Credit Cards for an 18 yr old

[NJ346]

ok, well I've been 18 for a few months now and want to start building my credit before I go to college next year. I know with the economy, it's extremely hard to get a credit card. What companies out there are somewhat friendly to people who don't have a credit history? I have a steady job and go to school full time.

[MonmouthCtyAntz]

When I was 17 I got a Capitol One Visa...I made sure i only used it a few times a mth just to build my credit up...might wanna check them out.

[camaro2you]

Have a parent co-sign it will be much easier.

[NJ346]

Originally Posted by camaro2you

Have a parent co-sign it will be much easier.

I would rather not have them co-sign for me.

[Anti_Rice_Guy]

Originally Posted by NJNETSFAN

ok, well I've been 18 for a few months now and want to start building my credit before I go to college next year. I know with the economy, it's extremely hard to get a credit card. What companies out there are somewhat friendly to people who don't have a credit history? I have a steady job and go to school full time.

I went to my bank (Chase) last fall and said they can back it by my savings account since they didn't want to give me one. They then agreed and started me at like a $300 limit. Now I get credit card offers all the time...

[deadtrend1]

I currently only have 2 cards. One is my checking account debit card, and a AMEX Gold card through my company, which I really don't think affects me at all.

I never had a major credit card and have excellent credit. I fear that I will really mess myself up with one. My mom co signed on my first vehicle loan few years ago, and that's what i used to build from.

I did have a compusa card i used once before they went under. Currently have a best buy card that i used once and shredded. unfortunetly that doesnt stop me cause you can use your SS number and drivers license to buy stuff at the store.

don't take advice from me though, I'm horrible with money ....

[bandit88]

Originally Posted by deadtrend1

I currently only have 2 cards. One is my checking account debit card, and a AMEX Gold card through my company, which I really don't think affects me at all.

I never had a major credit card and have excellent credit. I fear that I will really mess myself up with one. My mom co signed on my first vehicle loan few years ago, and that's what i used to build from.

I did have a compusa card i used once before they went under. Currently have a best buy card that i used once and shredded. unfortunetly that doesnt stop me cause you can use your SS number and drivers license to buy stuff at the store.

don't take advice from me though, I'm horrible with money ....

[Tsar]

Citi, Chase and Discover all gave me credit cards when I was your age. Just make sure you're not getting some ****** 99%APR BS, and it has some rewards.

EDIT* PS. before someone comes and here and says CC's are evil.. they are not, they are evil to stupid people who do not know how to utilize them and/or have no self control. They are great for rewards and credit building! Good luck.

[deadtrend1]

Originally Posted by Tsar

Citi, Chase and Discover all gave me credit cards when I was your age. Just make sure you're not getting some ****** 99%APR BS, and it has some rewards.

very true. I rushed to get the loan for my car trailer paid off quickly cause they jacked up the rates on me just cause, well, they felt like it.

Avoid annual fees and all that other hidden crap.

[Anti_Rice_Guy]

Originally Posted by Tsar

Citi, Chase and Discover all gave me credit cards when I was your age. Just make sure you're not getting some ****** 99%APR BS, and it has some rewards.

Good point, I forgot about that....I have a student card/rate. No interest for 6 months. From Discover.

[NJ346]

I just applied for a chase card with a $39 annual fee. Not really worried about a lousy $40 a year, I just really want to get the ball rolling with my credit history. I'm really good with money(was able to afford the ls1 as my first car), so that's not a problem. I may check with my bank just to see what they can do for me. They'd probably be the best bet since they can see my checking account history and I always try to keep a good amount of $$ in there.

[Anti_Rice_Guy]

Originally Posted by NJNETSFAN

I may check with my bank just to see what they can do for me. They'd probably be the best bet since they can see my checking account history and I always try to keep a good amount of $$ in there.

Wise decision.

[cdacda13]

Bank of America offers a plan for students. Its call Campus edge checking. It gives you a saving account, checking account, and a credit card. Its free checking, with a debit card. Free online banking. Credit card has a low APR, and a 700 limit.

[Tsar]

From my experiences cards through the bank always charged higher APR than cards that I have acquired else where. Maybe it's just my experience though, need someone else to confirm. And wtf, chase charges annual fee now?

edit* just checked - chase freedom has no annual fee..

[Tru2Chevy]

Originally Posted by Tsar

And wtf, chase charges annual fee now?

On some cards they do. Neither of my Chase cards have a fee though.

- Justin

[Anti_Rice_Guy]

Originally Posted by Tsar

From my experiences cards through the bank always charged higher APR than cards that I have acquired else where. Maybe it's just my experience though, need someone else to confirm. And wtf, chase charges annual fee now?

6 months interest free means APR doesn't matter. I don't have an annual fee from Chase, maybe because it's the student thing?

[//<86TA>\\]

i got a capitol one visa when i turned 18, it only had a limit of 500bux. I used it for gas, paid it off every month on time and in a year or 2 i got a visa and a discover with 15k limits, not sure where they are now.

Just make sure to pay it off every month, dont carry a balance.

Only thing i didnt like with capitol one, my limit never went up, i technically still have the account, i destroyed the card years ago, but its still 500 bux. My other cards have gone up a few times.

[Tru2Chevy]

Originally Posted by Anti_Rice_Guy

6 months interest free means APR doesn't matter. I don't have an annual fee from Chase, maybe because it's the student thing?

Correction, paying your card off in full every month means APR doesn't matter. 6 months interest free just means that if you are behind, you can transfer a balance and save yourself a few bucks.

- Justin

[Tsar]

Originally Posted by Anti_Rice_Guy

6 months interest free means APR doesn't matter. I don't have an annual fee from Chase, maybe because it's the student thing?

Six months will fly by, and if you have a balance higher APR will choke you until you die of starvation. Average student in US carries a pretty hefty balance on their CC. Now if you pay it off, then you don't have to bother with the APR, but too many people don't.

[Anti_Rice_Guy]

Originally Posted by Tru2Chevy

Correction, paying your card off in full every month means APR doesn't matter. 6 months interest free just means that if you are behind, you can transfer a balance and save yourself a few bucks.

- Justin

Exactly. I don't keep a balance, but could with no penalty if I ever needed/wanted to.

[Tsar]

Originally Posted by Anti_Rice_Guy

Exactly. I don't keep a balance, but could with no penalty if I ever needed/wanted to.

Your "penalty" will be finance charges, eventually.

[Anti_Rice_Guy]

Originally Posted by Tsar

Your "penalty" will be finance charges, eventually.

For longer than normal is what I meant.

[Pampered-Z]

Just to add to this thread. Just found this out while working with the banks on my daughter's new home.

Once you get the card, make sure you use it. I'm not saying to go nuts, buy something so that you make payments over time say pay it off in a few months. Also you should use the card at least 3-4 times a year and this will help you raise your credit limit and rating.

Buy something you can easily afford and then make the payments each month. Showing you are good at making the payments helps your credit more then then buying something at them paying off the full balance of the card each month.

My oldest daughter has 3-4 cards but only use 2 of them. She did the buy it / pay if off for years, even for large purchases. What happened is that did very little to help her credit. On one of the cards that she never used, without her knowing? ( or maybe didn't understand if they did notify her ) was that the CC company dropped her credit line from 10K to 5K becuase it was inactive for over a year. Well when that showed up on her credit report that the CC dropped her limit it really hurt her credit score! I never realized all this was factored in because I've had established credit over years. Seeing what my daughter went through was a mess! you would think that someone that pays off their bills right away would have good credit, but that's not how the creditors view it. They want to see more long term ability to make payments. So you need to balance you buying with paying withut getting beat up on the interest.

On the other side, My younger daughter that makes less money then her sister uses her CCs and makes the monthly payments and as a result she actually has far better credit reports because she has demonstated that she makes all her payments and her limits have been raised over the past few years.

[Anti_Rice_Guy]

Originally Posted by Pampered-Z

Showing you are good at making the payments helps your credit more then then buying something at them paying off the full balance of the card each month.

Good call. I forgot to mention the bank manager told me that.

[maroman88]

ive got a visa card, my dad has a visa card... we get one bill with both our names on it... its all for car parts lol