2012 22:17:09 GMT

I am glad that this is enough info for you to offer your advice. I however refrain till I get more info. My questions were addressed to the OP. If the OP wishes to elaborate - Great! Otherwise- I wish the best. I am happy about your experiences. However- this isn't about you for me. I think there are better opportunities that might be available then a dead end starter card. It is the very reason I offered my history to my niece as an AU. I wanted more for her and she got it. I would think that is how the OP would like to start out as well. We all have our own experiences- that is what makes the myFICO forums so awesome. I am not saying my advice will be better then yours- but I do believe that the question was put to advice from the whole forum.

Re: Help choosing first card

Anonymous — Thu, 10 May 2012 00:49:41 GMT

Thanks for the info so far guys.

@improvingmycredit wrote:
Being an AU on someone's established account can go a long way. I added my niece as an AU recently. Got an Amex Zync and Citi with no history of her own. I still think that it'd be best to know more info regarding actual FICO- AAoA- inqs- utility- before determining which cards to recommend. JMO.

I can give you the other info outside of the FICO, and again the Chase being the only account. Other than my report request, one other INQ and that was for employment purposes; 15 year account, 24% util.

Not saying I wouldn't consider Cap One but I have read about Cap being a "dead end" card so was gearing away from them. I know this will be my first solo card but actually I'm very good with my finances. I don't really charge a lot and try not to make unnecessary purchases that I can afford (use my debit card more tbh). Never bothered to get a card while I was in school because I wasn't really working at the time and didn't want to put myself in any risk of any potential trouble or unwanted debt. Not sure if that last part helps in anyway but just thought I'd put it out there.