18 Now need Credit / Bank / Etc. Advice

J

Joe4pal

CAGiversary!
Feedback
1 (100%)
So I just turned 18 last month and need to get the ball rolling on building my credit and future.

Basically I need advice on where to start. I know that I want a cash back credit card because I use the card in my mother's name for everything now and I make sure to pay off the full 300 dollar balance every month.

The issue I see is that currently my mother's credit is pretty terrible so I could not get a co-signer, and I currently work under the table off the books, but that will change in June. So is there any hope for me here?

Also in terms of a bank account I have no idea where to start, I definitely want something without an annual fee and is very online friendly, advice?

Also any other general advice?
 
Upvote 0 Downvote
Your best bet is to get something like a non-secured Discover card for the cash back and then get one of those Target branded Visa cards with a ridiculous limit like $150 or something for use anywhere that won't take discover.

Banks - Wells Fargo is probably the most secure nationwide right now in terms of small amount personal checking/savings. Whoever you go with right now won't have very good interest rates so don't use that as a selling point, just go with something that suits your online friendly and no annual fee guidelines.

Investing - You're only 18 so it isn't a big deal for you right now, but the sooner you start the more compound interest you'll earn over your lifetime.
 
Sweet thanks for the quick responses guys. I'm going to look into what you both posted and I'm all for investing I've worked since I was 13 so I want to actually do something with all of this work ethic I have.

Also unsecured?
 
A good way to build credit I think is if you need a cell phone, get it in your name, pay the deposit you'll have to pay and you'll get it back in 1 year + interest and it'll establish credit. You can also get approved for a CC at a jewelry store which a lot of people do but you'd be wasting money on really high interest rates and obviously you'd only be able to buy jewelry.

But like the other guy said, if you have a checking/savings account, your bank can usually get you a student CC. I have Wells Fargo and that's how I got my first CC. It's actually still my only CC since they have lowered my rate dramatically and increased my credit line a lot too. Wells Fargo offers good credit options if you bank with them for a while.

edit: Don't bother applying to Target or BB or other well-known retailers for CCs, those offer horrible interest rates and you have to have surprisingly decent credit to get approved, it'll look bad on your credit report if you have a bunch of denied applications too. Retailers like Sears or Macy's usually accept people with no credit though I think.
 
Well my phone is provided through work so I don't see me taking out a new plan, So Wells Fargo looks like a good bank, the only issue I see is that I have never seen a branch for them in South Philadelphia. When I start getting a check and possibly have to use an ATM will I get charged fees for trying to do things that are not at my bank?
 
If you can get a creditcard through a gas station do that. Ya know, one of those speedy pass or what not. You use gas? Smoke? Buy beverages? You're gonna spend the money anyways, just pay off that amount every month. Use it only for what you were gonna get already.

I was in your same shoes 8 yrs. ago and my cousin (real estate agent) suggested that's what I do. Just don't go gettin crdit and then fuck it up quicker than it took to build it like I did!!!
 
I don't smoke and honestly only drink water, a gas card does not seem like like a bad idea but when I go to work I fill up in New Jersey where they have that credit cost more then cash thing, so I was kinda trying to avoid that route.
 
[quote name='Joe4pal']Well my phone is provided through work so I don't see me taking out a new plan, So Wells Fargo looks like a good bank, the only issue I see is that I have never seen a branch for them in South Philadelphia. When I start getting a check and possibly have to use an ATM will I get charged fees for trying to do things that are not at my bank?[/quote]

Oh yeah, Wells Fargo charges over $2 for a transaction fee. It can be steep combined with the regular ATM fee. Wells Fargo hardly has ATMs around, probably the worst thing about them. They're still worth getting though.
 
You must log in or register to reply here.
bread's done
Back
Top