Credit Card Applications

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Discussion Here

Honestly, I would be surprised, considering your age and no credit history; if a Credit card issuer gives you a credit line > $500. I am almost positive that you are not going to be able to finish a successful app-o-rama at this point. App-O-Rama needs a great credit score; and will ding it temporarily. YOu need to read the FAQs before you apply for any card.

alanwong5521 said: I was planning on applying less than 2 months from now, when I turn 18. I've heard of people who get student credit cards without any history of credit; wouldn't I be able to do the same? thanks.

Sure, you may get 1-3 student cards, but with limits of less than $500 each.

It's at least good that you're gaining an interest in your financial future, but don't risk it by making rash decisions like the App-O-Rama before you even turn 18.

I would first pull your credit report. You can get 3 free reports a year. Next, from my experience along with many of my friends, some of our first cards were Capital One and Providian. Not the greatest of companies, but as long as you don't pay any annual fees or carry a balance, they are nice cards to get you started. Granted your limits will fall in the $200-$1000 range at most, Providian is very fast on increasing your limit.

But if your credit isn't as great as you expected, if you have a nice relationship with your parents, perhaps ask them to add you as an authorized user on one of their more established cards (one w/o a balance or with a balance they pay off monthly).

Just some tips on getting started, hopefully others will add their opinions/experiences.

alanwong5521 said: ...and what happens in the event that I get all three cards? Would it hurt my credit rating? Thanks

Nope, you go to the bonus round!

Jokes aside, I suggest you slow down a bit and consider the potential consequences of mismanaging credit at a young age.

kai445 said:
I come to find out that Sears reports to not one or two, but all three credit bureaus, and my payment history (three whole months) are spotless.

Virtually ALL creditors report to ALL THREE bureaus. They dont just report to one or two.

Your story is the embodiment of Most Common Question #4 in the sticky, which OP should have already read.

alanwong5521 said:
But anyways, I would be much oblidged if people would stop treating me like a kid. I don't mean to sound irate or anything like that.youre coming here for advice, and getting sound advice. The answer to your qiestion is simply to Follow the most common question #4 in the sticky for now.

If your parents have good credit, see if you can get your parents to add you as an authorized user to one of their cards. That way, you may be able to have their long history reflected on your credit report! (search the archives here for the word AUTHORIZED to see which CCs report AU cards)

18, with no prior credit, is not the age to embark on AppORama, unless you want a accumulate a bunch of denials and inquiries. Follow the most common question #4 for now, use the new credit responsibly for a year or two, THEN , once you have a couple years of credit history and have mastered
1. paying balances on time each month
2. knowing the best way to answer a CC app.
3. checking credit score
4. watching for juicy CC offers

THEN it may be time for AppOrama.

I would not apply for 3 student cards at a time to start. Again, the sticky lists types of cards easiest to build credit. If you cant get an "instant credit history" through authorized user cards, try a student card or store card, and if that doesnt work, go for the guaranteed method (secured card).

EugeneV said: alanwong5521 said: the only CD that an average teenager is familiar with is a circular disc



I always thought it was Compact Disc...

Anyway, to stay on topic... I've been 18 for about 9 months now, so it wasn't too long ago that I was in the same boat as OP. The advice everyone has been giving you is good, follow it. I made the mistake of applying for too many cards as soon as I turned 18, resulting in 6-7 denials/inquiries on my Credit Report, which are still there (although I did manage to get approved for a Amazon.com Visa w/ CL of $1000-I've since increased it to $3500).

Although I'm currently happy with my Amazon.com Visa, I imagine that the 6-7 inquiries in the past year played a large role in my recent rejection by the more popular Citi® Dividend Platinum Select® Card. I've earned $100 worth of rewards in 9 months from my Amazon.com Visa Card, but with the recent surge in gas prices I could really use the 5% gas rebate from Citibank.

alanwong5521 said: Okay, so I was thinking about applying for the following:

Citi® Dividend Platinum Select® Card for College Students
American Express Blue for Students® Card
U.S. Bank College Rewards Visa® Card

I heard the US Bank Card is easy to obtain, even with no credit history (from user reviews from cardoffers.com). But what I really want is the Citi Dividend Card, then the AMEX Blue Card, then the US Bank Card.

Should I apply first for the easiest card (US Bank) or to the card I want the most (Citi Dividend w/ 5% CashBack at markets). I want the AMEX so that I could build a relationship with the company and I heard that AMEX buyer's protection is very good; I heard that they will practically fight for your money if you've been gyped.

I'm not sure how difficult it is to apply for the Citi Card or the Blue AMEX Student Card. Should I apply for all three (on the same day) and what happens in the event that I get all three cards? Would it hurt my credit rating? Thanks

Replying from personal experience, I don't suggest you apply for American Express Blue for Students® Card or Citi® Dividend Platinum Select® Card for College Students, because they will not approve it. I got my first credit card when I was 18, it was a student card from some bank, I don't remember the name, but was taken over by citi. The card start with a CL of $300 only, even with actual household annual income of $95,000. Few months after I got the card, I apply for the Blue for Students and got declined, due to lack of credit history. 1 year passed, my student card got upgraded to a Platinum Student Card with a CL of $1000, then I apply for Blue for Students and got approved with a CL of $2000. As of now, the Citi Student Card has only a CL of $2,500 and the Blue for Student is $10,000. From my experience, citi is very cheap with CL and AMEX is very generous.
Currently I have the following CC from AMEX and Citi :

Citi - CL of $ 2,500 - Student <- First Credit Card
Citi - CL of $15,000 - CitiBusiness® Card with ThankYou NetworkSM <- did it for 15,000 Points.
Citi - CL of $10,000 - Citi® Dividend Platinum Select <- did it for 5% Gas.

AMEX - CL of $10,000 - Blue for Student <- Second Credit Card
AMEX - CL of $30,000 - Blue Cash <- did it for 0% Purchases APR.
AMEX - Unlimited CL - Gold Charge Card <- 1 year free, will convert after 1 year.

Like many users suggested, it will be better for you not to do AppORama and wait til you have a decent credit history. Keep in mind, inquires will hurt your credit scores, thus not a good idea to hurt or damage your credit history early. I have 2 CC from the age of 18 to 24, with 6 years of credit history with no late-payment and always paid in full, my credit scores was at 765. Then, I come across this forum and learn about AppORama and all the freebie out there, it was a completely different ball game. My credit scores drop like 60 points due to AppORama and it's increasing slowly, like 3 to 5 points per month.

My suggestion just apply for 1 CC from a smaller bank or a department store and use it wisely ! Wait a year or two, then apply for something you really want and quality for. Then do AppORama when your credit is at least good or excellent. Not point of having alot of student CC, most CC companies will not let you convert it.

getting credit wasnt really that hard for me..i turned 18 a little less than 6 months ago. i applied for a student card with my credit union and requested a $500CL. they gave it to me. Then i saw the citi mtvU card and figured since im going to be using a card anyway, why not get rewards..plus u get points for good grades, paying bills on time and such. so i applied (this was about a month after i had my other card with the CU). Citi approved me with a 1.2k CL

my credit score is 675 now with 2 revolving credit lines and a student loan