Getting My First Credit Card
Author: TheGreatestExpectation
Posted: Wed Oct 12, 2005 11:12 pm
Post subject: Getting My First Credit Card
I love this site. I have behaved like a fly on the wall for the past two months. Reading everyone's post and utilizing all the advice coming from all the posters such as Polonius, Ira, and Nightstar and Gameboy. This is my first post. My situation is as such. I just turned 21. A few weeks before I turned 21 I reqested a copy of credit report from all three bureaus. Within a matter of a few weeks I received my copies. It stated that I had items that were sent to collection and medical bills that were sent to collection as well. two of the collections were as a result of idenity theft that occured when I just turned 18, a few years back. And, within a matter of two weeks, TU and Exp sent me new copies of my report "agreeing with the consumer" and deleting the file. This dispute settled in my favor after I produced the forgery affidavits. Now, I am waiting for the result of the medical collections. (They only showed up on the Exp report, not the other two). However, I have never has a credit card in my name. The only negatives on my report are the collections and the positives are my deferred student loan. I really need a card to start building my history and I have been researching heavily for the past two months, yet should I apply now for a card or wait till the medical dispute settles. I applied for a student MBNA and was denied. Thus, they are my only "Hard" inquiry I would say. I really need the card and changed my opinions about credit cards after I was denied a TERI student loan, which is the best and most ideal private student loan. They told me I needed two years of employment and credit history. Credit history which I do not have. This student loan is important because I cannot go back to school without it, I have a 17000 unpaid tuition hanging over my head, in my name (long story, my mom did not pay, she says she did, but she did not. And arguing with her is of no use) I know this is a lot of info for one post, but I really need all of your great advice, at your convenience of course. I really want to start taking full charge of my life and financial independence and most importantly, financial know-how is the first necessary step.
Thanks !!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: l
Posted: Thu Oct 13, 2005 12:22 am
Post subject: Getting My First Credit Card
Dear TheGreatestExpectation,
I started off in April with the BOA secured card. That is my first credit card. For that I believe you have to pay $29 annual fee and open a savings account with a few hundred dollars, but as long as you are good with the payments, the $29 will be worth it. I personally opened it with $1500. They report to all 3 credit bureaus, so that's good. Also don't charge too much to the card. Keep the utilization ratio down to around 10-20%. Whenever I am charging more than 20% of my credit limit, I go to the bank to pay it off before the bill cycle closes so I will have a low balance in the end of the month.
One more thing to remember is that you should never buy something with the card if you are not sure if you can pay it off in the end of the month. I know that being able to spend more than you have is tempting, but just remember you HAVE TO pay it back eventually. You can pay it back now, or pay it back later WITH INTERESTS! (This is the bank's face: )
See what you get when you are a good boy? Amex is willing to give me a $2000 credit line just 6 months after I had my first credit card. (This is my face: )
I am also surprised (and flattered) that you read my posts so closely. I almost feel like I have a stalker. Haha. Jokes aside. I am glad that I helped you in any way. There are many knowledgeable people here that are very eager and willing to help. Please feel free to ask any questions.
Lastly, welcome to the forum, and best of luck to you.
Author: MaddyBeagle
Posted: Thu Oct 13, 2005 7:21 am
Post subject: Getting My First Credit Card
you could always research a cc that doesnt pull a credit report from the report that has the medical collection. Is the collection accurate? and how old is it? you could also have someone cosign for you have them removed in a year or so. Of course, you have to pay every month and not skip or else you will pull that person's credit down, so you have to convince you are responsible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: TheGreatestExpectation
Posted: Thu Oct 13, 2005 10:19 pm
Post subject: Getting My First Credit Card
Thanks for your reply Gameboy. It means a lot I really look towards your post, because your are like me; young, fresh, and starting out to handle a relationship with our money, finances, and credit that could very well span 50+ years! Ira is the best example of that. However, unlike myself now, you are where I hope to be in six-nine months. Thanks for the advice. I will definitely look in to it!
Posted: Wed Oct 12, 2005 11:12 pm
Post subject: Getting My First Credit Card
I love this site. I have behaved like a fly on the wall for the past two months. Reading everyone's post and utilizing all the advice coming from all the posters such as Polonius, Ira, and Nightstar and Gameboy. This is my first post. My situation is as such. I just turned 21. A few weeks before I turned 21 I reqested a copy of credit report from all three bureaus. Within a matter of a few weeks I received my copies. It stated that I had items that were sent to collection and medical bills that were sent to collection as well. two of the collections were as a result of idenity theft that occured when I just turned 18, a few years back. And, within a matter of two weeks, TU and Exp sent me new copies of my report "agreeing with the consumer" and deleting the file. This dispute settled in my favor after I produced the forgery affidavits. Now, I am waiting for the result of the medical collections. (They only showed up on the Exp report, not the other two). However, I have never has a credit card in my name. The only negatives on my report are the collections and the positives are my deferred student loan. I really need a card to start building my history and I have been researching heavily for the past two months, yet should I apply now for a card or wait till the medical dispute settles. I applied for a student MBNA and was denied. Thus, they are my only "Hard" inquiry I would say. I really need the card and changed my opinions about credit cards after I was denied a TERI student loan, which is the best and most ideal private student loan. They told me I needed two years of employment and credit history. Credit history which I do not have. This student loan is important because I cannot go back to school without it, I have a 17000 unpaid tuition hanging over my head, in my name (long story, my mom did not pay, she says she did, but she did not. And arguing with her is of no use) I know this is a lot of info for one post, but I really need all of your great advice, at your convenience of course. I really want to start taking full charge of my life and financial independence and most importantly, financial know-how is the first necessary step.
Thanks !!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: l
Posted: Thu Oct 13, 2005 12:22 am
Post subject: Getting My First Credit Card
Dear TheGreatestExpectation,
I started off in April with the BOA secured card. That is my first credit card. For that I believe you have to pay $29 annual fee and open a savings account with a few hundred dollars, but as long as you are good with the payments, the $29 will be worth it. I personally opened it with $1500. They report to all 3 credit bureaus, so that's good. Also don't charge too much to the card. Keep the utilization ratio down to around 10-20%. Whenever I am charging more than 20% of my credit limit, I go to the bank to pay it off before the bill cycle closes so I will have a low balance in the end of the month.
One more thing to remember is that you should never buy something with the card if you are not sure if you can pay it off in the end of the month. I know that being able to spend more than you have is tempting, but just remember you HAVE TO pay it back eventually. You can pay it back now, or pay it back later WITH INTERESTS! (This is the bank's face: )
See what you get when you are a good boy? Amex is willing to give me a $2000 credit line just 6 months after I had my first credit card. (This is my face: )
I am also surprised (and flattered) that you read my posts so closely. I almost feel like I have a stalker. Haha. Jokes aside. I am glad that I helped you in any way. There are many knowledgeable people here that are very eager and willing to help. Please feel free to ask any questions.
Lastly, welcome to the forum, and best of luck to you.
Author: MaddyBeagle
Posted: Thu Oct 13, 2005 7:21 am
Post subject: Getting My First Credit Card
you could always research a cc that doesnt pull a credit report from the report that has the medical collection. Is the collection accurate? and how old is it? you could also have someone cosign for you have them removed in a year or so. Of course, you have to pay every month and not skip or else you will pull that person's credit down, so you have to convince you are responsible.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: TheGreatestExpectation
Posted: Thu Oct 13, 2005 10:19 pm
Post subject: Getting My First Credit Card
Thanks for your reply Gameboy. It means a lot I really look towards your post, because your are like me; young, fresh, and starting out to handle a relationship with our money, finances, and credit that could very well span 50+ years! Ira is the best example of that. However, unlike myself now, you are where I hope to be in six-nine months. Thanks for the advice. I will definitely look in to it!
posted by CardRatings.com at 12:18 PM
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