Welcome to the updated Slickdeals redesign beta. Learn more and give us feedback. Or, return to the classic view.

Search in
Forum Thread

I am 18... I NEED A CREDIT CARD!

pmooon 10 November 1, 2009 at 08:49 PM in Chat
Deal
Score
0
3,196 Views

Thread Details

This is my second post so I will try to be as polite as possible and would appreciate it if you guys were polite as well with your replies.

Like my title says... I really need a credit card.

Please help me find a credit card that fits my needs.

I need a low limit credit card with low interest, with no annual fee, and would NOT like a department store card.

I also heard that credit card application rejection would hurt my credit score, so I would like a company that doesn't reject your application immediately.

To tell you the truth, I don't need the credit card itself but I need to establish credit somehow.

I have no credit history, so it was very hard to get a loan for my car.

My parents won't co-sign a loan or a credit card because they don't believe in going in debt. (they paid everything from TVs to Cars with cash) Only thing that my parents are in debt for is the house itself. (30 year loan)

Right now I have a "job" but it's more like allowances from my Father's friend.
The job is a website management and I get 1000 dollars per month.

I would like the Credit Card in my possession before the black friday...

Also a quick question if you pay all your debt within one month with full payment do you still have to pay interest?

Thank you for reading my post.
Add a Comment Sorry, this thread is closed.

81 Comments

1 2 3 4 5

Sign up for a Slickdeals account to remove this ad.

#2
Good luck.
Helpful Comment? 0 0
#3
Rotsa ruck.
Helpful Comment? 0 0
Permanently banned because serra said so.
506 Reputation
#4
Quote from pmooon View Post :
Also a quick question if you pay all your debt within one month with full payment do you still have to pay interest?

Thank you for reading my post.
There's a grace period after a billing cycle and it's generally 20 days or something. You don't pay any interest during your grace period (except for cash advances and the likes).

As such, you don't need a low interest CC. You should never pay a finance charge if you're responsible. Besides, I really doubt you'll be able to get a low interest credit card with no credit history.

My suggestion is to go try and find a student credit card. They generally have no annual fee and will be easier to get.
Helpful Comment? 0 0
L1: Learner
10 Reputation
Original Poster
#5
Quote from nope89 View Post :
There's a grace period after a billing cycle and it's generally 20 days or something. You don't pay any interest during your grace period (except for cash advances and the likes).

As such, you don't need a low interest CC. You should never pay a finance charge if you're responsible. Besides, I really doubt you'll be able to get a low interest credit card with no credit history.

My suggestion is to go try and find a student credit card. They generally have no annual fee and will be easier to get.
I currently have savings & checking acc with Wachovia.
They have Wachovia Student Credit Card
and their rates are the following:
Standard Purchase APR:

13.99% to 19.99% variable
Variable rate information

Your APRs may vary and are calculated as follows:
Standard Purchase APR: Prime Rate + 7.99% to 13.99%; but not less than 13.99% to 19.99%, regardless of changes to the Prime Rate.a

Standard Cash Advance APR: Prime Rate + 16.40%; but not less than 21.15%, regardless of changes to the Prime Rate.

Default/Penalty APR: Prime Rate + 19.99%; but not less than 29.99%, regardless of changes to the Prime Rate.b

Annual Fee: None

They don't offer any cash reward.

is this a good deal to be had?
Helpful Comment? 0 0
#6
go to your bank and see if there's a student package where it comes with a checking/savings account and student credit card.

Wanna establish credits, gotta start with departments store cards and work your way up.
Helpful Comment? 0 0
#7
Another option would be a secured credit card, which would require that you set a certain amount of cash into an account which secures the charges on the card. Good way to build credit, especially since you aren't concerned about a high credit limit. Just pay off monthly and start building your credit.
Helpful Comment? 0 0
L1: Learner
10 Reputation
Original Poster
#8
Quote from dealhntr View Post :
Another option would be a secured credit card, which would require that you set a certain amount of cash into an account which secures the charges on the card. Good way to build credit, especially since you aren't concerned about a high credit limit. Just pay off monthly and start building your credit.
does Wachovia offer secured credit card?
because I bank with Wachovia, and somewhat affiliated with WaMu because they bought out wachovia...
Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

#9
I started my credit with a secured card from HSBC,orchard bank. You choose the amount of your card by how much you give for your security deposit with a min of $200. They report to crediting agencies frequently. You should look into them.
Helpful Comment? 0 0
L1: Learner
10 Reputation
Original Poster
#10
Quote from Jengo View Post :
I started my credit with a secured card from HSBC,orchard bank. You choose the amount of your card by how much you give for your security deposit with a min of $200. They report to crediting agencies frequently. You should look into them.
quick question about secured card:
After you make a deposit of let's say 1000 dollars, and you spend it all within a month,
do you have to redeposit X amt of dollars again to use your secured CC?
than what's the point of having a secure card when it works like a debit card...
Helpful Comment? 0 0
#11
you have to pay on your card,on time every month. It's just like a regular card. I have a balance of $80 something on my card and I just made the min payment this month instead of paying it off. The point of having a secured card is to build credit,incase you can't qualify for a non secured card. I tried multiple times and got rejected due to insuffecient credit history. Frown
Helpful Comment? 0 0
#12
My first credit card was the citi mtvu credit card. [citicards.com] I applied last year with no job history + credit history and I was approved for a $1800 credit line. One year later the card has a credit line of ~$5000.
Helpful Comment? 0 0
L1: Learner
10 Reputation
Original Poster
#13
Quote from teabag View Post :
My first credit card was the citi mtvu credit card. [citicards.com] I applied last year with no job history + credit history and I was approved for a $1800 credit line. One year later the card has a credit line of ~$5000.
HOLY... that's great! but how much is your annual fee and your APR is it something ridiculous? I hope it's not...
Also if you don't mind answering... How old are you? because I am only 18...

Edit**- after reading their DISCLOSURES
I am seriously considering to apply for this credit card... Thank you teabag...
I really like their GPA system and their textbook savings...

Quote from Jengo View Post :
you have to pay on your card,on time every month. It's just like a regular card. I have a balance of $80 something on my card and I just made the min payment this month instead of paying it off. The point of having a secured card is to build credit,incase you can't qualify for a non secured card. I tried multiple times and got rejected due to insuffecient credit history. Frown
So does that mean that I don't have to make a deposit every month, after I make purchases?
Helpful Comment? 0 0
#14
Quote from pmooon View Post :
HOLY... that's great! but how much is your annual fee and your APR is it something ridiculous? I hope it's not...
it had 0% apr for 6 months and ~12% after the 6 months
no annual fee
i was 19 when I applied
Helpful Comment? 0 0
#15
no you don't make a deposit every month. you just pay the deposit one time to get your card,then if you don't pay your card they keep your money. You only have to pay the minimum balance on the card. if you want to pay it off you can. Not sure what happens if you go over the limit on the card so you'd have to read the terms on your card.
Helpful Comment? 0 0
Page 1 of 6
1 2 3 4 5
Sorry, this thread is closed.
Add a Comment
 
Slickdeals Price Tracker
Saving money just got easier.
Start Tracking Today
Copyright 1999 - 2015. Slickdeals, LLC. All Rights Reserved. Copyright / DMCA Notice  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)