Credit Tips: Looking for a Credit Card for a Teenager

Posted On: May 1, 2006

Author: philipcolett
Posted: Fri Dec 02, 2005 2:44 am
Post subject: Turning 18 on Saturday, Looking for a CC - Unique situation

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?

Author: beyond platinum
Posted: Fri Dec 02, 2005 3:49 am
Post subject:

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.

Author: Polonius
Posted: Fri Dec 02, 2005 10:22 am
Post subject:

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.

Author: hesiden
Posted: Fri Dec 02, 2005 1:08 pm
Post subject:

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