Need advice on my first ever credit card application

[Anonymous]

Hi Everyone! I am fairly new to all of this so please bear with me! I am really excited to apply for my first credit card and I'm looking for some advice surrounding my options!

A little bit about myself:

-I am 20 years old and a full time student at a private college

-I have no student loans

-i have never had my own credit card before, though I am an authorized user on my parents Chase Sapphire Preferred card

      -I have tried to look at my credit score through credit karma but can be found, so as of right now I am operating as though I have no credit history 

-I have a checking/savings account with Chase

-I have a checking account with Citibank 

-My annual income is around $30,000

I travel quite a bit and am looking for a card that will be beneficial to my traveling, no foreign transaction fees would be a huge plus in my book. (I use United most often). Because I have no credit history I am at a loss for what credit card is the right one for me. I spend about $1,000 per month using my debit card and know I am repsonsible enough that I can pay my balance in full every month. I need a card that will help me grow my line of credit to the point that I can book all flights on the card. I know initialy my credit limit will be low but I still want to know what my best option will be! Also, I am really hoping to get it right the first time and only apply for one card and have it be approved, I do a lot of research before I do anything and I want to treat my credit card in the same manor. 

Thanks so much in advance and if anyone has any best practices for using my first credit card please share!

[chalupaman]

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@Anonymous wrote:

Hi Everyone! I am fairly new to all of this so please bear with me! I am really excited to apply for my first credit card and I'm looking for some advice surrounding my options!

A little bit about myself:

-I am 20 years old and a full time student at a private college

-I have no student loans

-i have never had my own credit card before, though I am an authorized user on my parents Chase Sapphire Preferred card

      -I have tried to look at my credit score through credit karma but can be found, so as of right now I am operating as though I have no credit history 

-I have a checking/savings account with Chase

-I have a checking account with Citibank 

-My annual income is around $30,000

I travel quite a bit and am looking for a card that will be beneficial to my traveling, no foreign transaction fees would be a huge plus in my book. (I use United most often). Because I have no credit history I am at a loss for what credit card is the right one for me. I spend about $1,000 per month using my debit card and know I am repsonsible enough that I can pay my balance in full every month. I need a card that will help me grow my line of credit to the point that I can book all flights on the card. I know initialy my credit limit will be low but I still want to know what my best option will be! Also, I am really hoping to get it right the first time and only apply for one card and have it be approved, I do a lot of research before I do anything and I want to treat my credit card in the same manor. 

Thanks so much in advance and if anyone has any best practices for using my first credit card please share!

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Try BoA for Students or Discover It for Students until you've built up enough history with those. Then go for an Amex after 6 months. You could also try seeing if Chase will let you start out with a Freedom, though it will probably be a low limit like $500. Good luck!

[Anonymous]

Welcome.. as the other user suggested you may want to start with a secure card.  Cap 1 and Bank of America have great options when building credit.  Get those 2 and after 6 months to a year, you should be able to get an actual card.  Stay away from Credit One and First Premier as you try to build credit.  All the best.

[Anonymous]

Hi there,

Welcome to the forums.

i agree with what the others have said. you are in a good position so make it count.

and yes again stay away from Credit One and First Premier.

as far as your scores you can get your true fico 8 scores here. for a small monthly fee and it will monitor it as well. 

credit karma is not all that useful in those terms. Specially their CC recommendations!

Best of luck!

[kdong1996]

How long have you been an AU on the Sapphire Preferred? If you've been on it for a while then the history should have reported to the CBs.

[Anonymous]

I've been an authorized user on the CSP just over 3 years now. Is there a reason it wouldn't have been reported to the CB's?

[kdong1996]

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@Anonymous wrote:

I've been an authorized user on the CSP just over 3 years now. Is there a reason it wouldn't have been reported to the CB's?

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No it should be reported with the full payment history. I also started with an AU Chase card that reported for 2 years, when I turned 18 my scores were already mid 700s, you should try pulling your scores and see what they're at. They should be at around 700ish, in this case I'd skip secured cards and go for 2-3 good cards from different banks.

A few people have had success with Chase with only an AU card. I was able to get a 2.7k Freedom with 16k income. There was also this other member that was able to get a 7k Freedom and CSP with 35k income. They were all with the lowest APR. You can check their preapproval site for any offers.

[Anonymous]

Welcome, seems like you can app now since you have been AU. On an acct. I would try for discover student or cap 1. 

You are headed in the right direction. 

[Anonymous]

Thanks for the advice everyone! I really would like to get my foot in the door with chase seeing as I have accounts with them already and I think the CSP is a great card to have. Does anyone know if I go to a branch of chase will they give me any more insight on whether or not I am even a candidate for one of their cards?

[Santi78342]

I would advise you to go check for any Chase pre-approvals via their website. If anything pops up, go for it!