topic Re: Signing Up for a First Credit Card at 18 in Credit Cards

Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:05:38 GMT

Hello I am new to the forums. I was wondering how to get a credit card to build up my credit. I know that because I am under 21 I need either income or a co-signer. But how good does the credit score on the cosigner have to be? or How much income do I have to have? Can it also be money in a bank accoun like savings rather than income from a job? My dad is willing to co-sign for me but his credit score is pretty meh, he only has about 600 or a little less. I don't have a job but I am looking. I have some savings but I want to know how much exactly I need to get my first CC. I wanted a Chase card but I looks like chase wants higher scores. Capital One does not take cosigners.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:16:01 GMT

Do you have a banking relationship with anyone? My very first card I got was with Wells Fargo whom I had a savings and checking account with. At the time didn't have any previous credit history and just listed income from a summer job. This was back in 2007, so I don't know how different it is now but this could be a possible starting point.

Re: Signing Up for a First Credit Card at 18

newUser0 — Sat, 25 Jan 2014 06:16:02 GMT

Welcome to the Forum

Most of the Credit Card Applications will ask for the income and usually have a minimum criteria. I would suggest you to get some history first. You can get some secured card from - Credit Unions, Bank Of America, USAA, WF etc.

Once you make some history by your own, you can apply for a unsecured one or graduate the secured card. Another option is to be a AU, on your Dad Card.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:23:40 GMT

I was 18 when I got my first card. It was a Cap One student card, if I remember correctly, with a $500 limit. I wasn't making an enormous amount of money at the time. I think I was making about $7.50 an hour working 30-40 hours a week.

You really need an income to get a credit card. I'd wait until you get a job and then apply. After all, if nothing else you have to have money to pay it off, right?

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:24:49 GMT

I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:27:07 GMT

Hmm I think to start , it would be a secured card of some sort. Hopefully you can find one without an annual fee.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:31:19 GMT

@Anonymous wrote:
I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.

if the lenders ask for proof of income, you can either show your tax docs, payslips, or direct deposit records. Most lenders, except Amex, are pretty flexible when it comes to income verification. If they do ask and you can't prove it at all, then they will either decline your app, or close your account(s) if it's already been opened.

most lenders require some sort of income. Having a low income beats having zero income. If you don't have any sort of income at all, you probably should ask your parents to cosign for you for now.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:42:18 GMT

@Anonymous wrote:
I did have a job until a couple of months ago but it was not really reported... I don't really know to 'Prove' I had it. I only just got a bank account his month with chase so I don't have a banking history.

I've never had to actually prove my income for anything, whether it's credit cards or a recent car loan I got. And I don't think you'd need a substantial amount of income to get a tiny limit like $500. I mean, there are starter cards specifically for people like you. You know, to get started.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:46:33 GMT

I made 1,400 off of my odd jobs part time in 2013. can I somehow use this to report as income? I dont really have any receptis for it or anything...

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:49:35 GMT

Know of any good cards with a puny limit that I can likely get? I live in California La by the way. Just in case that helps in any way.

Also my ssn is fairly new so I have no credit score at all.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:52:08 GMT

@Anonymous wrote:
I made 1,400 off of my odd jobs part time in 2013. can I somehow use this to report as income? I dont really have any receptis for it or anything...

you can try.

if the banks do ask for proof of income, then you can try to explain your situation to them. They may accept it, or they may close the accounts. It really depends on your luck. Banks dont ask for proof of income all the time, but it also happens fairly infrequently. If you get a nice underwriter / analyst, then he might be more understanding with your situation as well.

The safest way to do this is to either get a co-signer, or to apply after you get a new job.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:52:40 GMT

@Anonymous wrote:
Know of any good cards with a puny limit that I can likely get? I live in California La by the way. Just in case that helps in any way.

Also my ssn is fairly new so I have no credit score at all.

would secured cards work for you?

you shouldn't have any issues getting approved for secured cards.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:55:18 GMT

Which cards do you think I have good odds of getting? It seems like chase would not be a good idea because of their pretty high standards. Maybe Capitol One?

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 06:59:08 GMT

@Anonymous wrote:
Which cards do you think I have good odds of getting? It seems like chase would not be a good idea because of their pretty high standards. Maybe Capitol One?

Are you in school at all? If so, I'd probably go after the CapOne Journey Student Rewards. But again, you'd probably need SOME kind of income to qualify.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:01:02 GMT

Honestly I want to stay away from secured cards as much as possible just because I really dont want to pay the deposit for them. I am a student But I am still in HS for the next 4 months or so. So I am not a college Student.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:02:17 GMT

@Anonymous wrote:
Which cards do you think I have good odds of getting? It seems like chase would not be a good idea because of their pretty high standards. Maybe Capitol One?

Wells Fargo, Bank of America, and other credit unions are good places to start for secured cards.

I probably will recommend Bank of America the most. As long as the account remains in good standing for 6-12months, they generally will refund you the deposit and unsecure the card. For Wells Fargo, getting the card unsecured is going to be a wild shot. Chances are you will eventually have to close the card after you outgrow it.

I'm not too sure about CapitalOne.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:04:10 GMT

@Anonymous wrote:
Honestly I want to stay away from secured cards as much as possible just because I really dont want to pay the deposit for them. I am a student But I am still in HS for the next 4 months or so. So I am not a college Student.

with your current situation, getting an unsecured card is extremely unlikely, unless you have banking relationship with that bank.

For Chase, if you can maintain 10k in average daily balance, they can get you approved for a Freedom card with about 500-1500 CL in most cases.

For WF, Citi and BofA, you generally need around 5-10k average daily balance as well, depending on your credit file and overall financial situation.

Most importantly, find a job first then. Any kind of income, regardless of how low it is, is still a lot better writing 0 for income on a credit app.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:04:45 GMT

@Anonymous wrote:
Honestly I want to stay away from secured cards as much as possible just because I really dont want to pay the deposit for them. I am a student But I am still in HS for the next 4 months or so. So I am not a college Student.

I may have still been in high school when I got my student card from them, so I'm not positive you actually have to be a COLLEGE student to qualify from that angle. You'd have to look into that.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:08:06 GMT

For student cards, read the T&C. Some banks require you to be enrolled as a full time student at a 4 year college. Some are more lenient and they don't really care as long as you are in some kind of college, even if its a technical college.

Re: Signing Up for a First Credit Card at 18

Anonymous — Sat, 25 Jan 2014 07:10:14 GMT

@Anonymous wrote:
For student cards, read the T&C. Some banks require you to be enrolled as a full time student at a 4 year college. Some are more lenient and they don't really care as long as you are in some kind of college, even if its a technical college.

If I was already in college by the time I got my CapOne student card, it was a technical college.