Question About Getting First Credit Card

burgh · ‎03-23-2010

Hey everybody, I signed up on here because it seems to be a great resource for information on how to keep building my credit score. First, I wanted to ask a question for my friend who is trying to get his first credit card. I suggested he apply for the Citi Forward Card because it is for students (which he is) and it has been a good card for me. They responded to his application within a day or two, and denied him because he does not have previous credit history. What should he do from here? I first had an mtvU citi card before getting the Forward card, so should he try to get the mtvU card as his first one? Are there any other cards that will accept a student who has income, but does not have credit history? Thanks so much for any help that you all can provide and I look forward to becoming a frequent participant in this community.

bakalao2k · ‎03-23-2010

Is your friend under 21? Anyone under the age of 21 must prove they have enough income to payoff the bill or get a co-signer who is over 21.

What did he put down for the source of income and yearly salary ?

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10

Anonymous · ‎03-23-2010

I am in the exact same situaton as him. I suggest he use this link https://www.hsbcapply.com/start/rewardzonemastercard?media=B5IM29H20061100001EM to see if he is preapproved for any of the cards. I have no credit history or score and was approved for the Gold card without an annual fee. He just needs to use that for a few months until he gets a credit score and then start applying for better cards.

Anonymous · ‎03-23-2010

If its his first credit line ever the MTVu or the Forward are both good choices. MTVu might be easier to get approval for and you can get points bonuses for good grades.

Also worth noting is that some MTVu holders have recently gotten an annual fee assessed to them unless they hit a 2400$/yr spending limit, but that only seems to be with older cardholders, not new customers.

Another option would be Discover, but their rewards program is really only good if you get the cashback in the "categories". Also they have some 75$-100$ bonuses for new applicants floating around the net and newspapers.

Personally I'd apply for both at the same time, and if he still gets denied for both try a secured card from a local credit union or something.

mazinaige · ‎07-12-2010

@Anonymous wrote:
Personally I'd apply for both at the same time, and if he still gets denied for both try a secured card from a local credit union or something.

Curious to know why you would apply for them both at the same time.

FICO® TU: 703 8/07/2015, EQ: 716 8/07/2015