topic Re: First Credit Card(s) in Credit Cards

First Credit Card(s)

1992 — Wed, 14 May 2014 17:42:00 GMT

Just graduated college and will be starting a job soon, so i decided it's time to play the credit card rewards game instead of just using my check card everywhere.

So i'm looking for the best cash rewards cards or combination of cards. How many do you start with? Will I be able to get approved? My only credit history that I know of is the last 3 years i've paid my utilities and cable bill with my check card.

My main expenses will be rent, gas, groceries, and restaurants/fast food.

Pretty intrigued with using a BankAmericard Better Balance Rewards card to pay a cable bill each month to get $25 back a quarter.

Just not really sure where to start.. Thanks for the direction.

Re: First Credit Card(s)

Revelate — Wed, 14 May 2014 18:28:26 GMT

Welcome to the forums!

Do you have anything on your credit report at all?

If so, post and you might get better advice; however, in this instance it certainly sounds like the BOFA secured card is the way to go for your use case, and try the Capital One pre-approval link as well. You want 2-3 cards right out the gate, and it's not a bad idea to tack on an installment loan if you don't have an auto loan or similar (Alliant Share-Secured loan, can't recommend this product highly enough based on my own experience).

The higher tier rewards cards are simply out of reach as a no file, for a year or longer after establishing credit.

Re: First Credit Card(s)

1992 — Wed, 14 May 2014 18:59:23 GMT

Thanks for your reply Revelate.

Unfortunately, I have nothing on my report. Looks like a checking accounts and public utilities do not show up on credit reports, so all I have is 3 years of a cable bill. I don't have an auto loan, I'll check out the installment loan idea. I appreciate the advice i'll check those cards out and post back if I find out any info on my report!

Random question: When they ask for income is it fair to put what i'm going to be making? I don't start until June 26th.

Re: First Credit Card(s)

SunriseEarth — Wed, 14 May 2014 19:19:42 GMT

@1992 wrote:
Just graduated college and will be starting a job soon, so i decided it's time to play the credit card rewards game instead of just using my check card everywhere.

So i'm looking for the best cash rewards cards or combination of cards. How many do you start with? Will I be able to get approved? My only credit history that I know of is the last 3 years i've paid my utilities and cable bill with my check card.

My main expenses will be rent, gas, groceries, and restaurants/fast food.

Pretty intrigued with using a BankAmericard Better Balance Rewards card to pay a cable bill each month to get $25 back a quarter.

Just not really sure where to start.. Thanks for the direction.

Sounds like you'll need to build a history. Did you take out SLs for college? If so, those should be on your CRs. ~~I'd definitely recommend pulling all of your CRs so you can see if anything is on there.~~ (oops...looks like you did that already!)

Re: First Credit Card(s)

Creditaddict — Wed, 14 May 2014 19:09:35 GMT

Yes, use your income that you will be making at new job.

Check on each site to see if you have any pre-qualifed offers for you:

chase.com

discovercard.com

capitalone.com

Re: First Credit Card(s)

dearppl — Wed, 14 May 2014 19:10:42 GMT

Depending on your credit history, the three cards I would get are:

1) Sallie Mae Reward Mastercard - 5% on gas and 5% on grocery (purchase up to $250 every month for each category), and also 5% on Amazon (purchase up to $750 every month)

2) Bank of America Cash Reward - 3% on gas, 2% on grocery, and 1% on everything else. Good supplement to your Sallie Mae card.

If you will be having a 401(k) or IRA with Fidelity, it's a good idea to open an Amex Fidelity card, too. You will get 2% cash back on all your net purchase.

Re: First Credit Card(s)

1992 — Wed, 14 May 2014 19:21:03 GMT

Unfortunately (or fortunately) no student loans for me.

Creditaddict: Thanks for that info.

dearppl: I'll check those out.

Thanks for all the responses. This site has a wealth of info glad I found it!

Re: First Credit Card(s)

Revelate — Thu, 15 May 2014 01:23:35 GMT

@dearppl wrote:
Depending on your credit history, the three cards I would get are:

1) Sallie Mae Reward Mastercard - 5% on gas and 5% on grocery (purchase up to $250 every month for each category), and also 5% on Amazon (purchase up to $750 every month)

2) Bank of America Cash Reward - 3% on gas, 2% on grocery, and 1% on everything else. Good supplement to your Sallie Mae card.

If you will be having a 401(k) or IRA with Fidelity, it's a good idea to open an Amex Fidelity card, too. You will get 2% cash back on all your net purchase.

The OP has a no file, those are all second or third round cards in some cases, not initial credit establishment typically.

Re: First Credit Card(s)

takeshi74 — Thu, 15 May 2014 01:30:29 GMT

@1992 wrote:
Looks like a checking accounts and public utilities do not show up on credit reports, so all I have is 3 years of a cable bill.

No, checking and utilities don't show up on credit reports since they're not credit. Though utilities may pull your credit. Are you sure your cable account actually reports or is there just a pull listed on your report?

If you don't have anything on your report the standard advice is look into secured cards and/or credit unions with more lax approval requirements. You're going to have to build credit.

Re: First Credit Card(s)

1992 — Thu, 15 May 2014 02:19:50 GMT

Yep you're correct, cable doesn't report. Well I really should've started this credit card game years ago. Have to start somewhere I guess!

I'll research some credit union cards. Thanks for that idea.

Edit: BofA "prequalified" me for Cash Rewards Secured Card. Does that really mean anything? I went ahead and applied.

Discover also suggested I apply for the Discover IT. Will I apply to much? I guess when you have no score to hurt...

Re: First Credit Card(s)

Kevinception — Thu, 15 May 2014 03:50:35 GMT

No, applying for the IT would be a great idea as the BoA is only a secured card. Well on your way in a year or so, just follow advice on this site.

Re: First Credit Card(s)

1992 — Fri, 16 May 2014 03:19:59 GMT

Got approved for the IT card!

Re: First Credit Card(s)

myjourney — Fri, 16 May 2014 03:23:33 GMT

@1992 wrote:
Got approved for the IT card!

Welcome to the forum and the Discover family

Re: First Credit Card(s)

jaebsf — Fri, 16 May 2014 03:33:03 GMT

Well what ever you. If you end up having to go the secured card route be sure to do it with someone that you can grow with. Most of the big issuers have secured card products these days. In fact BofA has good secured products. Avoid the sub-prime issuers at all costs....note use of the word "costs". Good luck

Re: First Credit Card(s)

1992 — Sat, 17 May 2014 02:47:15 GMT

Thanks guys. I'm probably going to avoid the secured route now that I got this. Opinions on applying for an AMEX Blue Cash Everyday or a Citi Dividend? I'm guessing they aren't really for people with no credit like myself..

Re: First Credit Card(s)

jaebsf — Sat, 17 May 2014 03:25:15 GMT

Seeing how you just got your first credit card I suggest not going crazy. Sit back and admire and manage your new Discover IT card. Wait until this trade line has been reporting for at least 3 months, preferably longer, before trying making any additional applications.