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Originally posted by Kremithefrog:
I want a credit card just to help start establishing some credit. I want one with no yearly payment and I'd prefer one with some sort of reward for spending money but it's not a must.
I've already been denied one from chase.
Any ideas?
I was exactly in your situation some 5 yrs ago.
Applied for a bunch of "You've been pre-approved" spam crap, was turned down on each of them.
After that I started doing my homework and reading up on it.
I opened a secured credit card with $200 at CapitalOne and used it occasionally for about 6 months, always paying it in full.
After 6 months, applied for Discover (I was told that they liked full-time students at the time) and got a card with $5000 limit and cash-back.
Used the Discover extensively for a year, always paying it in full.
After that, I got all the fancy reward cards I applied for.
As I understand, you have to "get into the system" somehow (secured card), and after that it just takes time, 6 months the least.
I had good experiences with CapitalOne in general, and bad experiences with my local bank (AmSouth).
HTH,
Tiv
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Joined: May 2000
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There are a bunch of "student" cards out there that are usually pretty lenient. The interest rate is usually terrible though, and some have annual fees so watch out. When I turned 18 I managed to get 4 cards in about 6 months with no real credit history, first one was a department store though.
My .02
"Bros before Hoes" <-- More men need this mentality.
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Originally posted by KokoMerkin:
Originally posted by Kremithefrog:
Will applying for cards hurt my credit? Or does it not really matter seeing as I guess it sucks already.
Most definitely. Each inquiry stands on your credit record for two years. Accumulating enough inquiries in a short period of time will hurt you score.
I am a loan officer and I can check your credit, but KokoMerkin is correct about getting it checked too many times in a short period of time. Usually, you can get your credit checked up to 3 times in 90 days with no penalties. Your score can be docked about 10 points for each additional credit run within the 90 days. This "rule" is only a guideline because there are so many factors that can affect your credit score when getting it checked. The best way for someone with no credit to obtain lines of credit is for them to have a family member co sign on the credit line. Also, the best way to gain good credit is to get 2 or 3 different lines of credit. The reason you should have multiple lines of credit (a Visa Card, a Mastercard, and even a gas card) is because most of the card companies (or banks who give the credit line) only report to 1 or 2 out of the 3 Credit Bureaus. If you only have 1 card reporting to 1 Bureau, you may still have barley any credit even after a year of spending and paying the card off. Also, for those of you who do already have credit and are trying to get a mortgage for a home or a loan for a car, make sure that you pay down (to under 1/2 the credit limit) as many of your credit lines as possible 30 days prior to applying for the mortgage/loan. For example, if your Visa has a $1,000 credit limit, make sure that you owe under $500 on it when you apply for the loan. Keeping the balance due under 50% of the credit limit is crucial to getting a good rate. This is a quick and easy way to improve your credit and get you a better financing rate. Even a slightly lower rate will save you a ton of money over the years.
If anyone has any questions about credit, mortgages, or real estate, please feel free to shoot me a pm. I would be more than willing to answer any of your questions.
Jeff
For Sale - 96 Tour Sport 2.5L MTX with SVT Exhaust, pre 98 trunklid with newer Contour Sport spoiler instead of lip spoiler, newer Contour sport rims. Newer paint job. Brand new floor mats. Rust Free! PM me for details and pics.
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Joined: Oct 2004
Posts: 2,116
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avoid capital one. Worst credit card company EVER! Including me, there are three people I know that got a credit card threw them that was 0 intrest for 12 months at a a supposedly fixed apr of like 11%. After two months of paying it on time and not coming close to the limit, everones card started accrewing interest and the apr was 20%. I called and asked them what was going on and for them to change it back, they said no and that they can change the offer. I told them that if they don't change it they can cancel my account when I pay off the card and they said ok. Card was paid off real quick and canceled it....and they keep sending me offers in the mail.
95 SE MTX
svt exhaust
intake
deer killer
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You dont need Credit Cards to build credit.If you dont believe me, I've never had one and likely never will and my credit score is in the upper echelon of the possible score. Use things like cell phone bills and car loans to build credit. Credit Cards lead to nothing but trouble. Just remember, Credit Card companies love to "give out" their money hoping that you wont be able to pay it back.
** Mike **
"You might beat me in a straight line, but I'll embarass you in the turns"
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Joined: Feb 2001
Posts: 568
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Originally posted by KokoMerkin:
He should check his credit. It's cheap and will give him a good picture of what he needs to accomplish.
Actually, it's free, no? Under FCRA, he and the rest of us are entitled to three per year at no charge...one from each of the three national reporting agencies (TransUnion, Experian, Equifax). IIRC, you won't get a free BEACON score, but it's available for a small fee with your free report.
B. Riley
Melbourne, FL
'01 Camry LE V6/5-spd
Was: '00 Black/Tan SVT Contour #560 - Sold 3/26/03
Before that: '95 Champ/Blue Contour GL V6 ATX
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Originally posted by Blk560:
Originally posted by KokoMerkin:
He should check his credit. It's cheap and will give him a good picture of what he needs to accomplish.
Actually, it's free, no? Under FCRA, he and the rest of us are entitled to three per year at no charge...one from each of the three national reporting agencies (TransUnion, Experian, Equifax). IIRC, you won't get a free BEACON score, but it's available for a small fee with your free report.
Yeah, it's free for the basic overview thing. But, like you said, it doesn't include the score. I believe it also doesn't include things like inquiries or public records, or provide suggestions on what in your report is causing you score to be lower and how to improve it, or allow you the opportunity to put in your own comments.
Personally, I pay Experian a small fee, I think it's like $8/month, and I can get all the free credit reports I want. So I check it at the end of every month. And they also do things like immediately send you alerts when there's new inquiries on the account or there's in significant changes in the status of your accounts. That way, at best, there's only a day between someone applying for a card in my name and when I know about it, as opposed to possibly months if you check your credit report "only" every few months.
It's a small amount for peace-of-mind. And, just to be sure, I individually pull the other reporting agencies reports every quarter or so.
2003 Mazda6s 3.0L MTX
Webpage
2004 Mazda3s 2.3L ATX
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On a very depressing note, you would be suprised how good it is for credit to pay off a 4 year car loan in 1 year with insurance money from the wreck 
Originally posted by IRingTwyce:
Originally posted by Pudmunkie:
I heard capital's rates were not all that great....
Also Chase just pisses me off, if you have a high enough balance, and pay off a huge chunk of it they will send you these annoying letters saying "we hope you arent leaving us!"
Hey morons, I wasnt leaving you the first 400 times you sent me the letters, im not now! not yet....
That's when you use their paranoia against them. Bargain for increased credit limits, reduced APRs, and/or zero fees.
Been there, done that 
Alex
'99 SVT Contour
-=|WANTED: Vortech, working or not |=-
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Originally posted by sigma:
Originally posted by Blk560:
Originally posted by KokoMerkin:
He should check his credit. It's cheap and will give him a good picture of what he needs to accomplish.
Actually, it's free, no? Under FCRA, he and the rest of us are entitled to three per year at no charge...one from each of the three national reporting agencies (TransUnion, Experian, Equifax). IIRC, you won't get a free BEACON score, but it's available for a small fee with your free report.
Yeah, it's free for the basic overview thing. But, like you said, it doesn't include the score. I believe it also doesn't include things like inquiries or public records, or provide suggestions on what in your report is causing you score to be lower and how to improve it, or allow you the opportunity to put in your own comments.
Personally, I pay Experian a small fee, I think it's like $8/month, and I can get all the free credit reports I want. So I check it at the end of every month. And they also do things like immediately send you alerts when there's new inquiries on the account or there's in significant changes in the status of your accounts. That way, at best, there's only a day between someone applying for a card in my name and when I know about it, as opposed to possibly months if you check your credit report "only" every few months.
It's a small amount for peace-of-mind. And, just to be sure, I individually pull the other reporting agencies reports every quarter or so.
The free Experian report I pulled didn't report the 'fishing' inquiries, but it did show inquiries for instances where I applied for credit. Also showed 'maintenance' inquiries for creditors to whom I am currently obligated.
People at least need to take advantage of the free ones -- they have nothing to lose. Space them out every 4 months...if you're married or co-signed with someone, stagger it with your partner every 2 months or however you wish. If you need more then a subscription is a great tool.
B. Riley
Melbourne, FL
'01 Camry LE V6/5-spd
Was: '00 Black/Tan SVT Contour #560 - Sold 3/26/03
Before that: '95 Champ/Blue Contour GL V6 ATX
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Allright, long as we're on topic here, here's my issue. I want to start building some good credit. I've already been working on it for a few years with small, introductory credit cards, utility paynments, car loan, etc. I want to get a credit card that can start helping me out with rewards and such. I'd like to get one of those cards that puts the change left over from each purchase into a High-Yield Savings Account. Should I just find one and apply, or should I check my credit first? If I check first, won't that hurt my credit just a bit, which could be enough to not get accepted? Are there other, better rewards credit cards that I should be looking to as a college student? Should I look to going through USAA for my future military purposes? Just lookin' for some opinions here.
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