Ok, here it goes. I will turn 18 on Saturday, and I am looking for the best card I can get. (OBVIOUSLY!) I buy about $40,000+ every month for eBay resale. I currently have the paypal debit card with 1.5% Cash Back, and the BOFA Alaska Airlines debit, which is ok, but is 2 dollars for 1 point. I dont care about interest rates, since I will be paying it off immediatly. I dont want travel rewards or items, just Cash Back. The thing I am worried about is not having any credit, and applying for too many cards.
If I apply for alot of cards, will it hurt me? How about credit accounts?
I am looking at the target card and Circuit City card, since I spend a majority of my money there. Is it best to use the two cards for the two stores or just use one credit card for all of them?
I have a checking, savings, prima account at BOFA, and I was told that would help me a bit. I dont want student checking because there are no rewards. Please let me know what suggestions you might have, I am lost. THANK YOU!
What will my score be when I turn 18, if anything?
YES, I have looked through ALL the stickies, however I found nothing that pertains to me.
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Happy Birthday! Credit score is based on credit history. No history = No score. You'll get credit history once you apply for credit (any form of credit, not only a credit card).
what is the point of going through all the old no stickies without knowing the basic.
no credit history and expecting to get ANY cards you want. most of us starts with $500-$1000 credit.
try to start with pre-approved letter. if you are a college student, apply with those guys on campus. if you don't get pre-approved letter and not a college student, good luck getting a credit card.
I believe your credit score is non-exist as long as you don't have any credit history.
dawhim said:what is the point of going through all the old no stickies without knowing the basic.
no credit history and expecting to get ANY cards you want. most of us starts with $500-$1000 credit.
try to start with pre-approved letter. if you are a college student, apply with those guys on campus. if you don't get pre-approved letter and not a college student, good luck getting a credit card.
I believe your credit score is non-exist as long as you don't have any credit history.
I am a college student, a Sophmore if it makes a difference.
I am a college student, a Sophmore if it makes a difference.
it does. when you apply for a credit card, don't expect them to give you anything over $1000. if you want more you can apply to 2 citicards. the A-hat on campus signed me up for both divident and plantium selected when I didn't know the difference (they made commission each application). you can call them citi and ask them to combine two cards into one for more credits.
didYOUsearch said:NOT a unique situation, most common question #4 in the sticky http://www.fatwallet.com/t/52/457977/
there are not specifics, and I have a different situation. Gees, STOP complaining about every little thing. Just answer the question, I just want some advice.
OP, CC issuers care less that you do 40k/month in purchases if you have no credit history, in fact there's a REASON they have personal and business CCs. You are not supposed to put personal purchases on biz CCs or put BUSINESS purchases on personal cards (thats what you are doing).
Youll probably have the best luck dealing with BofA if thats where you handle this large transaction volume, speak to a manager. Its time for you to get business accounts now that youre an adult. BofA actually has a sweet cash rewards business card (search this forum) Still, Dont expect a CC with a high 5 digit CL to start.
philipcolett said:didYOUsearch said:NOT a unique situation, most common question #4 in the sticky http://www.fatwallet.com/t/52/457977/
there are not specifics, and I have a different situation. Gees, STOP complaining about every little thing. Just answer the question, I just want some advice.
didYOUsearch is right, your questions are not unique. the advice will be the same for whoever trying to get a cc.
You have to have a line of credit for 6 months before you get a FICO (Try buying your score from equifax/experian/trans union, they wont even let you since you wont have one). Your starting from the ground up, use the above link.
it doesnt take 6 months, it can be quicker. Thats good advice to check and see whats on his credit report and score say before applying anywhere (perhaps any authorized user cards from parents are on there). if the system doesnt let you buy your credit score and report, you probably dont have one yet!
Try a secured credit card. Of course it will be subprime, maybe even with annual taxes, but whatever, you are building your credit history.
I might suggest BofA Student Visa CC or Citi Student MC/Visa CC. No annual fees, pretty easy to get. Ton't try, for now, to get a rewards card, wait at least 6 months (therefore Discover or 0% BT are out of the question). Prove your income if necessary.
IMO, if I had just turned 18 and was churning $40k / month on eBay, I'd probably worry a bit more about the IRS consequences and being charged as an adult than I would on how I could get the best $1k limit charge card deal.
Ok, so I went to BOFA and applied for a card. It will take them 1-2 weeks to hear back. I hope I get it. I asked the manager if it would affect me if I applied for another card, like the apple credit account or target card. She said it might. I really want an apple credit account and a Target card, what do you think? She said she would wait at least a week to apply for another one.
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