Looking for advice on first credit card - college senior

[Anonymous]

Hi all, I'm a college senior who will be working as a strategy consultant next year. I haven't had a credit card before and have had a checking account with BofA for the past 6 years or so. My sister just got a Chase Sapphire Reserve and my parents are long-time customers with BofA and Wells Fargo.

I was looking at a variety of different options, and finally landed on a few options: BofA Cash Rewards for Students, becoming an AU for either my sister's Chase card or my parent's credit cards, or the Citi Double Cash Card. Would anyone know which one of these would be the best option? If it helps, I made around $12,000 in my past summer internship and going to make $75k + around $10-15K total when I start work next year. If there are other options that the community would think is better, then that would be welcome as well. Thank you!

[Anonymous]

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@Anonymous wrote:

Hi all, I'm a college senior who will be working as a strategy consultant next year. I haven't had a credit card before and have had a checking account with BofA for the past 6 years or so. My sister just got a Chase Sapphire Reserve and my parents are long-time customers with BofA and Wells Fargo.

I was looking at a variety of different options, and finally landed on a few options: BofA Cash Rewards for Students, becoming an AU for either my sister's Chase card or my parent's credit cards, or the Citi Double Cash Card. Would anyone know which one of these would be the best option? If it helps, I made around $12,000 in my past summer internship and going to make $75k + around $10-15K total when I start work next year. If there are other options that the community would think is better, then that would be welcome as well. Thank you!

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Welcome to the forums and congratulations on the job!

Being AU on an account with a long history is great, assuming the current balances remain low. Of course, the goal here is to get accounts established under your name.

If your file is empty, I doubt BofA will approve you for the Cash Rewards. (You may get the 99/500 secured offer due to your banking relationship, but that still carries an AF. Also, the students version doesn't have a SUB; I got the regular version a couple years ago now as a student; it's definitely not obligatory and unlikely advantageous to apply for the students version with them.)

Because credit is a journey and not a sprint, I wouldn't rely on being AU. One high balance or a forgotten payment on their part could spook your lender(s).

My first card was the Discover secured because it earns rewards, has no AF, and graduates reliably assuming responsible use. After six months with them, I was in with Chase, or, in your case, you would likely be in with BofA, which is a good option now that they SP CLI.

[MrCreditInternational]

I was in a very similar situation.

I'd say go with all of them! But first be an AU on the 3 cards, wait until the info is reported on you CR, then apply for BofA and Discover.
For BofA, it might be easier to start with their 123 or travel rewards card.
After like 6 months, try to apply for your own Sapphire. My friend did something similar and it worked!

Just don't make my mistake and go over 5/24

From my experience with BofA, as long as you had an account for a year+ with no negatives and a balance of 1k+ you'd be approved for their 123 card.

[SouthJamaica]

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@Anonymous wrote:

Hi all, I'm a college senior who will be working as a strategy consultant next year. I haven't had a credit card before and have had a checking account with BofA for the past 6 years or so. My sister just got a Chase Sapphire Reserve and my parents are long-time customers with BofA and Wells Fargo.

I was looking at a variety of different options, and finally landed on a few options: BofA Cash Rewards for Students, becoming an AU for either my sister's Chase card or my parent's credit cards, or the Citi Double Cash Card. Would anyone know which one of these would be the best option? If it helps, I made around $12,000 in my past summer internship and going to make $75k + around $10-15K total when I start work next year. If there are other options that the community would think is better, then that would be welcome as well. Thank you!

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The Cash Rewards for Students, with a bank you've been using, sounds like a good start.

Frankly I wish I'd started out with credit unions, and avoided banks altogether. So my best advice would be to join a credit union.

[Gmood1]

Have your parents add you to two or three of the oldest credit cards they have. Those cards should be free of any missed payments and utilization between 1 to 9%.
You'll be golden in 6 months!
I've done this for several close family members. It has worked every time in jump starting their credit.

Also, make sure those cards back date.
Chase, BofA, Citi, Capital One, Navy Federal and Synchrony all back date.