I recently turned 18 and I want a credit card

[QurazyQuisp]

Get a credit card with a credit union... my universities credit union just offered me a $1500 credit limit card... although I have no interest in a credit card at this moment.

 

[Mo0o]

You might be able to get a low limit card with the same bank you have your checking/savings account with.

Also can you sign with your parents and use their salary as part of the household income? I know i did that for my CITI card application. not sure if that was legit or not...

 

[TreyRandom]

I recently turned 18 and I want a credit card

My condolences.

You really *shouldn't* get a credit card. I had a business several years ago and bought inventory with my credit cards with the intent of selling the inventory and paying off the credit cards. I got more and more credit and the inventory grew along with the debt. In time, the business failed and I was left with $50K in credit card debt.

Don't do it, man. Stuff just isn't worth it at 20%+ interest a year (and don't believe the offers you get... they'll eventually hit you with 23%, 24%, 25%, I promise you, especially when you can least afford it).

 

[jagec]

Originally posted by: GagHalfrunt
Credit cards are not evil, they're not expensive and they're not dangerous if the person holding them has a shred of a single brain cell. The only people who get in trouble with credit cards are living proof that Darwin was right. Some are just too stupid to survive.

Harsh, but I agree.

 

[Throwmeabone]

I just want a card so I can start building credit. I don't intend to ever pay a cent of interest if it can be avoided. I will only be buying little things on it and paying it with the money I already have, but yeah I will need a job soon. Question: I have a debit card from my bank, will that build up my credit too?

 

[Juno]

go with debit card instead!

 

[AgaBoogaBoo]

Try applying for the Charles Schwab Visa with the $100 gift card offer. I applied within a few months of turning 18 and was accepted.

 

[jagec]

Originally posted by: Throwmeabone
I just want a card so I can start building credit. I don't intend to ever pay a cent of interest if it can be avoided. I will only be buying little things on it and paying it with the money I already have, but yeah I will need a job soon. Question: I have a debit card from my bank, will that build up my credit too?

No, it will not. Debit cards < Credit cards in many ways, such as fraud protection, amount of money you can put on them at any time, acceptance (though generally they can be processed as credit), benefits (none), and building credit.

It sounds like you've got the hang of using a credit card responsibly. Once you've had it for a couple years, get a rewards card of some kind, be it cash back/rebates, miles, whatever. You'll want to carry a (small) balance at least once (use the 0% intro APR for this!), since it builds your credit history faster than paying it off in full every month, but always make at least your minimum payments, and once you've let a bit of money carry over a couple times, start paying it in full every month.

 

[Dangerer]

Originally posted by: MSCoder610
If you're a college student,
<a target=_blank class=ftalternatingbarlinklarge href="https://www.accountonline.com/ACQ/Chooser/LearnMore?siteId=CB&CARD_KEYS=4C2CW035-V">https://www.accountonline.com/ACQ/Ch......ore?siteId=CB&CARD_KEYS=4C2CW035-V</a>

HOW THE HELL DID I MISS THIS!!

Damn it i signed up for a crappy BoA card with $700 limit.. Think I can get a approved for this even though I already have one?

 

[Reckoner]

Originally posted by: Dangerer

Originally posted by: MSCoder610
If you're a college student,
<a target=_blank class=ftalternatingbarlinklarge href="https://www.accountonline.com/ACQ/Choos...arnMore?siteId=CB&CARD_KEYS=4C2CW035-V"><a target=_blank class=ftalternatingbarlinklarge href="https://www.accountonline.com/ACQ/Chooser/LearnMore?siteId=CB&CARD_KEYS=4C2CW035-V">https://www.accountonline.com/ACQ.........siteId=CB&CARD_KEYS=4C2CW035-V</a></a>

HOW THE HELL DID I MISS THIS!!

Damn it i signed up for a crappy BoA card with $700 limit.. Think I can get a approved for this even though I already have one?

Give it a whirl

 

[Jawo]

I got my first card through my bank where I have my checking account...like a $300 limit to start, but they've up'ed it as I have paid it off on time. Never once have I paid interest charges in many years!

 

[Baked]

I've paid off all my credit card bills in full since I got my 1st credit card in my freshman year of college. I think the limit on my first card was $500.

 

[Jeff7]

Originally posted by: GagHalfrunt
Wrong-o. Yes, yes you do. It's never too early to start building a credit rating and to have one on hand for emergencies. You never know when you're going to have to buy a set of tires when 1000 miles from home.

Credit cards are not evil, they're not expensive and they're not dangerous if the person holding them has a shred of a single brain cell. The only people who get in trouble with credit cards are living proof that Darwin was right. Some are just too stupid to survive.

If you want to do online shopping, I'll advise a credit card. I've used my Visa debit card, but something recently is making me really consider what I've been told - "Don't use a debit card for online purchases."

A $49.95 charge from "intelius-intelius.com" has appeared as a hold on my bank account. The bank says that they can dispute the charge once it's actually posted to the account, but not before. They told me that once it posts, they can get specific information about this intelius-intelius.com outfit. From the look of the website, it definitely doesn't look legit.
I just don't know how they would have gotten my number. I don't do business with any shady companies.


Credit cards - don't do what the government does.
ONLY spend money that you have. Don't spend it if you plan on having the money later, because that money might not be there when you need it to pay off the credit card bill.
Do that, and you'll avoid the glistening, sharp, interest-laden teeth of the credit card companies.



Other option - keep a separate Paypal account, linked to your bank account. Put a certain amount of money in there (takes 3-4 days to clear though), then click Withdrawl, and there's some option there that will create a temporary credit card number. You use that number with the merchant, and it comes out of your Paypal account.

 

[Suspicious-Teach8788]

Originally posted by: HyTekJosh
My credit score was 700 when I turned 18 and one of my friend's was 800. Needless to say I was able to get a few credit cards with decent limits. Of course I would pay the balance off in full when it was due each month. Check your score...if your parent's had you listed on one of their cards it may show up as you being a joint account holder which is a plus.

That's pretty hard though to get 800?

I turned 18 and I got a parent's CC very soon. However I don't think it helps your score very much if at all because the credit line is not listed in your credit report.

It took me about 2 months to get a student card, and I had no job. $600 limit. I used it everyday, and my parents made me pay the bill with my card even. I applied for a new card in 6 months and AMEX gave me $8k limit. I got a newer nonstudent card over the summer (around 10 months after I turned 18) and they gave me $9400 line. I ran a check on my credit, and it showed 730. Worked over the summer for almost 3 months.

I then figured I should be using cashback cards, so I got 2 more cards and cancelled the old ones.

Today I'm almost 20 and my credit score 2 months ago turned to be 758. I don't get how people hit 800 at such a young age.

Citi Dividend Platinum SelecT: $1500 limit, applied in 9/05
AMEX TrueEarnings (Costco): $8k limit, applied 10/05
BoA Effectiva Visa: 10.4k limit, applied 6/05.

My spending is really just food, and my parents cover that usually. I pay for stuff I buy on my own (i.e. computer crap). However, my parents encourage that I buy crap for them using my card. Like when my mom wants a camera, I get to order it. Or when we go to Costco together or Safeway, they tell me to pay. I guess it's good to build credit this way.

Never use a Debit card. Those are for kids.

Why use stupid cards when you can be getting up to 5% cashback? I just don't understand people. CCs help build credit, plus you get cashback. Drawback? If you know how to control your spending, this is the best step forward financially for anyone who just turned 18.

 

[czech09]

Originally posted by: jagec

Originally posted by: GagHalfrunt
Credit cards are not evil, they're not expensive and they're not dangerous if the person holding them has a shred of a single brain cell. The only people who get in trouble with credit cards are living proof that Darwin was right. Some are just too stupid to survive.

Harsh, but I agree.

Lol same here.

 

[Doug117]

Doesnt matter how much is on your card... well it does... take amount on card / limit. If thats high, then thats not necessarily a good thing. But as the poster above me said hes putting huge sums on the card. This will NOT help your credit. It will hurt it if anything, especially if a lender pulls your report when you've got that huge charge sitting on it.

As long as you pay your card on time (even if its, eek, the minimum), you'll keep a good credit score. Creditors are more interested in you paying on time (i.e. NOT LATE), rather than paying it off (they make more $$$ of of you)

credit score of 800 when you're 18? LOL Impossible, unless you're listed under your parents... then its really just your parents credit score. If you knew anything about how they calculate your FICO score then you'd know this. High 700's is anyone can hope for until theyre 30+ (and have had an open card for more than 15 years)

 

[esun]

I just applied for one about a month ago from a credit union and got approved for $1k. 19-year-old student, no job. I guess they just like me.

 

[Lyfer]

Get a time share.

 

[Throwmeabone]

Originally posted by: Jeff7

Originally posted by: GagHalfrunt
Wrong-o. Yes, yes you do. It's never too early to start building a credit rating and to have one on hand for emergencies. You never know when you're going to have to buy a set of tires when 1000 miles from home.

Credit cards are not evil, they're not expensive and they're not dangerous if the person holding them has a shred of a single brain cell. The only people who get in trouble with credit cards are living proof that Darwin was right. Some are just too stupid to survive.

If you want to do online shopping, I'll advise a credit card. I've used my Visa debit card, but something recently is making me really consider what I've been told - "Don't use a debit card for online purchases."

A $49.95 charge from "intelius-intelius.com" has appeared as a hold on my bank account. The bank says that they can dispute the charge once it's actually posted to the account, but not before. They told me that once it posts, they can get specific information about this intelius-intelius.com outfit. From the look of the website, it definitely doesn't look legit.
I just don't know how they would have gotten my number. I don't do business with any shady companies.


Credit cards - don't do what the government does.
ONLY spend money that you have. Don't spend it if you plan on having the money later, because that money might not be there when you need it to pay off the credit card bill.
Do that, and you'll avoid the glistening, sharp, interest-laden teeth of the credit card companies.



Other option - keep a separate Paypal account, linked to your bank account. Put a certain amount of money in there (takes 3-4 days to clear though), then click Withdrawl, and there's some option there that will create a temporary credit card number. You use that number with the merchant, and it comes out of your Paypal account.

Thanks, I will try the paypal thing. Well I also applied for one of those citi cards for college students although I'm really still in high school. We'll see what happens.