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Credit Card problem

Discussion in 'Business, Careers & Education' started by Jokerman, Feb 11, 2011.

  1. Jokerman

    Jokerman Senior member

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    Ok so I really want to get my credit going because I plan to open a little business down the line. However I am having some issues getting a credit card. I tried to get family members to co-sign for me but they have bad credit so they are no use. I work during the day and take online classes at night. Obviously since I don't have any credit I can't get one on my own. How is one supposed to get credit if you can't get a credit card? I heard that paying rent counts as credit. Is that true? For reference I am 20 years. I don't mean to sound like a dunce or make beat a dead horse but this has been puzzling me for a while.
     
  2. dganderson

    dganderson Senior member

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    Georgia
    Go to Visa's website and use the card finder. One of the options is to find a card bases on credit and you can select none. The rate isn't very good but if you're paying it off each month then you won't have to worry.
     
  3. sinnedk

    sinnedk Senior member

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    I used to work in a bank and this is a common problem.
    What you need is a secured credit card, your bank can do it for you or you can research one online. What happens, for example, is you give the bank/credit company $300 - $1000 as collateral. The bank puts the money in a time deposit account aka CD to earn interest. then depending on how much you gave them lets say $500, they give you a $500 credit card. For a year you show them and prove that you can pay on time and then they give you a regular unsecured credit card and return your money. Just see if you can get a card with rewards. I highly recommend you pay off the balance every month to show them you are trust worthy.
    Also you mentioned you go to school you may be able to get a school credit card, try this first then move to secured.

    Good Luck

    https://creditcards.citi.com/credit-...ed-mastercard/ - secured
    http://www.chasecreditcards.com/student-cards.asp - student

    Ok so I really want to get my credit going because I plan to open a little business down the line. However I am having some issues getting a credit card. I tried to get family members to co-sign for me but they have bad credit so they are no use. I work during the day and take online classes at night. Obviously since I don't have any credit I can't get one on my own. How is one supposed to get credit if you can't get a credit card? I heard that paying rent counts as credit. Is that true? For reference I am 20 years. I don't mean to sound like a dunce or make beat a dead horse but this has been puzzling me for a while.
     
  4. mm84321

    mm84321 Senior member

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    Aug 2, 2009
    I got my first credit card 2 years ago when I was 18. I didn't have any credit, and I didn't need a cosigner. I just went to my bank and asked what was available for someone in my situation. They issued me a specific card for college students. I started with a $600 dollar limit, which they have now raised to $1000. I've made all my payments in full and on time each month, so I have a very good credit score. I got an AMEX last year, and have seen my credit limit increase every month. Currently, I have a limit of 20k, which is ridiculous. It seems like think they want me to overspend and get into debt.

    Just be careful and responsible.
     
  5. Jokerman

    Jokerman Senior member

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    One of my banks(RBC Centura) tried to get me a Credit Card but they couldn't do it. I guess I will go into Bank of America and see if they can do anything for me.

    Btw didn't the age requirement for obtaining a credit card without a cosigner get raised lately? Like with in the last year.
     
  6. mm84321

    mm84321 Senior member

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    Yeah, I believe the age requirement did change shortly after I got my first card.

    I'd try Bank of America. Do you have an account there? Wachovia was where it worked for me.
     
  7. Jokerman

    Jokerman Senior member

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    Yea I have a Bank of America account although I rarely use it. I only made it because of when I worked on Nantucket. I hate to have to depend on them but if I can get one through them I will take it.
     
  8. imageWIS

    imageWIS Senior member

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    When do you finally get a CC: always, always, ALWAYS pay off the full amount each month. Seriously, it's like burning money if you pay interest.
     
  9. sinnedk

    sinnedk Senior member

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    Joker definitely try the college card first, if that doesnt work i urge you to do a secured credit card to build credit asap
     
  10. Jokerman

    Jokerman Senior member

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    Yea thanks for the link sinned. I signed up for one of them. We will see what the response is.

    I am definitely aware at how important it is to pay off on time. I have plenty of money set aside for just that purpose.
     
  11. coop86

    coop86 Senior member

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    I got my first credit card 2 years ago when I was 18. I didn't have any credit, and I didn't need a cosigner. I just went to my bank and asked what was available for someone in my situation. They issued me a specific card for college students. I started with a $600 dollar limit, which they have now raised to $1000. I've made all my payments in full and on time each month, so I have a very good credit score. I got an AMEX last year, and have seen my credit limit increase every month. Currently, I have a limit of 20k, which is ridiculous. It seems like think they want me to overspend and get into debt.

    Just be careful and responsible.


    AMEX wants you to spend a ton of money each month because they mainly try to make money from a % fee from shops that accept AMEX. So the more money you spend, the more they can take as a fee from the shops. That combined with a hefty annual fee adds up to a lot without having to rely on screwing over cardholders with interest, although they will do that if opportunity presents itself.
     
  12. Connemara

    Connemara Senior member

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    I hate credit cards and credit card providers. The stuff they do is near-criminal.
     
  13. itsstillmatt

    itsstillmatt Senior member Dubiously Honored

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    I got my first credit card 2 years ago when I was 18. I didn't have any credit, and I didn't need a cosigner. I just went to my bank and asked what was available for someone in my situation. They issued me a specific card for college students. I started with a $600 dollar limit, which they have now raised to $1000. I've made all my payments in full and on time each month, so I have a very good credit score. I got an AMEX last year, and have seen my credit limit increase every month. Currently, I have a limit of 20k, which is ridiculous. It seems like think they want me to overspend and get into debt. Just be careful and responsible.
    You don't seem so young. I'm surprised.
     
  14. patrickBOOTH

    patrickBOOTH Senior member Dubiously Honored

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    New York City
    I got my first credit card 2 years ago when I was 18. I didn't have any credit, and I didn't need a cosigner. I just went to my bank and asked what was available for someone in my situation. They issued me a specific card for college students. I started with a $600 dollar limit, which they have now raised to $1000. I've made all my payments in full and on time each month, so I have a very good credit score. I got an AMEX last year, and have seen my credit limit increase every month. Currently, I have a limit of 20k, which is ridiculous. It seems like think they want me to overspend and get into debt.

    Just be careful and responsible.


    Getting a credit card at 18 seems too late in my book. I have had once since I was 16, and even before that that mother put my name on her card in a linked account or something. I am not sure how she pulled that off, but she was very strict about me building credit and being responsible. I am now 25 and I have never paid once cent in interest and neither of my two cards have anywhere close to 20k limits. Are you requesting this?
     
  15. itsstillmatt

    itsstillmatt Senior member Dubiously Honored

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    Getting a credit card at 18 seems too late in my book. I have had once since I was 16, and even before that that mother put my name on her card in a linked account or something. I am not sure how she pulled that off, but she was very strict about me building credit and being responsible. I am now 25 and I have never paid once cent in interest and neither of my two cards have anywhere close to 20k limits. Are you requesting this?
    I didn't get one until I was 21 or so.
     
  16. gam29

    gam29 Senior member

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    I am now 25 and I have never paid once cent in interest and neither of my two cards have anywhere close to 20k limits. Are you requesting this?

    +1...seriously

    I've got a couple pretty substantial ones, but not one of them is at or close to 20k
     
  17. mm84321

    mm84321 Senior member

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    Getting a credit card at 18 seems too late in my book. I have had once since I was 16, and even before that that mother put my name on her card in a linked account or something. I am not sure how she pulled that off, but she was very strict about me building credit and being responsible. I am now 25 and I have never paid once cent in interest and neither of my two cards have anywhere close to 20k limits. Are you requesting this?
    Why exactly would it be considered too late in your book? Do the 2 years between age 16 and 18 really make that much of a substantial difference on your credit? I've had the card for just under a year. It's an American Express "Premier Rewards" Gold Card (the ones you see advertised on TV). I have not once requested a credit limit increase. They seem to increase my level by a few thousand each month after I pay off my balance. It is a charge card, so you have to pay in full each month and not carry a balance. I find this to be helpful, as I am not tempted into using much of my available credit, with the reasoning that I can just pay it off over time. This way I know what I can afford. Overall, it's a pretty good card with some nice features, but like I said, the 20k limit seems a bit crazy. I received 50,000 bonus points for spending $500 in the first month of having the card, and was able to use those points for airfare to visit my sister in Rome over the holidays.
     
  18. Piobaire

    Piobaire Senior member

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    Why exactly would it be considered too late in your book? Do the 2 years between age 16 and 18 really make that much of a substantial difference on your credit?

    I've had the card for just under a year. It's an American Express "Premier Rewards" Gold Card (the ones you see advertised on TV). I have not once requested a credit limit increase. They seem to increase my level by a few thousand each month after I pay off my balance. It is a charge card, so you have to pay in full each month and not carry a balance. I find this to be helpful, as I am not tempted into using much of my available credit, with the reasoning that I can just pay it off over time. This way I know what I can afford. Overall, it's a pretty good card with some nice features, but like I said, the 20k limit seems a bit crazy. I received 50,000 bonus points for spending $500 in the first month of having the card, and was able to use those points for airfare to visit my sister in Rome over the holidays.


    What sort of annual income do you have? Amex bases your limit around two things: payment history and annual income. I would imagine that if Amex thought you could pay off 20k in a month that they also think you are making a comfortable income. Here's their website:

    http://about.americanexpress.com/cr/...assessment.asp

    http://about.americanexpress.com/cr/basics_tips.asp
     
  19. Rambo

    Rambo Senior member

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    I'M IN MIAMI, BITCH
    Carrying the occasional balance, however small, is actually good for your credit score.
     
  20. mm84321

    mm84321 Senior member

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    What sort of annual income do you have? Amex bases your limit around two things: payment history and annual income. I would imagine that if Amex thought you could pay off 20k in a month that they also think you are making a comfortable income. Here's their website:

    http://about.americanexpress.com/cr/...assessment.asp

    http://about.americanexpress.com/cr/basics_tips.asp


    I never disclosed my income level with AMEX. My monthly balance has never exceeded 2k (on average it is about $500-$1000), which I have always payed off in full before the payment due date. How they have determined granting me this extraordinary limit is beyond me.
     

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