topic Re: Got My First Card! in Credit Cards

Got My First Card!

Anonymous — Sun, 24 Nov 2013 22:26:14 GMT

Hello All!

I turned 18 a few days ago and immediately applied for my first credit card (Chase Freedom) at my local Chase branch. I was instantly approved with a $1900 cl. The banker was extremely surprised that I was approved with no credit history at all. I would like to get in the door with an amex charge card. What is the next step towards that? I understand that I won't have any chance at a green card now, but what can I do to improve my chances in the future?

Thanks in advance

Re: Got My First Card!

myjourney — Sun, 24 Nov 2013 22:29:15 GMT

Welcome to the forum

Congrats on your first card

Re: Got My First Card!

09Lexie — Sun, 24 Nov 2013 22:32:27 GMT

Welcome to the forum. To improve your chances, pay your bills on time, limit your inq's and when you are ready to app, make sure your util is low -less than 10% is optimal.

Re: Got My First Card!

Anonymous — Sun, 24 Nov 2013 22:36:42 GMT

Congrats on getting your first card! Use it wisely and credit will always work to your advantage. I would use the card for at least 6 months while keeping utilization low and PIF before applying for an Amex.

Re: Got My First Card!

FocusedAndDetermined — Sun, 24 Nov 2013 22:54:01 GMT

Welcome to the forum and congrats on your first card.

Re: Got My First Card!

Anonymous — Sun, 24 Nov 2013 22:57:38 GMT

Congrats on your first card! Just be responsible with it now and I'm sure you'll have an AMEX card in no time.

Re: Got My First Card!

coldnmn — Sun, 24 Nov 2013 23:15:38 GMT

Congrats! Build some history you'll be there in no time.

Re: Got My First Card!

Gunnar419 — Sun, 24 Nov 2013 23:24:26 GMT

@Anonymous wrote:
Hello All!

I turned 18 a few days ago and immediately applied for my first credit card (Chase Freedom) at my local Chase branch. I was instantly approved with a $1900 cl. The banker was extremely surprised that I was approved with no credit history at all. I would like to get in the door with an amex charge card. What is the next step towards that? I understand that I won't have any chance at a green card now, but what can I do to improve my chances in the future?

Thanks in advance

Nice going (and nice nym) HaroldandKumar. That's a surprising first card and it's one to cherish and treat well. Next steps are to use it for six months to a year, always pay more than the minimum payment, if you use more than 30% of your credit line, be sure to pay it down before the statement cuts (because the balance that's on the card on the statement date is what gets reported to the credit bureaus). Like others will tell you, 9% or less is better than 30%, but 30% is acceptable.

When you're ready to app for your Amex, make sure the last reported balance on your Freedom is under 10% and that you have a perfect ontime payment record.

Good work!

Re: Got My First Card!

Anonymous — Sun, 24 Nov 2013 23:38:03 GMT

Thanks for all the replies! I'm thrilled to have the Freedom card and look forward to the 5% cash back at gas stations and starbucks (I'm there every day) next quarter. Since I'm not putting any huge charges on the card, I am just going to pay my balance in full every month. You guys really think that I will have a shot at Amex Green within a year? It seems like a bit of a stretch.

Re: Got My First Card!

Anonymous — Sun, 24 Nov 2013 23:53:58 GMT

@Anonymous wrote:
Thanks for all the replies! I'm thrilled to have the Freedom card and look forward to the 5% cash back at gas stations and starbucks (I'm there every day) next quarter. Since I'm not putting any huge charges on the card, I am just going to pay my balance in full every month. You guys really think that I will have a shot at Amex Green within a year? It seems like a bit of a stretch.

You appear to believe (and this is a common belief, great marketing!) that Amex is hard to get. The charge cards in particular are not, easier than their credit cards. Do you know a credit score? It's certainly not unlikely that if you qualified for the Freedom as your first card you can get the Amex now. To be safe though, it's probably worth having some history with the Freedom and keeping the reported utilization low when you do apply.

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:09:39 GMT

I turned 18 a week ago. Besides being an AU on my moms Marriot Rewards Premier Visa I have 0 credit history. I've got a fairly large account in my name at chase with a year of college tuition. I think that that was a contributing factor in my approval for the freedom. If I get into my first choice college (Villanova) I'll be going to London second semester of freshman year and if not I will be going abroad junior year. So I will definitely need something with EMV and no foreign transaction fees. Am I better off building a relationship with Chase, going for CSP and holding off on amex?

Re: Got My First Card!

09Lexie — Mon, 25 Nov 2013 00:21:21 GMT

Not knowing your income, CSP would not be my first choice. Amex either because of the FTF. I would suggest a Barclays (after 6-9 mos) , Cap 1 or BoA Travel

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:25:47 GMT

My income is pretty high for a high school student (I work a lot) but still really low. I do want to start a relationship with amex but also want something that I can use internationally. So I guess I'll shoot for an amex green in a year or so and go for whatever international travel card has the lowest (or no) yearly fee.

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:27:50 GMT

@Anonymous wrote:
My income is pretty high for a high school student (I work a lot) but still really low. I do want to start a relationship with amex but also want something that I can use internationally. So I guess I'll shoot for an amex green in a year or so and go for whatever international travel card has the lowest (or no) yearly fee.

I don't think you will have issues getting approved for the green card. The Amex charge cards are not really that hard to get.

On the other hand, your odds of approval for the CSP are very very slim.

Re: Got My First Card!

09Lexie — Mon, 25 Nov 2013 00:30:26 GMT

For the CSP to be beneficial, you are looking at $30k annual spend. There's nothing wrong with starting your membership with Amex but you'll find they are not widely accepted in Europe. Stick to Visa/MC, one with no FTF, chip enabled IMO

Re: Got My First Card!

yudeology101 — Mon, 25 Nov 2013 00:30:38 GMT

Congrats, OP! Treat your first baby well and it will treat ya even better later on.

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:32:44 GMT

Ok I'm definitely going the amex route and when the time comes I'll figure out what the most reasonable travel card is. Thanks for all the advice! I look forward to building my credit!

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:35:18 GMT

@Anonymous wrote:
Ok I'm definitely going the amex route and when the time comes I'll figure out what the most reasonable travel card is. Thanks for all the advice! I look forward to building my credit!

All CapitalOne and Discover cards have no FTF.

Merrill+ also has 0 AF and no FTF fees.

Barclay Arrival has a $95 AF, waived first year, no FTF fee, and also comes with a nice sign-up bonus for travel

There's certainly a lot of options available, and by the time you are ready to apply next year, you should have no problem getting approved for most of the cards.

Re: Got My First Card!

Anonymous — Mon, 25 Nov 2013 00:39:10 GMT

I like the sound of that! I still can't believe I got approved for the Freedom with no credit history