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Thread: Neat tip for young people looking to get a credit card

  1. #1
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    Neat tip for young people looking to get a credit card

    Went to a credit thing today. Guy tours colleges and gives the basic 101 on how your credit history works.

    When I was in my late teens, I could never get a credit card. I wasn't looking to rack up a debt, I just knew the importance of a credit score and wanted to switch my debit purchases to a credit card to start building a credit score. I never got accepted. When I was 20 I was auto approved for a $500 limit card through my insurance company / bank usaa.

    What I could have done is become a authorized user under one of my parents (This is ONLY if they have a good credit history, otherwise don't do it). That is, they put me on their credit card accout, I would have gotten a card and they would be the one responsible for it. Basically, get your parent with a good credit score to vouch for you, and that looks good on you.

    It will boost your credit score because the credit companies will copy and paste a portion of your parents good credit score to your own credit score. Just tell your parents to cut the card in half when it comes and remove you from their authorized list in a month or so. The boost will stick.

    The other alternatives are to wait like I did or to kill your credit score by applying and getting denied for a ton of credit cards. That or you can go through the pain of getting a self funded credit card where you throw your checking account money into an account that is a simulated credit card (I found that inconvenient, didn't do it).

    That's all I got out of the talk. Thought I'd share. Woulda been good info a few years back!

  2. #2
    ♫♪ ♫♪ ♫♪ ♫♪ downhill's Avatar
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    Put your kids on your credit cards? Oh man.....

  3. #3
    Senior Member BMED's Avatar
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    Quote Originally Posted by downhill
    Put your kids on your credit cards? Oh man.....
    been doing that for the last 24 years...well not the card but it's all the same in the end!

    Try taking in some Suze Orman, she has some good advise for the young and poor.
    Last edited by BMED; 09-20-06 at 10:53 PM.

  4. #4
    Forum Techie A_old's Avatar
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    i applied to 10 places and was rejected by all except 1: capitol one...i used that to build my history...then got better cards and canceled it..never looked back and my score's doing fine

  5. #5
    SG DC Team Member Paft's Avatar
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    I got a CC through Bank of America right when I opened a checking account at 18. It's not too hard.

  6. #6
    Two words folks.....Credit Union
    Last edited by Izzo; 09-20-06 at 10:51 PM.

  7. #7
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    Quote Originally Posted by Izzo
    Two words folks.....Credit Union

    Hell yeah. I have USAA.

    I was denied by everyone when I was 19, even BOA which I had a checking and savings account with for a decade. USAA preapporved me for a $500 card...two or three years later it is up to $5000 and BOA sends me a credit card offer every week along with every other bank in the US.

  8. #8
    Forum Techie A_old's Avatar
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    Quote Originally Posted by Shagster
    Hell yeah. I have USAA.

    I was denied by everyone when I was 19, even BOA which I had a checking and savings account with for a decade. USAA preapporved me for a $500 card...two or three years later it is up to $5000 and BOA sends me a credit card offer every week along with every other bank in the US.
    i did he opt out thing

  9. #9
    Tortoises R0cks :D Rivas's Avatar
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    I tryed it twice and i got 2 cards worth $15 000 ....i was like wtf is wrong with you people i asked only for 1000 bucks.
    After 6 months they started poping out, you are pre approved etc etc etc so i took 1 more with the lowest interest and thats it for me.
    In last 8 years missed only 1 payment (i was late)and i think my credit score is pretty high and of course they increased my credit limit as well, but i shredded the cards and using only 1.If i will need the money i will just call them and ask them for new card since i'm getting statements even tho i owe them 0.
    Be very careful, its nice to know you got few thousands bucks in your packet but dont forget you have to pay it back with interest on top of it.It may ruin your life.
    To be human is to choose.


    It is better to die on your feet
    than to live on your knees.

    - Emiliano Zapata

  10. #10
    Tortoises R0cks :D Rivas's Avatar
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    Oh ya forgot to add ...my sister is using my moms credit card, she is co applicant ....she filled it up with 20k ...its definately not neat tip
    You know whats minimum payment on that amount ? Dont even ask I couldnt stop laughing when i heard it ...and of course who is paying for it ? My mother and my dear sister is so fubared now
    To be human is to choose.


    It is better to die on your feet
    than to live on your knees.

    - Emiliano Zapata

  11. #11
    Elite Member mountainman's Avatar
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    My brother, sister and I all had credit cards in our names starting from about 14. My parents thought that if we'd be on our own at any time (with friends, etc) and needed money for anything, we'd be covered.

    None of us EVER put anything on there that we shouldn't.

    When I was 18 and moving out, my credit score was great. Now just to keep it at the top...

  12. #12
    SG DC Team Member Paft's Avatar
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    From 14, mountainman? How was that even legal? You couldn't legally sign a contract at 14, there's no way you should have been able to hold a credit card..

  13. #13
    Quote Originally Posted by Paft
    From 14, mountainman? How was that even legal? You couldn't legally sign a contract at 14, there's no way you should have been able to hold a credit card..

    He was listed as a user/signer on the card with his parents as the primary cardholder ....I had a Target card when I was 17

  14. #14
    R.I.P. MissTynker2's Avatar
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    Quote Originally Posted by downhill
    Put your kids on your credit cards? Oh man.....
    Mystical Folding Minx

  15. #15
    SG DC Team Member Paft's Avatar
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    Quote Originally Posted by Izzo
    He was listed as a user/signer on the card with his parents as the primary cardholder ....I had a Target card when I was 17
    Aha. Makes sense. Thanks!

  16. #16
    Reigning Genious aagiants's Avatar
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    Quote Originally Posted by downhill
    Put your kids on your credit cards? Oh man.....

    some people put their kid on their card once they're born... They never use the card, but when its time for them to start applying for cards, they can get whatever they want

  17. #17
    Elite Member Jim's Avatar
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    Quote Originally Posted by aagiants
    some people put their kid on their card once they're born... They never use the card, but when its time for them to start applying for cards, they can get whatever they want
    Heh, my Amex card actually has a "Member Since" date from two years before I was born.

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