Getting a credit card for the first time...........

Porject D

Porject D

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Hi, i just started college this fall and i would like to know if it is easy for me to get a credit card. I know possibility of me spending more than i earn. But for now i just want to get a CC to build up my credit. Any specific card recommendation?

Thanks in advance.
 
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I got a Citicard Student Card or something like that when I was purchasing my laptop. I've since used it sparsely (but once in a while). It's nice because it has no annual fees, the first year or something was interest free, and it helps you build credit responsibly (so long as they keep your limit low).

I know a lot of people say you shouldn't ever get a credit card or whatever, but the fact is it really helps you build credit and the EASIEST time in your life to get accepted for a credit card is in college. Once you're out things get a lot harder. Don't think of your limit on your card like a goal, think of every dollar you put on the card as putting you into the red and you'll be sure to handle it fine.

If you want you can look around, and depending on what you intend to use it for, there may be a cash back card, or some gas discount card somewhere, that may benefit you more. Just thought I'd pitch in my two cents.

edit: and since i've never missed a payment, and paid my credit card off within the year, my limit was bumped from 2,500 (which apparently is a high limit for CC newbies) to 4,500 already
 
I work for Bank of America, and I know that college students automatically qualify for a Student Visa through them. I don't think you have to have an account either...just go in and ask for a Student Visa application.
 
yeah theres alot of cards out there. i personally dont use my card unless i have money in my bank to back it up. i always pay it off right away so theres no interest charges. just think of the credit card as using your own money and not the banks and you'll do fine. if you have no self discipline then avoid using credit cards at all costs.
 
i say get a CC and a debit card and use ur credit card only if u have money in ur checking account, me personally i use my card and pay the card online right when i get home transferring funds online, i have pretty good credit i'm guessing, just dont go crazy with it and buy everything thinking u'lll have enough to pay it when u get ur paycheck or something like that
 
get your credit card, it is always good to have one in case of emergencies. Though gettin a plasma tv is not an emergency. Try to make sure you have enough each month to cover how much you spend because the interest will own you like sandpaper underwear.
 
great advice from the previous posts so far... maybe you can request a CC that you can limit your credit to $500 or so if you're just starting out college... $500 is plenty for a college student.

also, don't get suckered into signing up for more credit cards later in your college career... ignore the free t-shirts, foam can holders, and other knick-knacks they try to get you to sign up with.

if you get a credit card with rewards, don't spend your cc just for rewards points!!!

for other CAGs who are interested MSN has a "money in your 20s" section...
http://www.moneycentral.msn.com/content/collegeandfamily/Moneyinyour20s/Moneyinyour20s.asp
 
Hmm, my personal opinion is...just say no to credit cards.

If you must have one though, get one with a small limit attached to your debit card. $500 max, although even that is probably really too high, try to get something through your bank. The goal of doing this is so you have some minor credit history when you graduate college, not to get yourself into massive CC debt. Forget about signing up for the credit cards that give you free tshirts, mugs, toys, "credit card reward points", those are almost always scams that end up costing you more money later. And only use that card for emergencies, or to buy stuff that you know will be completely paid off at the end of the month.
 
It's definitely easy to get a credit card. The trick is not to get one that's going to ream you eight ways from sundown.

In general, look for a card with a less than 10% APR, and with no annual fee. The less than 10% APR might be hard to do since this is your first card and your probably don't have a credit history, so just go for the lowest APR you can find. The best way to build good credit is to pay off any purchases that you make on your credit card right away. Also, under no circumstances should you ever, EVER be late on a payment. EVER.
 
Stay away from Credit cards, you will always loose in the end. Unless somehow you have the money to pay off the principal before the interest is charged. But if you can do that why do you need a CC. Just get a ATM Debit card, and use your own money, just make sure there are no overdrafts fees, those start at $30, then there is a fee for everyday until it is paid.

Todays credit cards are a deathtrap, all of them seem have have some sort of membership fee, or annnual fee of some sort, these are about $80 now. Some cards have both. The rates are sky high, and they can jack them up whenever they want to. You are not going to get a good rate, forget it. To get a good rate your scores need to be in the 700-800 range, you need to make quite a bit per year 30 grand isn't going to cut it, and they want to verify with your employer, they are going to keep pushing for that if you want a low rate and high limit. What they really want is wage garnisment, if you can't pay your bill. some credit cards have bi-monthy billing. And now the minimum payment due has doubled.

If you just want to build credit go get something like a sears card, or a small limit credit card without membership fees. Then buy somthing like a pack of smokes once a while and pay it off right away before the interest is charged.
 
Credit cards are a must. They are good to have in case of an emergency and no the $10 TRU clearance does not count.

That said, do not spend money you do not have. It's simple, really. I've had a credit card for close to 12 years now and I've never paid them one cent in interest - I'm their worst customer.
 
I see NO disadvantages in getting a credit card if you are mature enough to understand that it is not play money.

I have an Amex Blue for Student card and AMEX has rewarded me very generously with their AMEX Wishlist Promo.
 
A credit card is always great in an emergency. Don't pick ever get one from someone who's trolling on campus. It's better to get one with a bank that you already have an account with to keep your paperwork easier, but definately shop around for the best interest rate and look closely at the fees associated with it. Only other thing I can suggest is to leave it in a safe place at home so you won't be tempted to use it to get beer and pizza on the weekends. Get a nice fire safe lock box and put it with all your important documents.


It's a great time to be a cheap ass gamer.
 
People who say don't get credit cards are simply bad with money...

All you have to do is get a card, make sure you charge on it once a month no matter what the amount. Pay the amount IN FULL once a month, and you will develop credit.

Make it your goal to never pay interest once on your card and you will find yourself rolling in available credit in 2 - 3 years. I got my first card when I was 20, I wish I started earlier...I'm 22 now and have $11,800 in credit limits on 3 different cards.

Another big thing is NEVER NO MATTER WHAT make a late payment. NO MATTER WHAT. That will KILL your credit for a while.

But don't listen to the people that say omg stay away, those people are just bad with money.

-Adam
 
All is great when the chips are high, but when they are not the lenders will f'n burn you. And they could give two shits, if the company you work for goes under, you rack up medical bills, auto repair, etc. don't expect you parents to bail you out everytime either. doesn't matter if you are good with money or not. When you find yourself without money, thats when you end up face down in the gutter.

But don't listen to, listen to people who have had this happen to them.

www.creditboards.com
 
Hey, just a reminder, if you're going to sign up for a credit card, do it through one of those free XBOX360 sites or whatever. There's conga lines in the referral thread in the Free Stuff forum (I think)
 
Some good advice that you got from fellow caggers. Really plan your self on this one as it could really blow up in your face. Just because you have a starting limit of like 5k, doesn't mean you can go blow it off an abig plasma tv. The intrest alone will hurt you. I have atm 3 credit cards... my atm debt/visa, microcenter/visa, and my CC card...well 4 ifyou count my target card I haven't used in4 years. :p I've seen people with as much as 20 credit cards :O

A fan film production I was involved in had a director put basically his entire project on his credit cards...about 20k worth. ..guess his "Fan Film" is more importaint that his kids college education :p
 
I think one of the best CC's out there is Citi Card with a 1% cashback on everything, 5% cashback on gas/supermarkets.

Everyone has to spend money on food and if you have a car you spend money on gas, why not get a card thatll give you money back?
I use the card for my rent - another necessity - and get $8 back from that a month alone.
Then i use it for tuition, work expenses(i get reimbursed for it), fun stuff for me(aka TRU sale ;p), presents, etc and these past few months ive been reaching my $5000 limit. I always pay it off right away, and get a $50 check from Citi.
Bottom line, Play credit cards the right way, and you can benefit from it.
 
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