Just Turned 18 Need a Credit Card
Author: philipcolett
Posted: Fri Dec 02, 2005 2:44 am
Post subject: Just Turned 18 Need a Credit Card
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?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: beyond platinum
Posted: Fri Dec 02, 2005 3:49 am
Post subject: Just Turned 18 Need a Credit Card
Considering that you are just starting out and bank with BOA, I would suggest applying for one of their cards first. They have the financial rewards card that might interest you. If they don’t approve you, tell them that you will take your business elsewhere.
http://www.bankofamerica.com/creditcards/index.cfm?template=financialrewards_plat_visa
You have to have an open credit account for 6 months in order for a FICO score to be calculated so it’s too early to tell. DO NOT apply for too many credit cards at once. The inquiries will decrease the likelihood that you will be approved. Try applying for 1-2 cards every 6 months and I strongly suggest you apply with Capital One first. You have to establish a history first before applying for the best cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Fri Dec 02, 2005 10:22 am
Post subject: Just Turned 18 Need a Credit Card
First get your credit reports from all three bureaus. See if they've got anything on you now--and if the information is accurate. They're free once a year.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hesiden
Posted: Fri Dec 02, 2005 1:08 pm
Post subject: Just Turned 18 Need a Credit Card
I'd expect a "Senior Member" on fatwallet to be more knowlegeable on CCs.
Posted the same question on FW http://www.fatwallet.com/t/52/550704/
You should spend some time reading all that is out there, you need to educate yourself.
Hard to beat the 1.5% cash back of your debit card, but if you really are doing 40K/month then the BoA Power Rewards card will give you 2% cash back but you need to spend up to 50K to get the full 2%. There is a FW thead http://www.fatwallet.com/t/52/531224.
Author: Polonius
Posted: Fri Dec 02, 2005 5:56 pm
Post subject: Just Turned 18 Need a Credit Card
I think it's greater that you're doing so well on eBay, Philip. What do you sell? How do you do it? I'm eager to learn.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Daniel
Posted: Fri Dec 02, 2005 10:10 pm
Post subject: Just Turned 18 Need a Credit Card
First Kudos for being a young entrepreneur.
I too would be interested in hearing of your eBay success.
The way I see it is you have a lot of potential for purchasing power and getting rewards.
The problem though is with a thin credit file you may have some limited choices in cards and probably initial credit lines.
As you already are a Bank of America customer and if you can show that level of activity or at least a good part of it you may just be able to land a Power reward card.
I would suggest that you talk to the branch manager where you maintain your deposit accounts as a good step; you also want to try and get as much of a credit line as you can but, you might find you have to work your way up on that.
If not at least they may offer you an option.
One other thought is if your parents have a long term, high limit, low balance credit card that they could make you an authorized user on this would certainly help in creating your Fico score.
If you’re doing almost a ½ million dollars in transactions a year then getting cash back only makes sense anything less is leaving money on the table.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Dec 02, 2005 2:44 am
Post subject: Just Turned 18 Need a Credit Card
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?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: beyond platinum
Posted: Fri Dec 02, 2005 3:49 am
Post subject: Just Turned 18 Need a Credit Card
Considering that you are just starting out and bank with BOA, I would suggest applying for one of their cards first. They have the financial rewards card that might interest you. If they don’t approve you, tell them that you will take your business elsewhere.
http://www.bankofamerica.com/creditcards/index.cfm?template=financialrewards_plat_visa
You have to have an open credit account for 6 months in order for a FICO score to be calculated so it’s too early to tell. DO NOT apply for too many credit cards at once. The inquiries will decrease the likelihood that you will be approved. Try applying for 1-2 cards every 6 months and I strongly suggest you apply with Capital One first. You have to establish a history first before applying for the best cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Fri Dec 02, 2005 10:22 am
Post subject: Just Turned 18 Need a Credit Card
First get your credit reports from all three bureaus. See if they've got anything on you now--and if the information is accurate. They're free once a year.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hesiden
Posted: Fri Dec 02, 2005 1:08 pm
Post subject: Just Turned 18 Need a Credit Card
I'd expect a "Senior Member" on fatwallet to be more knowlegeable on CCs.
Posted the same question on FW http://www.fatwallet.com/t/52/550704/
You should spend some time reading all that is out there, you need to educate yourself.
Hard to beat the 1.5% cash back of your debit card, but if you really are doing 40K/month then the BoA Power Rewards card will give you 2% cash back but you need to spend up to 50K to get the full 2%. There is a FW thead http://www.fatwallet.com/t/52/531224.
Author: Polonius
Posted: Fri Dec 02, 2005 5:56 pm
Post subject: Just Turned 18 Need a Credit Card
I think it's greater that you're doing so well on eBay, Philip. What do you sell? How do you do it? I'm eager to learn.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Daniel
Posted: Fri Dec 02, 2005 10:10 pm
Post subject: Just Turned 18 Need a Credit Card
First Kudos for being a young entrepreneur.
I too would be interested in hearing of your eBay success.
The way I see it is you have a lot of potential for purchasing power and getting rewards.
The problem though is with a thin credit file you may have some limited choices in cards and probably initial credit lines.
As you already are a Bank of America customer and if you can show that level of activity or at least a good part of it you may just be able to land a Power reward card.
I would suggest that you talk to the branch manager where you maintain your deposit accounts as a good step; you also want to try and get as much of a credit line as you can but, you might find you have to work your way up on that.
If not at least they may offer you an option.
One other thought is if your parents have a long term, high limit, low balance credit card that they could make you an authorized user on this would certainly help in creating your Fico score.
If you’re doing almost a ½ million dollars in transactions a year then getting cash back only makes sense anything less is leaving money on the table.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:24 PM
0 Comments:
Post a Comment
<< Home