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Need help picking a credit card


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#91 elessar123

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Posted 21 March 2013 - 05:42 PM

(you can get a house loan if your down payment is big enough)


Yea, and on a principal of $300k, you pay like $150k more interest over 30 years than someone with the lowest rates. No thanks. I'll gladly have credit cards I can control.

#92 Confucius

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Posted 21 March 2013 - 05:49 PM

Yea, and on a principal of $300k, you pay like $150k more interest over 30 years than someone with the lowest rates. No thanks. I'll gladly have credit cards I can control.


This.

Just because you CAN get a home loan without a credit history doesn't mean you should, no matter the size of the down payment.

If you have family money and can pay cash for your house, then great. But most people don't. And if you don't have family money and make the average us household salary, how long is it going to take you to save enough for a decent house.

#93 elessar123

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Posted 21 March 2013 - 05:50 PM

Credit cards are not the only thing that builds up a credit history. If you are worried about this just go get your free credit report. Is there something there that is being paid on time each payment period? Then you are building credit. Everything that is on the report is that determines your credit score that they won't let you see unless you pay them. You can kind of guess if it's good or bad based on the report itself. I'm probably going to run mine tonight since it's been over a year I think. I've never seen the actual score but I'm not worried about it.


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You can only get your credit so high without a credit card. You can't get to 800 without one. I don't even think you can get it to 750.

I'm not trying to brag, but it took me years to get my score where it is now. You can't get a card and magically get a FICO of 850 the next day. It takes years of responsible use, especially since one factor of your score is how old your oldest active credit card account is.

#94 NinjaPenguin777

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Posted 22 March 2013 - 01:28 AM

You're going a bit too far in your paranoia here. You might even live in a state that banned the practice. There are eight of them.


No they aren't. I don't know many specific areas that look into credit score, but I know as a future law enforcement officer having crappy credit looks bad. Certain jobs will look into anything to see what kind of person you are really like. Law Enforcement looks into it because you are going to be responsible for a lot of expensive equipment. They don't want people that can't even handle a credit card, handling all that responsibility.

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#95 kodave

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Posted 22 March 2013 - 05:13 AM

No they aren't. I don't know many specific areas that look into credit score, but I know as a future law enforcement officer having crappy credit looks bad. Certain jobs will look into anything to see what kind of person you are really like. Law Enforcement looks into it because you are going to be responsible for a lot of expensive equipment. They don't want people that can't even handle a credit card, handling all that responsibility.


Isn't it more about not stealing shit - expensive equipment, drugs, money, etc. which could be in very easy access to certain police officers? Hence if you're not crippled by debt, you'll be less tempted to steal to make an extra buck. (Though there are plenty of stories about police just stealing evidence, etc. regardless.) That's why you don't hire accountants and financial planners who are having money problems themselves, because of the risk of them stealing or mishandling your money trying to spin a quick buck for themselves.


#96 EnvyNeko

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Posted 22 March 2013 - 04:19 PM

Credit cards are not the only thing that builds up a credit history. If you are worried about this just go get your free credit report. Is there something there that is being paid on time each payment period? Then you are building credit. Everything that is on the report is that determines your credit score that they won't let you see unless you pay them. You can kind of guess if it's good or bad based on the report itself. I'm probably going to run mine tonight since it's been over a year I think. I've never seen the actual score but I'm not worried about it.



Based on what? I've been paying for my phone on time every month for the past three years and I've got no credit history at all.

Target card needs 10 days to make a decision. Probably gonna be another decline so I'm just going to have to get a small loan or something to at least get some credit going.

This is really frustrating though. I should've gotten one when I was 18.

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#97 Zoglog

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Posted 22 March 2013 - 05:07 PM

I used my debit card mostly in college so I was in a similar situation. first card I was able to easily get was the chase freedom.

Fast forward 9 years or so later my credit is good. The key is to find something easy for the first year. Then switch over to something awesome like the starwood amex (you'll still need a visa just in case). Personally for my Visa I use a capital one card because there is no foreign transaction fee when you travel.

Also then you can participate in all the great CC deals. I signed up for 2 citibank AA cards at once (one master one visa). 1500 spend within the first 3 months on each card netted me 200k AA miles. I used those to fly first class to Rome last year on British Airways. Also there have been numerous deals for United miles as well that I've used on Singapore airlines to Japan.

There's been tons of similar deals like the Hyatt card that let you stay at any Hyatt in the world for 2 free nights. So of course I picked the park hyatt in tokyo which is normally 800 bucks a night. the only downside was that this was the first card that didn't waive the annual fee. However given what you get the annual fee was nothing.

And of course all you need to do is cancel the card afterwards. I found many times they waived the fee again for me for a 2nd year. And MOST IMPORTANTLY... Never carry a balance on a credit card unless it's an emergency. I can't believe I always see people with 8k credit card debt buying more crap they don't need........

#98 polly

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Posted 22 March 2013 - 08:18 PM

It sounds like you already have a USAA account, so you should be able to try and get a card through them. Their rewards are nothing special, but their rates are super low compared to the big banks and they are extremely customer friendly.

If you have to go the store card route, why not give Best Buy a try? Their rates are horrible, but assuming you pay it off on time each month, or within the 0% financing window (for purchases over $150 I think) then you'll be fine. I would think even with little to no credit history they'd set you up with a low limit card.

I'll echo the other comments and advise to not go crazy with the spending though. It's your debt and you have to pay it back obviously. It can accumulate fast if you don't stay on top of it.
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#99 Spokker

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Posted 23 March 2013 - 12:01 AM

Based on what? I've been paying for my phone on time every month for the past three years and I've got no credit history at all.


No cell phone or utility account has ever showed up on my credit report. They don't report, at least mine and yours do not.

What shows up on my credit report is my credit card (7 years of history, never late) and student loans (3 and a half years, never late).

#100 NinjaPenguin777

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Posted 23 March 2013 - 12:51 AM

Isn't it more about not stealing shit - expensive equipment, drugs, money, etc. which could be in very easy access to certain police officers? Hence if you're not crippled by debt, you'll be less tempted to steal to make an extra buck. (Though there are plenty of stories about police just stealing evidence, etc. regardless.) That's why you don't hire accountants and financial planners who are having money problems themselves, because of the risk of them stealing or mishandling your money trying to spin a quick buck for themselves.


Lol no. You'd have to be really stupid to steal your own police equipment or equipment out of the station or car. It has to do with responsibility and a sloppy credit score shows a lack of responsibility. They have to nit pick every little thing when hiring officers because often very little separates them.

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#101 EnvyNeko

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Posted 25 March 2013 - 04:19 AM

No cell phone or utility account has ever showed up on my credit report. They don't report, at least mine and yours do not.

What shows up on my credit report is my credit card (7 years of history, never late) and student loans (3 and a half years, never late).


You said earlier that credit cards weren't the only thing that shows up. Yet you mention credit cards and then a loan.

I have no loans and no card. What else is there that could build credit?



And polly, I tried. They wouldn't give me a card either with no credit history. Though they did offer me their secured card which I want no part of.

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#102 dmaul1114

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Posted 25 March 2013 - 03:11 PM

I have no loans and no card. What else is there that could build credit?


Pretty much nothing.

Things like utility bills, medical bills etc. only tend to show up if you don't pay and they report that.

i.e. most don't report on time payment, so all those can do is hurt your credit it you're late enough that they report it, sick debt collectors on you etc.

So you just have to find a store card or something to start with and start building a little credit then hopefully get one through your bank (stick with one bank for a while, not have any over draft fees, start making more money and having regular direct deposits of paychecks there etc. and that will up your chances of them giving you a card).

#103 irideabike

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Posted 25 March 2013 - 03:25 PM

I'm a walking advertisement for credit unions, so I'll just post it here. Go open an account at your credit union, put a few thousand in the account (or hundred, I don't know your finances) wait a week and apply for a student or low credit card. They will usually make it happen for you, they are good to their members.

Utility companies, hospitals and phone companies only report it for one reason, and that is late payment. It is something they can hold over your head to make you pay your bill "WE WILL MAKE YOUR CREDIT BAD!!!!1!".

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#104 bigpimpin24

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Posted 25 March 2013 - 06:56 PM

I just recently checked my credit report and found something on my Experian summary that wasn't mine. It was some $129 loan and there was a balance of $99 left on there. It was from February 2012. I disputed it online and it was removed in like 1 or 2 days.

Now I'm worried something is going on because when I try to check my Equifax, I can't get to it because I can't properly answer the questions given to me. It says there is a mortgage under my name and a car loan as well. I am going to ask my parents if they put anything under my name but I suggest you check yours as well just in case.

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#105 NinjaPenguin777

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Posted 25 March 2013 - 07:03 PM

I just recently checked my credit report and found something on my Experian summary that wasn't mine. It was some $129 loan and there was a balance of $99 left on there. It was from February 2012. I disputed it online and it was removed in like 1 or 2 days.

Now I'm worried something is going on because when I try to check my Equifax, I can't get to it because I can't properly answer the questions given to me. It says there is a mortgage under my name and a car loan as well. I am going to ask my parents if they put anything under my name but I suggest you check yours as well just in case.



If you think someone stole your identity call one of the three companies and they will put a watch on your account for 6 months. I don't remember the actual name of it... That way if someone tries to open something under your name they will have to call you first before approving it

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#106 elessar123

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Posted 25 March 2013 - 07:21 PM

Now I'm worried something is going on because when I try to check my Equifax, I can't get to it because I can't properly answer the questions given to me. It says there is a mortgage under my name and a car loan as well. I am going to ask my parents if they put anything under my name but I suggest you check yours as well just in case.


Everyone should at least once a year. One advice is to check one of the 3 companies every 4 months, to stretch out the free report every 12 month deal. But I don't know how sound that advice is, because you can't compare for mistakes at the same time. Maybe I'll try that this year.

#107 EnvyNeko

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Posted 26 March 2013 - 04:32 PM

I just recently checked my credit report and found something on my Experian summary that wasn't mine. It was some $129 loan and there was a balance of $99 left on there. It was from February 2012. I disputed it online and it was removed in like 1 or 2 days.

Now I'm worried something is going on because when I try to check my Equifax, I can't get to it because I can't properly answer the questions given to me. It says there is a mortgage under my name and a car loan as well. I am going to ask my parents if they put anything under my name but I suggest you check yours as well just in case.



I checked mine the other day and I got the same thing. They were saying there was a car loan back in February of 2007 and a mortgage in the same year. I would've be 19 at the time and have never had a card. I requested they send me a copy and when I get it I'll check it over. If that stuff is on there I'm definitely calling.

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#108 Cracka

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Posted 28 March 2013 - 04:28 AM

how hard is it to get this amazon card, i just applied for one but have no credit history

#109 elessar123

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Posted 28 March 2013 - 04:52 AM

how hard is it to get this amazon card, i just applied for one but have no credit history


Probably similar to Chase Freedom. If you don't have credit at all, I doubt you'll be approved. But let us know.

#110 Gamer SDP

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Posted 28 March 2013 - 07:13 AM

silly question, how do I check credit history?

#111 Spokker

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Posted 28 March 2013 - 07:13 PM

silly question, how do I check credit history?


Info: http://www.consumer....-credit-reports

The actual site: https://www.annualcr...m/cra/index.jsp

You get one free report per year each from Experian, TransUnion and Equifax. Some people want to see them all at once and others stagger them throughout the year.

There is only one site that does this. Don't fall for any scams.

#112 EnvyNeko

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Posted 28 March 2013 - 10:34 PM

Yeah. Just got my credit reports in and there's no mention of a mortgage or car loan on any of them.

Didn't get accepted for the Target card either. Looks like my only hope is my bank

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#113 Dead of Knight

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Posted 29 March 2013 - 02:59 PM

. Looks like my only hope is my bank


...Which is what I posted a few weeks ago.
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#114 EnvyNeko

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Posted 09 July 2013 - 12:27 AM

I realize this is month's old but I figured maybe you guys would like to see an update of some kind.  I still haven't gotten a credit card but I was able to get a loan for a car since the one I had previously was just too much hassle and pain to fix up with all it's problems. 

 

The place I bought the car from specifically reports to the credit bureaus and is known for helping others build their credit up.  So, while I'm spending money on a car (which I love, it's awesome! - the car I mean, not the spending lol) it's helping out.  I plan to reapply for a card in a couple of months once I've made quite a few payments and see if there's an improvement.  

 

Thanks so much for all the replies and support I got! Wouldn't trade you guys for the world :P


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#115 mr.me

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Posted 09 July 2013 - 03:44 AM

I've been there. These days you simply can't get a free credit card from anyone if you have no credit, you basically have to buy your credit. I tried to get one from several places including my credit union. All denied and apparently each time you apply for a credit card and get denied that makes it even harder to get one. Good luck, I just gave up.



#116 bigpimpin24

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Posted 23 July 2013 - 01:36 AM

I ended up getting a secured Capital One card two months ago. I gave them a deposit of $500 and they gave me a limit of $650, lol. Well I've been keeping my utilization under 20% and I just paid my first bill in full. I went on CreditKarma and two months ago I wasn't able to check my score because it was too low (Had to be under 300 because it mentions that's the minimum you needed) When I checked it last night it pulled up a TransUnion score of 713 and a Vantage Score of 685.

 

It says my next update will be on the 28th of July which will most likely update my payment history. I currently have a 0% because my first official payment was due on July 19th. I'm assuming if I just keep doing what I'm doing that I should be able to keep my score around that ballpark and eventually build a long enough history to make it actually mean something. I assume that 713 is meaningless right now with only 2 months of credit history? Overall I'm just going to keep using my secured card for everything I would normally pay cash for and leave a small balance before my statement hits to try and keep my utilization low.


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#117 elessar123

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Posted 23 July 2013 - 02:47 AM

I ended up getting a secured Capital One card two months ago. I gave them a deposit of $500 and they gave me a limit of $650, lol. Well I've been keeping my utilization under 20% and I just paid my first bill in full. I went on CreditKarma and two months ago I wasn't able to check my score because it was too low (Had to be under 300 because it mentions that's the minimum you needed) When I checked it last night it pulled up a TransUnion score of 713 and a Vantage Score of 685.

 

It says my next update will be on the 28th of July which will most likely update my payment history. I currently have a 0% because my first official payment was due on July 19th. I'm assuming if I just keep doing what I'm doing that I should be able to keep my score around that ballpark and eventually build a long enough history to make it actually mean something. I assume that 713 is meaningless right now with only 2 months of credit history? Overall I'm just going to keep using my secured card for everything I would normally pay cash for and leave a small balance before my statement hits to try and keep my utilization low.

713 is fine. It won't get you the lowest rates, obviously, but it's a good number to more or less start at.



#118 Confucius

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Posted 23 July 2013 - 03:03 AM

I ended up getting a secured Capital One card two months ago. I gave them a deposit of $500 and they gave me a limit of $650, lol. Well I've been keeping my utilization under 20% and I just paid my first bill in full. I went on CreditKarma and two months ago I wasn't able to check my score because it was too low (Had to be under 300 because it mentions that's the minimum you needed) When I checked it last night it pulled up a TransUnion score of 713 and a Vantage Score of 685.

It says my next update will be on the 28th of July which will most likely update my payment history. I currently have a 0% because my first official payment was due on July 19th. I'm assuming if I just keep doing what I'm doing that I should be able to keep my score around that ballpark and eventually build a long enough history to make it actually mean something. I assume that 713 is meaningless right now with only 2 months of credit history? Overall I'm just going to keep using my secured card for everything I would normally pay cash for and leave a small balance before my statement hits to try and keep my utilization low.


Good plan. I would get an unsecured card maybe next year to have an additional credit source even if you only use it once a month.

Having just gotten a car loan, it's easy to see how much money a good credit score can save you in the long run.

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#119 ThatOneGuyWho

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Posted 03 November 2013 - 08:33 PM

Not to steal your thread but I'm going through similar reasons. I posted this elsewhere but fits better here.

 

"Well I think it's about time I get a credit card. I'm attending a university right now and have very little to pay for. Mainly b/c, like many of us on CAG, I'm cheap and spend no more than 50% off on all the products I buy. I really do need to start building credit though since I should graduate in 2 years. The only bill I pay for now is my autorenew phone bill.

 

Currently I have a debit card from Money Network that was given to me when I got my first job. I've had 5+ jobs since than so it's time for an upgrade. I'm about to switch to a PayPal debit card though. I've been selling on eBay for a while and use PayPal with that. Makes sense to have a PayPal debit card to get all my money directly on that card instead of waiting 3+ days for the money to transfer.

(Side story; I was denied the card b/c of my name yet again. I have a John Doe type name and almost always get denied for a new phone, transferring money from my bank, etc b/c "there are #'s of *insert name* in the my area and we need to verify your information more". With the PayPal card I was denied for the same reason. Need to send in a copy of my social, photo id and proof of address. I don't pay bills other than my school dorm fees and phone bill. Going to have to call t-mobile to get a paper bill sent out.)

 

I've been looking at a few credit cards and narrowed it down to Discover it, Capital One Quicksilver and Chase Freedom though I'm open to any others. I'm really new to credit cards (APR, cashback, etc.) so bear with me. 

 

I'm looking for a card that has little to no APR, little to no overdraft fees (though I doubt I'll ever overdraft), 1% - 5% cashback rewards, sign up bonus, etc. Basically a great starter card that will not try to hassle me into paying more than I original spend on the cards.

 

I'm extremely great at managing my money (my spreadsheet prove this) and don't plan on spending money unless I already have it on my debit card. This is just to build credit or spend money on items I'm going to buy and sell with guaranteed profit margins.

 

Any advice would be greatly appreciated! Thanks!"

 

 

I just signed up for a Discover it and Chase Freedom credit card today. Just waiting to get approved (assuming I do). Decided to get two cards since some stores don't accept Discover and Chase should be a MasterCard/Visa which is used at most places.