Getting my first credit card...

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the DRIZZLE

Platinum Member
Sep 6, 2007
2,956
1
81
Just get a cash back card and use it for everything that you have been using the debit card for and pay it off at the end of the month. I prefer cards that direct deposit the money into your bank account rather then sending you a gift card.
 

Red Storm

Lifer
Oct 2, 2005
14,233
234
106
Look into the Chase cards then... they have pretty good cash back options......

Going with a MR or SWest Rewards CC its not worth it....

Hmm, the Chase Freedom card doesn't look bad at all, and the cash back potential looks good too.
 

bobdole369

Diamond Member
Dec 15, 2004
4,504
2
0
People will tell you all sorts of bullshit that doesn't work, or dissuade you from credit in general or crap that isn't going to help like "open a store card".

Bottom line - if you want to generate credit, you will need a revolving account. It is not easy to start because people think that any card will work. No way. You will not be approved in most cases for 90+% of the revolving credit out there. Look to "starter cards", like Capital One, Orchard Bank, Target, and Walmart store cards. Those are fairly easy to get. Apply for all your credit on the same day - as it looks like you are shopping and not searching desperately for credit. But don't go overboard. Find 3-5 cards that are rebuilder or "starter" cards, and apply for them all. Use forums such as infinitecredit.com as resources. Places like whogavemecredit.com can help a little but tend to be a little out of date with details. It never hurts to actually call one of the credit cards to apply - sometimes the phone droids can help vs the online approval.

If none of that yields yo any credit - then open a credit union checking account and wait another year. You'll be able to get a secured card through them, and in another year with your secured card at a 0 or very small balance you'll be able to get an unsecured card with them, then you'll have enough score for some un-secured credit.

You can also buy a car - in most cases if you get $2500 and buy a car for <$10,000 (which means sticker price for about $8500 (taxes/fees etc)) you'll almost always get approved even if its a huge interest rate. This secured loan is a big positive when you pay it off.
 

Deeko

Lifer
Jun 16, 2000
30,215
11
81
My first credit card was the Amex Blue for Students card. It did the job. Actually, considering it was my only non-rewards card, it actually had a lower interest rate than any of my other cards I acquired after it. They also let you upgrade later, which is nice.

However, I primarily use my Amazon card. Definitely a good deal - you rack of a ton of points if you buy on Amazon, and while I imagine people use the rewards right on Amazon, they offer travel rewards as well. You can get a domestic round trip flight for 25,000 points, not too bad.
 

Atty

Golden Member
Aug 19, 2006
1,540
0
76
Cool. How exactly do the payment due dates work? Is it a set number of days after a purchase, or is it a set calendar date each month?
Monthly. On the 21st of every month my previous months balance is due and my current months balance ends and is due on the 21st of the next month.
 

ponyo

Lifer
Feb 14, 2002
19,689
2,811
126
If you're a student it's super easy to get credit cards and you should definitely take advantage.

I would get a card that gives you 3-5% rebate on gas, 2% or more rebate on restaurants, 2% or more for travel, and 1% or more everywhere else. Chase Freedom card has $300 cash promotion right now. Check the hot deals forum here. Amazon Visa is good if you shop at Amazon. Costco Amex is good if you have Costco membership. Lastly, Capital One card is great for international purchases and travel. Avoid any card with annual fee.
 

Neesnu

Junior Member
Jan 30, 2012
15
0
0
My first card was a Citi Drivers Edge, which I dont think exists as that anymore. They started me off at an 800 limit, which after 6 years turned into a $6,800 limit, with a Chase card I got two years later I was up to a 16,000 limit between the cards. After graduating college I had near 16000 revolving on them and only now two years later am I down to $9,000. Also, Never made a late payment.

I guess my point is this: it always starts off as "just a gas card" or "just a groceries card" until you bump into a wall. Then it turns into a "lets go out somewhere fancy" or "I really do need a new pair of shoes."

Stay viligant against these and you will be fine.
 

the DRIZZLE

Platinum Member
Sep 6, 2007
2,956
1
81
Cool. How exactly do the payment due dates work? Is it a set number of days after a purchase, or is it a set calendar date each month?

You also need to understand how grace periods work. If you pay the previous month's balance off before the due date there is no interest. But once you carry a balance beyond that you get charged interest on the that amount plus the current charges. In other words, pay it off every month.
 

M0oG0oGaiPan

Diamond Member
Dec 7, 2000
7,858
2
0
digitalgamedeals.com
Get something that gives rewards.

What does the Amazon CC offer? I might be interested. One thing I think Amazon does is pay me comissions even when I buy things from my own affiliate links. What's even nicer is they'll pay you comissions on gift cards so if I'm trying to pick up a bunch of games I'll buy a gift card and then buy the games. I'm almost positive I'm double dipping on comissions that way. If the CC offers rewards I could triple dip my chip. om nom nom
 
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