What's the best first credit card for a ~20 year old wanting to build credit buying gas and eating out ?
good first credit card for young guy
- Thread starter DewChugr
- Start date
Prepaid/Secured credit cards are best if you have zero credit. You pay your limit upfront, so it's really like a debit card that builds credit.
Here's a list:
First Credit Cards: Apply for the Best First Credit Card
Here's a list:
First Credit Cards: Apply for the Best First Credit Card
Is this for business or personal?
If you have an account w/ a bank already (ie: Wells Fargo or Chase), it might be best to just get a CC there just so everything makes sense.
If you have an account w/ a bank already (ie: Wells Fargo or Chase), it might be best to just get a CC there just so everything makes sense.
In my experience:
Capital One is the easiest to get by far. If you have shitty credit (negatives), go for the platinum card. You'll probably get a low xxx limit, but that's life with shitty credit. If you have average or are pretty new to credit, go for the Quicksilver One card. It's actually a pretty good card, you get 1.5% unlimited cash back on everything. If you get denied for some reason, call for reconsideration, and if that fails, apply for the platinum. For these types of accounts, Cap1 is great because they'll enroll you in their credit steps program that automatically gives you a line increase after 6 months or so of on-time payments.
Don't go for any of the subprime cards/banks. Their fees are retarded, their limits suck and they don't look as good on your credit report as a decent company.
The one thing I like about secured cards is that it can get you an account at a prime lender that otherwise wouldn't have approved you. Wells Fargo is a good example. I deposited a couple grand for a secured card, then after 12 months they made it unsecured and doubled my credit limit. It can be a shortcut to a high credit limit at a prime lender for people with not so great credit.
I've made my share of credit fuckups, and Cap1 has been pretty good to work with considering.
Capital One is the easiest to get by far. If you have shitty credit (negatives), go for the platinum card. You'll probably get a low xxx limit, but that's life with shitty credit. If you have average or are pretty new to credit, go for the Quicksilver One card. It's actually a pretty good card, you get 1.5% unlimited cash back on everything. If you get denied for some reason, call for reconsideration, and if that fails, apply for the platinum. For these types of accounts, Cap1 is great because they'll enroll you in their credit steps program that automatically gives you a line increase after 6 months or so of on-time payments.
Don't go for any of the subprime cards/banks. Their fees are retarded, their limits suck and they don't look as good on your credit report as a decent company.
The one thing I like about secured cards is that it can get you an account at a prime lender that otherwise wouldn't have approved you. Wells Fargo is a good example. I deposited a couple grand for a secured card, then after 12 months they made it unsecured and doubled my credit limit. It can be a shortcut to a high credit limit at a prime lender for people with not so great credit.
I've made my share of credit fuckups, and Cap1 has been pretty good to work with considering.
+1 for a bank credit card, they typically don't seem to have any real limits on how high your card limit can go. I was on a $5k limit within 2 years of turning 18, I know Capital One etc have lower maxes than that.
+1 for bank.
Target card or some other department store cards are easy to get too if you can't get approved anywhere else.
AMEX, Discover, Citi, Chase, etc all have cards designed for people new to credit cards as well. Discover IT has a $150 cash back for 750 spent within the first 3 months offer that appears every so often. Pretty good offer IMO, esp w/ $0 annual fee.
Target card or some other department store cards are easy to get too if you can't get approved anywhere else.
AMEX, Discover, Citi, Chase, etc all have cards designed for people new to credit cards as well. Discover IT has a $150 cash back for 750 spent within the first 3 months offer that appears every so often. Pretty good offer IMO, esp w/ $0 annual fee.
MBNA gave me a MasterCard when I was in college and without a job. Started out at about $2500 and within about 10 years had a $48.5k limit. That wasn't a good thing though. Credit cards are the devil's work. Also, don't try to float a startup business on your credit card.
+1 for Capital One. They gave me a card 8 years ago when all other banks rejected my ass. They gave me a good rate and were always on top of frauds and shit like that. No complaint. Although it sucks for rewards so at some point you have to get a better one...
Just make sure it's a credit card, not a charge card - I have a gold card, but it doesn't show up on your credit report.
You got a lot of great advice above. The only thing that I would add is that to think long-term about which card(s) you choose so get a good card to start with. I have my 1st credit card from when I was 18 and in college. 16 years later my credit score is above 800 and one of the main reasons that it is that high is because I kept my first card open so I have a long established credit history in good standing.
Great advice there. My first card was junk, but I still have my second card open and in use. If you can't get something from a well-known, trusted bank right off the bat, try to get one as soon as you build up a little credit history.
Working the drive thru at Burger King can be hard on a fellow webmaster. My financial standing only let me have a black card for the last 10 years:
But a little while after seeing this thread I hit up Always cause I know he knows some people. You won't believe this, but I was finally able to get a JP Palladium card thanks to his contacts. Dude even flew his helicopter to my BK location and handed it to me, whole red carpet treatment and all. #Balling
I suggest you guys talk to Always, he knows a couple of folks that can help out with this sort of stuff. I'm about to go in tomorrow to work an bitch slap my manager and take over his position with my card in hand - top of the world man, top of the world, feels good man... feels real good.
But a little while after seeing this thread I hit up Always cause I know he knows some people. You won't believe this, but I was finally able to get a JP Palladium card thanks to his contacts. Dude even flew his helicopter to my BK location and handed it to me, whole red carpet treatment and all. #Balling
I suggest you guys talk to Always, he knows a couple of folks that can help out with this sort of stuff. I'm about to go in tomorrow to work an bitch slap my manager and take over his position with my card in hand - top of the world man, top of the world, feels good man... feels real good.
And don't marry the wrong person either. That will really fuck with your credit rating.