topic Re: Getting your first card? in General Credit Topics

Getting your first card?

Anonymous — Tue, 20 May 2014 23:34:44 GMT

So I just turned 19 this month and I wanted to start building my credit I applied for the NRA card because I'm a member and I got denied my question is what is a good card to apply for if you dont have a credit score?

Re: Getting your first card?

Anonymous — Tue, 20 May 2014 23:46:09 GMT

capital one or bank of america secured cards seem to be good credit builders. they require a deposit to get started.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 00:02:15 GMT

What about a store card like cabelas or something I can care less about the rewards but a deposit seems alittle rediculouse.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 00:07:48 GMT

you get it back if you dont screw up payments. After a few month to a year, they usually bump you up to a revolving credit card. Store cards hold the same standards as other cards. Secured cards are for young people or people bouncing back from horrible credit.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 00:40:58 GMT

How much is the fee usually and what card is a good card to start with. I heard retail store cards are easy to get.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 01:19:29 GMT

I got my first card at around 19 or 20. Discover. From what I understand, they are pretty good for first time applicants and it isn't secured. I used it like a debit card and paid it off every month in full. Now that I'm looking at finally spending those reward points.

If your goal is solely to build credit, I don't see why one card would be better than another. It depends on how you use it.

Re: Getting your first card?

myjourney — Wed, 21 May 2014 01:22:11 GMT

@Anonymous wrote:
So I just turned 19 this month and I wanted to start building my credit I applied for the NRA card because I'm a member and I got denied my question is what is a good card to apply for if you dont have a credit score?

With no credit score I would recommend going secured card for 6 months

https://www.sdfcu.org/emv-creditcards

No HP required

Reports to all 3

Great rate

Easy approval

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 01:34:50 GMT

well isnt there a limit you can apply for like 3 cards every quarter wont hurt your credit score?

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 01:39:47 GMT

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 01:42:41 GMT

I thought applying for to many cards within a short period of time and getting denied hurts your credit?

Re: Getting your first card?

jamie123 — Wed, 21 May 2014 01:51:17 GMT

Some retail cards are easier to get than others. I would highly suggest apping for a Walmart card. They might start you out with a really low credit line but they are very generous with credit line increases.

You need to get just one card to start with and let it age for at least 6 months before apping for another card. I would suggest a Capital One credit card as your second card.

The first two or three cards can be difficult for a young person to get.

Re: Getting your first card?

Revelate — Wed, 21 May 2014 01:58:55 GMT

@Anonymous wrote:
I thought applying for to many cards within a short period of time and getting denied hurts your credit?

With the exception of building out of a no-file or thin-file situation (mix of credit and open line positives), every new tradeline is a derogatory: sometimes that negative is 0 from a score perspective, but it is never positive.

If you search for "app spree" you'll see lots of commentary both for and against the practice.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 01:59:54 GMT

Well thats what I'm asking I only want one card but I thought applying and getting denied to many times in one month makes your credit score bad?

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 02:01:31 GMT

Ok thanks revelate so your basically saying aplplying for cards and getting denied can be good or bad depending on whos eyes its in.

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 02:02:58 GMT

longer than a month. they stay on report for a year

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 02:05:24 GMT

why are you against the safe route of secured? less likely to get a denial and as i stated before, if you dont screw up, they will make it unsecured and give you deposit back.

Re: Getting your first card?

Reincarnated — Wed, 21 May 2014 02:06:51 GMT

I started off at 18 with a Wells Fargo secured card worth $300.

6 months later, I'm approved for an unsecured DiscoverIt Students (1k limit) and Bank Americard Cash Rewards 1-2-3 ($600 limit).

A couple months (now), I'm approved for an American Express TrueEarnings card with a 2k limit. Wells Fargo notified me that I will be upgrading to an unsecured card with them which is currently pending, and will be getting my $300 back.

Exciting!

Re: Getting your first card?

Anonymous — Wed, 21 May 2014 02:14:41 GMT

Yea well I dont feel like dropping $300 on a card then waiting 8 months or so to get it back. I could take my $300 and invest it into my TD ameritrade account and buy more stock or mutual funds and try to build my worthness.

Re: Getting your first card?

myjourney — Wed, 21 May 2014 02:16:48 GMT

Welcome to the forum

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Re: Getting your first card?

Anonymous — Wed, 21 May 2014 02:21:21 GMT

we gave you our opinion. go and apply for more cards. you may or may not get one. We are not underwrier's. We cant give you the answer, just peer to peer advice.