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Thread: credit cards

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    Angry credit cards

    ok guys...im trying to get a crdit card to build credit im 18 and have never had one b4 now every company i apply to denys me, matercard, visa, american express ect... my own bank denied me, online though i geuss ill go in and talk to them but still i dont understand its not like i have bad cradit i mean how could i, i've never had a card come to think of it do i have any credit at all , good or bad? does anyone know whats going on? thanks ladies!!

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    Banned Melonie's Avatar
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    Default Re: credit cards

    do you have any 'official' income source that the bank can look at to provide them some assurance that you can pay your future credit card bills ?

    It should be easy for you to get a 'secured' credit card. These actually don't involve a bank advancing you credit, but instead require that you deposit X dollars in an escrow security account that you can draw against with your 'secured' credit card.

  3. #3
    Kaylinn
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    Default Re: credit cards

    Its sooo hard when your starting out. No one wants to give you credit until you have established credit, but you cant establish if noone will approve you. It's hard to start out.

    On the bright side, having no credit means you don't have bad credit, so be sure to keep it that way.

    Aside from getting a secured card, do you have someone who could cosign a small loan for you? even if it's $500 bucks, it will get you established.

    This is what I did, my dad cosigned a loan for 750 when I was 18. I paid it ever month, and paid it off early. The loan was small enough that at 18 I could afford the payments, and it got me established enough to start getting approved on my own for small credit cards.

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    Default Re: credit cards

    You may be able to get a student credit card if you're attending school. College credit cards are very easy to get.

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    Default Re: credit cards

    ^^ Something which I've never understood. It's as if the CC companies actually think that graduates will make enough money to pay them off - judging by the people I went to school with, a lot don't.

    I mean, I might lend money to a last-year med student, but short of that, I don't get the logic.

  6. #6
    Yekhefah
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    Default Re: credit cards

    That's a good point, Clara. I finished my BA and graduated in 2001, and I still have the student card I got when I was a freshman in 1997. I've tried to get them to change it over to a different kind, but they won't. The APR is fucking ridiculous - I have a credit rating well over 750 and there's no reason I should be paying 19%, but I can't pay it the fuck off at that rate. It's the only card I have so I had to use it for living and moving expenses for awhile a few years ago, and I still owe $6000 on it. It really makes me furious. When I pay off my car I'm going to get a bank loan to get rid of that card.

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    Default Re: credit cards

    Quote Originally Posted by Clara_M View Post
    ^^ Something which I've never understood. It's as if the CC companies actually think that graduates will make enough money to pay them off - judging by the people I went to school with, a lot don't.

    I mean, I might lend money to a last-year med student, but short of that, I don't get the logic.

    Well I assume they're thinking that most students have parents that will help them out.

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    God/dess Emily's Avatar
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    Default Re: credit cards

    no, they don't think that you'll make enough to pay them off. That's the point! They want you to make the minimum payment for the rest of your very long life.

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    Default Re: credit cards

    When I had a regular job at a shoe store I applied for my first card with Capitol One. I only keep it open with its low low limit to show length of credit. At first they only gave me 300 but its something when you have no credit.

    After about a year of good on time payments I got them to lower the interest rate 4-5% and got a better bigger limit card with another company.
    you live like an ivy vine
    you can only survive by clinging onto trees
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    Default Re: credit cards

    Quote Originally Posted by TigersMilk View Post
    When I had a regular job at a shoe store I applied for my first card with Capitol One. I only keep it open with its low low limit to show length of credit. At first they only gave me 300 but its something when you have no credit.

    After about a year of good on time payments I got them to lower the interest rate 4-5% and got a better bigger limit card with another company.
    I think Capital One will approve just about anybody. The interest rate will be the killer, though (around 19%, as Yek's was). When it comes to credit building, though, you have to start somewhere!

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    Default Re: credit cards

    I got an alumni card when I was in college (go figure, I have an alumni card and I still haven't graduate ) And my interest rate started at like 18 percent. They eventually dropped it to 14, and now to 9. They've also...er...dramatically upped my limit (for better or worse I'm not sure). Try college cards
    I believe you Dottie and you have my support

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    Default Re: credit cards

    I got a student credit card from my bank (Wells Fargo). I don't think I even had to show them proof that I was a student. Now, I just use one from USAA in case I don't have enough cash on me. I think my interest rate is 4-5%? I pay it off every month so I don't really pay attention to that part.

    Someone told me once that every time you're turned down for a credit card or something, it's a ding against your credit... I dunno if that's true or not.
    If you think school is hard, try being stupid.

  13. #13
    Yekhefah
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    Default Re: credit cards

    ^^^ Yes, that's true. Actually it's a "ding" every time you even apply, but if you're approved and you pay it reliably, then it builds it back up and then some. When you're rejected, you don't get the chance to build it back up; you just get the "ding."

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